Coffey Cameron posted an update 2 months, 2 weeks ago
Electronic invoicing, or e-invoicing, such as the name implies, could be the electronic exchange of invoice documents between a supplier and the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. An authentic e-invoicing option would be a built-in solution where an electric invoice is transmitted and received seamless relating to the supplier’s accounts receivable system and also the customer’s accounts payable system. E-invoicing documents are typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from your manual, paper-based system to a electronic invoicing system? Paper-based product is notoriously time-consuming and vulnerable to errors. Therefore, paper invoicing will have higher costs and longer processing lifecycles.
In spite of the widespread adoption of automation for many business processes, accounts payable and a / r processes remain largely manual (Source: Dolphin Corp).
Advantages of E-Invoicing for Suppliers
Switching to e-invoicing solves these problems, causing faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers many benefits throughout the AR / AP process.
To begin with, there’s no mail to sort, distribute, or open. Not just that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it requires a smaller amount time for you to process generate bill payment. With all the new system, you could make and distribute a full batch of invoices with simply a number of clicks. (Source: Pay Simple)
Next, there’s no data entry required. Since payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk does not need to enter the data personally. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual method that will take time and can be vulnerable to errors such as illegible scans.
Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from the equation, you are also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t need to wait in line at the bank to deposit your money.
Electronic invoices are simple to store and reference, without any physical file cabinets required. Because you telephone customers, it is simple to add a link or attachment for the original payment receipt, purchase order, or related documentation.
Important things about E-Invoicing for Buyers
E-invoices offer benefits on your customers as well. For instance, you’ll be able to give you a selection of payment options like debit, credit, and ACH. Paperless system also paves the way to automated reminders full of integrated “pay now” buttons that link to into your market. Your customers’ accounts payable team will appreciate without having to manually enter data or scan paper bill, too.
Switching to e-invoicing saves time and cash, a win-win for both sides.
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