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Advantages of Electronic Invoicing for Organizations

Electronic invoicing, or e-invoicing, such as the name implies, could be the electronic exchange of invoice documents from your supplier and the customer. Electronic invoicing goes past merely sending a PDF receipt to some customer via email. A real e-invoicing solution is an integrated solution where an electronic digital invoice is transmitted and received seamless relating to the 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 system is notoriously time-consuming and prone to errors. Consequently, paper invoicing tends to have higher costs and longer processing lifecycles.

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

Great things about~advantages of~important things about E-Invoicing for Suppliers

Switching to e-invoicing solves these issues, causing faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers lots of benefits through the entire AR / AP process.

For starters, there isn’t any mail to sort, distribute, or open. Not only this, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it requires a smaller amount time to process generate bill payment. With all the new system, you could make and distribute a complete batch of invoices with just a number of clicks. (Source: Pay Simple)

Next, there is no data entry required. Because the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t need to type in the data by hand. E-invoicing eliminates the chance of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual procedure that needs time to work and is vulnerable to errors like illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you’re also eliminating several days from receipt to payment. Similarly, electronic payments speed the process and mean you won’t need to wait on the bank to deposit your hard earned money.

Electronic invoices are really easy to store and reference, with no physical file cabinets required. As you follow up with customers, you can actually incorporate a link or attachment towards 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 at the same time. For instance, you’ll be able to offer a variety of payment options such as debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated “pay now” buttons that hyperlink to the check. Your customers’ accounts payable team will appreciate without having to manually enter data or scan paper bill, too.

Switching to e-invoicing saves time and cash, a win-win for both sides.

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