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Electronic invoicing, or e-invoicing, such as the name implies, could be the electronic exchange of invoice documents from the supplier as well as the customer. Electronic invoicing goes past merely sending a PDF receipt to a customer via email. An authentic e-invoicing solution is an internal solution where an electronic invoice is transmitted and received seamless involving the supplier’s accounts receivable system as well as the customer’s accounts payable system. E-invoicing documents are typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch coming from a manual, paper-based system to an electronic invoicing system? Paper-based strategy is notoriously time-consuming and susceptible to errors. Consequently, paper invoicing will have higher costs and longer processing lifecycles.
In spite of the widespread adoption of automation for many 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, causing faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers advantages throughout the AR / AP process.
First off, there’s no mail to sort, distribute, or open. Not just that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it will take significantly less time for you to process generate bill payment. Together with the new system, you can create and distribute a full batch of invoices with just several clicks. (Source: Pay Simple)
Next, there is no data entry required. Considering that the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk need not type in the data yourself. E-invoicing eliminates the opportunity for mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual process that needs time to work and can be vulnerable to errors such as illegible scans.
Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from the equation, you’re also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the task and mean it’s not necessary to wait with the bank to deposit your hard earned money.
Electronic invoices are really easy to store and reference, without having physical file cabinets required. Because you follow up with customers, you can actually 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 for your customers also. By way of example, you are able to give a variety of payment options including debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated "pay now" buttons that url to the check. 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 expense, a win-win for sides.
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