• Albertsen Harmon posted an update 1 month ago

    Electronic invoicing, or e-invoicing, just like the name implies, may be the electronic exchange of invoice documents from the supplier as well as the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. An authentic e-invoicing option is a solution where an electric invoice is transmitted and received seamless relating to the supplier’s a / r system and the customer’s accounts payable system. E-invoicing documents are usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

    Why switch coming from a manual, paper-based system with an electronic invoicing system? Paper-based product is notoriously time-consuming and vulnerable to errors. Consequently, paper invoicing tends to have higher costs and longer processing lifecycles.

    Inspite of the widespread adoption of automation for a lot of business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).

    Benefits of E-Invoicing for Suppliers

    Switching to e-invoicing solves these complications, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers many benefits during the entire AR / AP process.

    First of all, there isn’t any mail to sort, distribute, or open. Not just that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it will require much less time to process generate bill payment. With the new system, you could make and distribute a full batch of invoices with a few clicks. (Source: Pay Simple)

    Next, there isn’t any data entry required. Since payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk does not need to go into the data manually. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual procedure that needs time to work and can be prone to errors for example illegible scans.

    Meanwhile, all invoices are instantly and securely delivered. By reduction of mail from your equation, you are also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the task and mean you won’t need to wait in line on the bank to deposit your hard earned money.

    Electronic invoices are really simple to store and reference, with no physical file cabinets required. Because you telephone customers, you can actually incorporate 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 for the customers too. As an example, you can give a various payment options including debit, credit, and ACH. Paperless system also opens the door to automated reminders full of integrated “pay now” buttons that connect 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 money, a win-win either way sides.

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