Hendriksen Breen posted an update 6 months ago
Electronic invoicing, or e-invoicing, such as the name implies, will be the electronic exchange of invoice documents from the supplier and the customer. Electronic invoicing goes beyond merely sending a PDF receipt to a customer via email. A real e-invoicing solution is an internal solution where an electric invoice is transmitted and received seamless relating to the supplier’s accounts receivable system along with the customer’s accounts payable system. E-invoicing documents are generally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch coming from a manual, paper-based system to an electronic invoicing system? Paper-based method is notoriously time-consuming and at risk of errors. Consequently, paper invoicing tends to have higher costs and longer processing lifecycles.
Regardless of the widespread adoption of automation for several business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).
Great things about~advantages of~important things about E-Invoicing for Suppliers
Switching to e-invoicing solves these complications, producing faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers many benefits during the entire 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 a smaller amount time and energy to process generate bill payment. Together with the new system, you may create and distribute a whole batch of invoices with just several clicks. (Source: Pay Simple)
Next, there’s no data entry required. Because the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t have to go into the data personally. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual procedure that takes time and can be susceptible to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail in the equation, you might be also eliminating several days from receipt to payment. Similarly, electronic payments speed the process and mean you don’t need to wait with the bank to deposit your money.
Electronic invoices are really easy to store and reference, without having physical file cabinets required. While you follow up with customers, it is possible to will include a link or attachment towards the original payment receipt, purchase order, or related documentation.
Benefits of E-Invoicing for Buyers
E-invoices offer benefits to your customers at the same time. For instance, you can give you a selection of payment options like debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated "pay now" buttons that hyperlink to the balance. Your customers’ accounts payable team will appreciate devoid of to manually enter data or scan paper bill, too.
Switching to e-invoicing saves money and time, a win-win either way sides.
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