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Electronic invoicing, or e-invoicing, just like the name implies, is the electronic exchange of invoice documents from the supplier as well as the customer. Electronic invoicing goes past merely sending a PDF receipt to some customer via email. A real e-invoicing option is a built-in solution where an electronic invoice is transmitted and received seamless relating to the supplier’s a / r system and the customer’s accounts payable system. E-invoicing documents are generally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from the manual, paper-based system to an electronic invoicing system? Paper-based method is notoriously time-consuming and prone to errors. As such, paper invoicing has a tendency to have higher costs and longer processing lifecycles.
Regardless 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 complaints, leading to faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers benefits through the AR / AP process.
First of all, there’s no mail to sort, distribute, or open. Not just that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires a lot less time for it to process generate bill payment. With all the new system, you could make and distribute an entire batch of invoices with just a couple of clicks. (Source: Pay Simple)
Next, there is not any data entry required. Because the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk need not enter in the data manually. E-invoicing eliminates the chance of mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual method that will take time and is susceptible to errors including illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail in the equation, you’re also eliminating several days from receipt to payment. Similarly, electronic payments speed the task and mean you don’t need to wait in line at the bank to deposit your dollars.
Electronic invoices are simple to store and reference, without physical file cabinets required. When you telephone customers, you can actually incorporate a link or attachment towards the original payment receipt, purchase order, or related documentation.
Important things about E-Invoicing for Buyers
E-invoices offer benefits on your customers too. By way of example, you are able to offer a various payment options like debit, credit, and ACH. Paperless system also paves the way to automated reminders filled with integrated “pay now” buttons that hyperlink to the check. Your customers’ accounts payable team will appreciate devoid of to manually enter data or scan paper bill, too.
Switching to e-invoicing saves time and expense, a win-win both for sides.
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