Important Things About Electronic Invoicing For Businesses

Electronic invoicing, or e-invoicing, like the name implies, could be the electronic exchange of invoice documents from your supplier and also the customer. Electronic invoicing goes beyond merely sending a PDF receipt with a customer via email. A true e-invoicing option would be a built-in solution where an electric invoice is transmitted and received seamless between your supplier's accounts receivable 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 a manual, paper-based system to a electronic invoicing system? Paper-based product is notoriously time-consuming and vulnerable to errors. Consequently, paper invoicing is likely to have higher costs and longer processing lifecycles.

Inspite of the widespread adoption of automation for most business processes, accounts payable and a / r processes remain largely manual (Source: Dolphin Corp).

Important things about E-Invoicing for Suppliers

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

First of all, there's no mail to sort, distribute, or open. Not only that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it takes significantly less time and energy to process generate bill payment. With all the new system, you may create and distribute a full 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 doesn't have to type in the data by hand. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you don't need to scan paper bills, another manual process that needs time to work and is susceptible to errors including illegible scans.

Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from the equation, you happen to be also eliminating a few days from receipt to payment. Similarly, electronic payments speed the process and mean you don't have to wait in line at the bank to deposit your cash.

Electronic invoices are simple to store and reference, without physical file cabinets required. As you contact customers, you can actually incorporate a link or attachment on the original payment receipt, purchase order, or related documentation.

Benefits of E-Invoicing for Buyers

E-invoices offer benefits for your customers as well. For example, you can give you a number of payment options such as debit, credit, and ACH. Paperless system also opens the door to automated reminders full of integrated "pay now" buttons that url 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 time and money, a win-win both for sides.

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