Important things about Electronic Invoicing for Corporations

Electronic invoicing, or e-invoicing, such as the name implies, could be the electronic exchange of invoice documents from your supplier as well as the customer. Electronic invoicing goes past merely sending a PDF receipt to a customer via email. An authentic e-invoicing option would be an integrated solution where an electric 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 usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

Why switch from a manual, paper-based system to a electronic invoicing system? Paper-based system is notoriously time-consuming and prone to errors. As a result, paper invoicing tends to have higher costs and longer processing lifecycles.

Regardless of the widespread adoption of automation for a lot of business processes, accounts payable and accounts receivable 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 lots of benefits throughout the AR / AP process.

First of all, there isn’t any mail to sort, distribute, or open. Not just that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it takes significantly less time for you to process generate bill payment. Using the new system, you can create and distribute a complete batch of invoices with simply a few clicks. (Source: Pay Simple)

Next, there’s no 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 personally. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual process that will take time and is prone to errors for example illegible scans.

Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from the equation, you are also eliminating a few days from receipt to payment. Similarly, electronic payments speed the procedure and mean you won’t need to wait in line in the bank to deposit your money.

Electronic invoices are really easy to store and reference, without any physical file cabinets required. When you contact customers, you can actually will include a link or attachment to the original payment receipt, purchase order, or related documentation.

Advantages of E-Invoicing for Buyers

E-invoices offer benefits to your customers as well. For instance, it is possible to provide a variety of payment options like debit, credit, and ACH. Paperless system also paves the way to automated reminders complete with integrated “pay now” buttons that url 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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