Electronic invoicing, or e-invoicing, just like the name implies, may be the electronic exchange of invoice documents from the supplier along with the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. An authentic e-invoicing option is a solution where a digital invoice is transmitted and received seamless between the supplier’s accounts receivable 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 coming from a manual, paper-based system with an electronic invoicing system? Paper-based method is notoriously time-consuming and prone to errors. As such, paper invoicing tends to have higher costs and longer processing lifecycles.

Inspite 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 issues, producing faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers lots of benefits through the AR / AP process.

First off, there isn’t any mail to sort, distribute, or open. In addition to that, e-invoicing eliminates expenses associated with paper bills, envelopes, and postage. Plus, it will take significantly less time and energy to process generate bill payment. With the new system, you can create and distribute a complete batch of invoices with only 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 doesn’t need to go into the data manually. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual method that takes time and can be at risk of errors for example illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reduction of mail from the equation, you are also eliminating several days from receipt to payment. Similarly, electronic payments speed the procedure and mean you don’t have to wait in line on the bank to deposit your dollars.

Electronic invoices are easy to store and reference, without having physical file cabinets required. As you contact customers, you can easily incorporate a link or attachment for the original payment receipt, purchase order, or related documentation.

Advantages of~conveniences of E-Invoicing for Buyers

E-invoices offer benefits for your customers also. For example, you can provide a selection of payment options for example debit, credit, and ACH. Paperless system also opens the door to automated reminders complete with integrated “pay now” buttons that connect 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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