Blevins Viborg posted an update 6 months, 1 week ago
Electronic invoicing, or e-invoicing, just like the name implies, is the electronic exchange of invoice documents between a supplier and the customer. Electronic invoicing surpasses merely sending a PDF receipt to a customer via email. A true e-invoicing solution is an internal 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 your manual, paper-based system for an electronic invoicing system? Paper-based system is notoriously time-consuming and prone to errors. Therefore, paper invoicing tends to have higher costs and longer processing lifecycles.
Inspite of the widespread adoption of automation for several business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).
Advantages of~conveniences of E-Invoicing for Suppliers
Switching to e-invoicing solves these issues, producing faster processing, lower transaction costs, greater visibility, and significant savings. From the business perspective, e-invoicing delivers benefits through the entire AR / AP process.
First of all, there isn’t any mail to sort, distribute, or open. Not just 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. Together with the new system, you can create and distribute a full batch of invoices with just several clicks. (Source: Pay Simple)
Next, there is no data entry required. Considering that the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk need not enter in the data manually. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual procedure that needs time to work and could be prone to errors like illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail in the equation, you’re also eliminating a few days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t have to wait in line at the bank to deposit your dollars.
Electronic invoices are really easy to store and reference, without any physical file cabinets required. Because you contact customers, it is simple to will include a link or attachment on the original payment receipt, purchase order, or related documentation.
Advantages of~conveniences of E-Invoicing for Buyers
E-invoices offer benefits on your customers too. As an example, you can offer a various payment options like debit, credit, and ACH. Paperless system also paves the way to automated reminders complete with integrated “pay now” buttons that connect to into your market. 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 both for sides.
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