Important Things About Electronic Invoicing For Organizations
Electronic invoicing, or e-invoicing, such as the name implies, may be the electronic exchange of invoice documents from your supplier as well as the customer. Electronic invoicing surpasses merely sending a PDF receipt with a customer via email. A true e-invoicing solution is a built-in solution where an electronic invoice is transmitted and received seamless relating to the supplier's a / r system along with the customer's accounts payable system. E-invoicing documents are normally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from your manual, paper-based system with an electronic invoicing system? Paper-based method is notoriously time-consuming and at risk of 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).
Benefits of E-Invoicing for Suppliers
Switching to e-invoicing solves these complications, producing faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers many benefits throughout the AR / AP process.
First off, there's no mail to sort, distribute, or open. Not only that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it will require significantly less time for you to process generate bill payment. Using the new system, you could make and distribute a whole batch of invoices with only a few clicks. (Source: Pay Simple)
Next, there is not any data entry required. Considering that the payment comes to the buyer's accounts payable system automatically, the accounts payable clerk does not need to 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 process that takes time and can be susceptible to errors such as illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you happen to be also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the process and mean you won't need to wait at the bank to deposit your cash.
Electronic invoices are easy to store and reference, without physical file cabinets required. As you phone customers, it is possible to include a link or attachment towards the original payment receipt, purchase order, or related documentation.
Benefits of E-Invoicing for Buyers
E-invoices offer benefits for the customers too. For example, you'll be able to give a variety of payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders full of integrated "pay now" buttons that url to the check. Your customers' accounts payable team will appreciate not having to manually enter data or scan paper bill, too.
Switching to e-invoicing saves time and expense, a win-win either way sides.
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