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

    Electronic invoicing, or e-invoicing, such as the name implies, will be the electronic exchange of invoice documents between a supplier along with the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. A genuine e-invoicing option would be an integrated solution where an electronic 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 coming from a manual, paper-based system with an electronic invoicing system? Paper-based method is notoriously time-consuming and at risk of errors. As a result, paper invoicing has a tendency to have higher costs and longer processing lifecycles.

    Regardless of the widespread adoption of automation for most business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).

    Benefits of E-Invoicing for Suppliers

    Switching to e-invoicing solves these issues, producing faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers benefits during the entire AR / AP process.

    To begin with, there is no mail to sort, distribute, or open. In addition to that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it will require 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 a number of clicks. (Source: Pay Simple)

    Next, there is no data entry required. Because the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t need to go into the data personally. E-invoicing eliminates the opportunity for mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual procedure that needs time and could be vulnerable to errors for example illegible scans.

    Meanwhile, all invoices are instantly and securely delivered. By reducing mail in the equation, you are also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the process and mean you don’t need to wait on the bank to deposit your dollars.

    Electronic invoices are easy to store and reference, without physical file cabinets required. When you phone customers, you can actually 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 on your customers also. By way of example, you can give a various payment options for example debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated “pay now” buttons that hyperlink to the bill. 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 either way sides.

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