Zhu Molina posted an update 1 year, 6 months ago
Electronic invoicing, or e-invoicing, much like the name implies, is the electronic exchange of invoice documents from a supplier along with the customer. Electronic invoicing surpasses merely sending a PDF receipt into a customer via email. A real e-invoicing option would be a solution where an electronic invoice is transmitted and received seamless between the supplier’s a / r system and also the customer’s accounts payable system. E-invoicing documents are normally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from your manual, paper-based system for an electronic invoicing system? Paper-based strategy is notoriously time-consuming and susceptible to errors. Therefore, paper invoicing has a tendency to have higher costs and longer processing lifecycles.
Inspite of the widespread adoption of automation for a lot of 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 complications, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers advantages throughout the AR / AP process.
To begin with, there isn’t any mail to sort, distribute, or open. Not only that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it will require a smaller amount time for you to process generate bill payment. With the new system, you may earn and distribute a complete batch of invoices with several clicks. (Source: Pay Simple)
Next, there is no data entry required. Since payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t have to enter in the data manually. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual method that needs time and can be at risk of errors including illegible scans.
Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail through the equation, you happen to be also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the process and mean you won’t need to wait in line in the bank to deposit your money.
Electronic invoices are really easy to store and reference, without having physical file cabinets required. While you contact customers, you can actually add a link or attachment to the original payment receipt, purchase order, or related documentation.
Important things about E-Invoicing for Buyers
E-invoices offer benefits to your customers too. As an example, you’ll be able to offer a variety of payment options including debit, credit, and ACH. Paperless system also opens the door to automated reminders complete with integrated “pay now” buttons that hyperlink to the bill. Your customers’ accounts payable team will appreciate lacking 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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