Conveniences Of Electronic Invoicing For Organizations

Electronic invoicing, or e-invoicing, like the name implies, will be the electronic exchange of invoice documents from the supplier and also the customer. Electronic invoicing goes beyond merely sending a PDF receipt to a customer via email. A genuine e-invoicing option would be a solution where an electronic digital invoice is transmitted and received seamless relating to the supplier's accounts receivable system and the customer's accounts payable system. E-invoicing documents are usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

Why switch from the manual, paper-based system for an electronic invoicing system? Paper-based system is notoriously time-consuming and at risk of errors. Therefore, paper invoicing will have higher costs and longer processing lifecycles.

Inspite of the widespread adoption of automation for several 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 problems, causing faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers many benefits through the AR / AP process.

First of all, there is no mail to sort, distribute, or open. In addition to that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it requires much less time for you to process generate bill payment. Using the new system, you may create and distribute an entire batch of invoices with just a number of clicks. (Source: Pay Simple)

Next, there's no data entry required. Since the payment arrives in the buyer's accounts payable system automatically, the accounts payable clerk doesn't need to enter the data manually. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you don't need to scan paper bills, another manual method that takes time and can be susceptible to errors including illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reducing mail in the equation, you are also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the procedure and mean it's not necessary to wait in line at the bank to deposit your hard earned money.

Electronic invoices are really simple to store and reference, without physical file cabinets required. When you follow up with customers, it is simple to incorporate a link or attachment on the original payment receipt, purchase order, or related documentation.

Advantages of E-Invoicing for Buyers

E-invoices offer benefits to your customers too. As an example, you can provide a number of payment options including debit, credit, and ACH. Paperless system also paves the way to automated reminders full of integrated "pay now" buttons that link to into your market. 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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