• Zhu Molina posted an update 3 months, 4 weeks ago

    Electronic invoicing, or e-invoicing, like the name implies, is the electronic exchange of invoice documents from your supplier along with the customer. Electronic invoicing goes beyond merely sending a PDF receipt to some 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 a / r system along with the customer’s accounts payable system. E-invoicing documents are normally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

    Why switch from a manual, paper-based system with an electronic invoicing system? Paper-based system is notoriously time-consuming and susceptible to errors. As a result, paper invoicing is likely to have higher costs and longer processing lifecycles.

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

    Important things about E-Invoicing for Suppliers

    Switching to e-invoicing solves these issues, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers lots of benefits through the AR / AP process.

    For starters, there’s no mail to sort, distribute, or open. Not only that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires much less time for it to process generate bill payment. Using the new system, you can create and distribute a full batch of invoices with just a few clicks. (Source: Pay Simple)

    Next, there isn’t any data entry required. Because the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t have to enter the data by hand. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual process that will take time and is prone to errors such as illegible scans.

    Meanwhile, all invoices are instantly and securely delivered. By reducing mail from the equation, you might be also eliminating several days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t need to wait with the bank to deposit your money.

    Electronic invoices are easy to store and reference, without having physical file cabinets required. As you phone customers, you can easily 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 to your customers at the same time. For instance, it is possible to offer a selection of payment options for example debit, credit, and ACH. Paperless system also paves the way to automated reminders filled with integrated “pay now” buttons that hyperlink 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 expense, a win-win both for sides.

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