Conveniences Of Electronic Invoicing For Enterprises

Electronic invoicing, or e-invoicing, just like the name implies, will be the electronic exchange of invoice documents from your supplier and the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. A real e-invoicing option would be an integrated solution where an electric invoice is transmitted and received seamless between the supplier's a / r 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 from your manual, paper-based system for an electronic invoicing system? Paper-based method is notoriously time-consuming and prone to errors. As such, paper invoicing has a tendency to have higher costs and longer processing lifecycles.

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

Advantages of E-Invoicing for Suppliers

Switching to e-invoicing solves these complications, causing faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers many 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 expenses related to paper bills, envelopes, and postage. Plus, it requires much less time for it to process generate bill payment. With the new system, you can create and distribute a full batch of invoices with only a couple of clicks. (Source: Pay Simple)

Next, there's no data entry required. Considering that the payment arrives in 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 chance of mistakes and ensures accuracy. Likewise, you needn't scan paper bills, another manual process that needs time to work and can be prone to errors like illegible scans.

Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail through the equation, you're also eliminating a few days from receipt to payment. Similarly, electronic payments speed the process and mean you won't need to wait in line on the bank to deposit your dollars.

Electronic invoices are simple to store and reference, without having physical file cabinets required. Because you phone customers, it is possible to include a link or attachment towards the original payment receipt, purchase order, or related documentation.

Advantages of~conveniences of E-Invoicing for Buyers

E-invoices offer benefits for your customers too. As an example, you'll be able to provide a variety of payment options for example debit, credit, and ACH. Paperless system also opens the door to automated reminders complete with integrated "pay now" buttons that hyperlink 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 time and money, a win-win both for sides.

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