• Lunde Farley posted an update 3 months, 3 weeks ago

    Electronic invoicing, or e-invoicing, like the name implies, may be the electronic exchange of invoice documents from your supplier along with the customer. Electronic invoicing goes past merely sending a PDF receipt with a customer via email. A genuine e-invoicing option would be an internal solution where a digital invoice is transmitted and received seamless involving the supplier’s accounts receivable 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 to a electronic invoicing system? Paper-based strategy is notoriously time-consuming and prone to errors. Therefore, paper invoicing will have higher costs and longer processing lifecycles.

    Regardless of the widespread adoption of automation for a lot of 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 issues, leading to faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers lots of benefits during the entire AR / AP process.

    First of all, there’s no mail to sort, distribute, or open. In addition to that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will take significantly less time and energy to process generate bill payment. Using the new system, you can create and distribute an entire batch of invoices with only a number 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 doesn’t need to enter the data by hand. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual process that needs time and could be at risk of errors for example illegible scans.

    Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you are also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the task and mean it’s not necessary to wait in line on the bank to deposit your cash.

    Electronic invoices are really simple to store and reference, with no physical file cabinets required. While you telephone customers, it is possible to include a link or attachment on the original payment receipt, purchase order, or related documentation.

    Important things about E-Invoicing for Buyers

    E-invoices offer benefits to your customers as well. For instance, you can offer a selection of payment options such as debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated “pay now” buttons that url 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 money and time, a win-win either way sides.

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