Cummings Farley posted an update 8 months, 1 week ago
Electronic invoicing, or e-invoicing, like the name implies, may be the electronic exchange of invoice documents from the supplier and also the customer. Electronic invoicing surpasses merely sending a PDF receipt with a customer via email. A genuine e-invoicing option is an integrated solution where an electronic digital invoice is transmitted and received seamless between the 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 prone to errors. Therefore, paper invoicing will have higher costs and longer processing lifecycles.
Despite the widespread adoption of automation for many business processes, accounts payable and a / r processes remain largely manual (Source: Dolphin Corp).
Advantages of~conveniences of E-Invoicing for Suppliers
Switching to e-invoicing solves these problems, causing faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers advantages through the entire AR / AP process.
First of all, there is 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 require a lot less time and energy to process generate bill payment. Together with the new system, you may earn and distribute a complete batch of invoices with just several clicks. (Source: Pay Simple)
Next, there is not any data entry required. Since the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk does not need to enter in the data by hand. E-invoicing eliminates the opportunity for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual process that needs time to work and can be vulnerable to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail in the equation, you’re also eliminating a few days from receipt to payment. Similarly, electronic payments speed the method and mean it’s not necessary to wait in line in the bank to deposit your cash.
Electronic invoices are simple to store and reference, without physical file cabinets required. Because you phone customers, you can easily 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. By way of example, you are able to offer a various payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders complete 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 for both sides.
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