Fournier Wright posted an update 10 months ago
Electronic invoicing, or e-invoicing, just like the name implies, is the electronic exchange of invoice documents from the supplier and the customer. Electronic invoicing goes beyond merely sending a PDF receipt to some customer via email. A real e-invoicing option is a solution where a 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 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 strategy is notoriously time-consuming and vulnerable to errors. As such, paper invoicing will have higher costs and longer processing lifecycles.
Despite 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 complications, producing faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers benefits during the entire AR / AP process.
First off, there’s no mail to sort, distribute, or open. Not just that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires a smaller amount time and energy to process generate bill payment. With the new system, you may create and distribute a complete batch of invoices with several clicks. (Source: Pay Simple)
Next, there is not any data entry required. Since the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t need to go into the data yourself. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual process that takes time and is susceptible to errors such as illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By eliminating mail in the equation, you are also eliminating a few days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t have to wait with the bank to deposit your hard earned money.
Electronic invoices are easy to store and reference, without any physical file cabinets required. When you follow up with customers, it is possible to will include a link or attachment to the original payment receipt, purchase order, or related documentation.
Great things about~advantages of~important things about E-Invoicing for Buyers
E-invoices offer benefits on your customers as well. By way of example, you’ll be able to give a various payment options including debit, credit, and ACH. Paperless system also paves the way to automated reminders complete with integrated "pay now" buttons that hyperlink to the balance. Your customers’ accounts payable team will appreciate not having to manually enter data or scan paper bill, too.
Switching to e-invoicing saves money and time, a win-win for both sides.
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