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Electronic invoicing, or e-invoicing, like the name implies, may be the electronic exchange of invoice documents between a supplier and the customer. Electronic invoicing surpasses merely sending a PDF receipt into a customer via email. A true e-invoicing solution is a solution where an electric invoice is transmitted and received seamless between your supplier’s a / r system and also the customer’s accounts payable system. E-invoicing documents are usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from a manual, paper-based system with an electronic invoicing system? Paper-based system is notoriously time-consuming and prone to errors. Consequently, paper invoicing will have higher costs and longer processing lifecycles.
In spite of the widespread adoption of automation for several 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 problems, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers advantages during the entire AR / AP process.
First off, there is no mail to sort, distribute, or open. Not only that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires much less time for it to process generate bill payment. Together with the new system, you can create and distribute a full batch of invoices with only several clicks. (Source: Pay Simple)
Next, there’s no data entry required. Since payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t have to enter the data manually. E-invoicing eliminates the chance of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual process that needs time and could be susceptible to errors for example illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By eliminating mail through the equation, you might be also eliminating several days from receipt to payment. Similarly, electronic payments speed the procedure and mean you won’t need to wait on the bank to deposit your hard earned money.
Electronic invoices are really easy to store and reference, without physical file cabinets required. When you follow up with customers, it is possible to 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 to your customers at the same time. As an example, it is possible to offer a number of payment options for example debit, credit, and ACH. Paperless system also paves the way to automated reminders detailed with integrated “pay now” buttons that hyperlink 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 for sides.
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