August 13, 2022

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  • Stack Malone posted an update 2 months, 1 week ago

    Electronic invoicing, or e-invoicing, like the name implies, could be the electronic exchange of invoice documents from a supplier and also the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. A real e-invoicing solution is a built-in solution where an electronic digital invoice is transmitted and received seamless involving the supplier’s accounts receivable system and also the customer’s accounts payable system. E-invoicing documents are typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

    Why switch from the manual, paper-based system to a electronic invoicing system? Paper-based system is notoriously time-consuming and prone to errors. Therefore, paper invoicing has a tendency 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).

    Advantages of~conveniences of E-Invoicing for Suppliers

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

    To begin with, there is not any mail to sort, distribute, or open. Not only this, 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 may earn and distribute a full batch of invoices with just a number of clicks. (Source: Pay Simple)

    Next, there isn’t any data entry required. Since 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 potential for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual procedure that will take time and can be at risk of errors for example illegible scans.

    Meanwhile, all invoices are instantly and securely delivered. By reducing mail from the equation, you happen to be also eliminating a few days from receipt to payment. Similarly, electronic payments speed the task and mean you won’t need to wait at the bank to deposit your money.

    Electronic invoices are really easy to store and reference, with no physical file cabinets required. While you follow up with customers, you can easily will include a link or attachment to the original payment receipt, purchase order, or related documentation.

    Important things about E-Invoicing for Buyers

    E-invoices offer benefits for your customers too. For example, you’ll be able to provide a selection of payment options including debit, credit, and ACH. Paperless system also paves the way to automated reminders detailed with integrated “pay now” buttons that link to the check. Your customers’ accounts payable team will appreciate lacking to manually enter data or scan paper bill, too.

    Switching to e-invoicing saves time and expense, a win-win both for sides.

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