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Electronic invoicing, or e-invoicing, like the name implies, will be the electronic exchange of invoice documents from your supplier as well as the customer. Electronic invoicing surpasses merely sending a PDF receipt into a customer via email. A real e-invoicing option would be a built-in solution where a digital invoice is transmitted and received seamless between the supplier’s a / r system as well as the customer’s accounts payable system. E-invoicing documents are usually 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 product is notoriously time-consuming and prone to errors. Consequently, paper invoicing tends to have higher costs and longer processing lifecycles.
Inspite of the widespread adoption of automation for many 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 complaints, producing faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers advantages throughout the AR / AP process.
First of all, there’s no mail to sort, distribute, or open. Not only that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it takes significantly less time to process generate bill payment. With the new system, you can create and distribute a whole batch of invoices with just a few clicks. (Source: Pay Simple)
Next, there’s no data entry required. Considering that the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk does not need to enter the data yourself. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual procedure that will take time and can be vulnerable to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you’re also eliminating a few 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 easy to store and reference, without physical file cabinets required. As you follow up with customers, you can easily will include 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 on your customers also. For example, you’ll be able to give you a various payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders full of integrated “pay now” buttons that link 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 time and cash, a win-win either way sides.
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