Important Things About Electronic Invoicing For Enterprises

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31 May 2022

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Electronic invoicing, or e-invoicing, like the name implies, could be the electronic exchange of invoice documents from the supplier along with the customer. Electronic invoicing goes past merely sending a PDF receipt to some customer via email. An authentic e-invoicing solution is an internal solution where a digital invoice is transmitted and received seamless between your supplier's accounts receivable 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 a manual, paper-based system to a electronic invoicing system? Paper-based system is notoriously time-consuming and at risk of errors. As such, paper invoicing has a tendency to have higher costs and longer processing lifecycles.

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

Advantages of E-Invoicing for Suppliers

Switching to e-invoicing solves these complications, causing faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers advantages through the AR / AP process.

To begin with, there isn't any mail to sort, distribute, or open. In addition to that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it will require a lot less time and energy to process generate bill payment. Together with the new system, you may create and distribute a complete batch of invoices with a couple of clicks. (Source: Pay Simple)

Next, there is not any data entry required. Since the payment arrives in the buyer's accounts payable system automatically, the accounts payable clerk doesn't have to enter the data personally. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you don't need to scan paper bills, another manual process that takes time and can be prone to errors such as illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you might be also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the procedure and mean it's not necessary to wait at the bank to deposit your money.

Electronic invoices are really easy to store and reference, without any physical file cabinets required. Because you follow up with customers, you can easily incorporate a link or attachment to the original payment receipt, purchase order, or related documentation.

Advantages of~conveniences of E-Invoicing for Buyers

E-invoices offer benefits to your customers too. For example, it is possible to provide a variety of payment options such as 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 without having to manually enter data or scan paper bill, too.

Switching to e-invoicing saves time and expense, a win-win either way sides.

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