Blevins Gaines posted an update 2 months, 2 weeks ago
Electronic invoicing, or e-invoicing, much like the name implies, could be the electronic exchange of invoice documents from the supplier and also the customer. Electronic invoicing goes beyond merely sending a PDF receipt with a customer via email. An authentic e-invoicing option is a built-in solution where an electric 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 usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from your manual, paper-based system to a electronic invoicing system? Paper-based system is notoriously time-consuming and susceptible to errors. As a result, paper invoicing has a tendency to have higher costs and longer processing lifecycles.
Despite the widespread adoption of automation for several business processes, accounts payable and a / r processes remain largely manual (Source: Dolphin Corp).
Benefits of 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 benefits through the entire AR / AP process.
First of all, there is not any mail to sort, distribute, or open. Not just that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it requires significantly less time for you to process generate bill payment. Using the new system, you could make and distribute a full batch of invoices with just a couple of 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 does not need to enter in the data manually. E-invoicing eliminates the opportunity for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual method that takes time and is prone to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By eliminating mail from your equation, you happen to be also eliminating a few days from receipt to payment. Similarly, electronic payments speed the process and mean it’s not necessary to wait in line on the bank to deposit your money.
Electronic invoices are easy to store and reference, without any physical file cabinets required. When you phone customers, it is simple to include a link or attachment on the original payment receipt, purchase order, or related documentation.
Advantages of E-Invoicing for Buyers
E-invoices offer benefits for the customers also. For instance, you’ll be able to give you a variety of payment options including debit, credit, and ACH. Paperless system also paves the way to automated reminders detailed with integrated “pay now” buttons that hyperlink to the check. Your customers’ accounts payable team will appreciate not having to manually enter data or scan paper bill, too.
Switching to e-invoicing saves time and cash, a win-win both for sides.
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