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  • Spencer Alvarez posted an update 4 months ago

    Electronic invoicing, or e-invoicing, like the name implies, may be the electronic exchange of invoice documents from your supplier as well as the customer. Electronic invoicing goes beyond merely sending a PDF receipt with a customer via email. A genuine e-invoicing solution is a solution where an electronic digital invoice is transmitted and received seamless between your supplier’s a / r system and also the customer’s accounts payable system. E-invoicing documents are generally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

    Why switch coming from a manual, paper-based system with an electronic invoicing system? Paper-based strategy is notoriously time-consuming and susceptible to errors. Therefore, paper invoicing tends to have higher costs and longer processing lifecycles.

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

    Important things about 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 advantages throughout the AR / AP process.

    To begin with, there is not any mail to sort, distribute, or open. Not only this, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will take a smaller amount time to process generate bill payment. With the new system, you can create and distribute a full batch of invoices with a couple of clicks. (Source: Pay Simple)

    Next, there is no data entry required. Considering that the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk need not type in the data by hand. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual procedure 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 might be also eliminating a few days from receipt to payment. Similarly, electronic payments speed the task and mean you won’t need to wait in line at the bank to deposit your cash.

    Electronic invoices are easy to store and reference, with no physical file cabinets required. When you telephone customers, you can easily add a link or attachment on the original payment receipt, purchase order, or related documentation.

    Advantages of~conveniences of E-Invoicing for Buyers

    E-invoices offer benefits to your customers as well. For example, you’ll be able to offer a number of payment options for example debit, credit, and ACH. Paperless system also opens the door to automated reminders filled with integrated “pay now” buttons that url to into your market. 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 money, a win-win for both sides.

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