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Electronic invoicing, or e-invoicing, such as the name implies, could be the electronic exchange of invoice documents between a supplier and also the customer. Electronic invoicing goes beyond merely sending a PDF receipt with a customer via email. A genuine e-invoicing option would be an integrated solution where a digital 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 typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from your manual, paper-based system to an electronic invoicing system? Paper-based product is notoriously time-consuming and at risk of errors. As a result, paper invoicing tends to have higher costs and longer processing lifecycles.
Inspite of 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 issues, producing faster processing, lower transaction costs, greater visibility, and significant savings. From the business perspective, e-invoicing delivers many benefits through the AR / AP process.
To begin with, there is no mail to sort, distribute, or open. Not just that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will take a lot less time for it to process generate bill payment. Using the new system, you can create and distribute a complete batch of invoices with several clicks. (Source: Pay Simple)
Next, there isn’t any data entry required. Because the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk does not need to enter in the data manually. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual procedure that needs time and is vulnerable to errors including illegible scans.
Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from the equation, you might be also eliminating several days from receipt to payment. Similarly, electronic payments speed the process and mean you don’t need to wait in line on the bank to deposit your cash.
Electronic invoices are easy to store and reference, without any physical file cabinets required. Because you phone customers, it is possible to will include a link or attachment to the original payment receipt, purchase order, or related documentation.
Benefits of E-Invoicing for Buyers
E-invoices offer benefits for the customers also. For instance, you can provide a various payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders detailed with integrated «pay now» buttons that hyperlink to the balance. Your customers’ accounts payable team will appreciate lacking to manually enter data or scan paper bill, too.
Switching to e-invoicing saves money and time, a win-win for sides.
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