Electronic invoicing, or e-invoicing, much like the name implies, is the electronic exchange of invoice documents between a supplier and also the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. A true e-invoicing option would be an internal solution where an electric invoice is transmitted and received seamless between the 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 from the manual, paper-based system with an 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.

Despite the widespread adoption of automation for a lot of business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).

Benefits of E-Invoicing for Suppliers

Switching to e-invoicing solves these problems, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From your business perspective, e-invoicing delivers advantages through the AR / AP process.

First of all, there’s no mail to sort, distribute, or open. Not just that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will take a smaller amount time for it to process generate bill payment. With the new system, you may create and distribute a complete batch of invoices with simply a number of clicks. (Source: Pay Simple)

Next, there’s no data entry required. Because 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 opportunity for mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual process that needs time to work and is vulnerable to errors including illegible scans.

Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail from your equation, you might be also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t have to wait on the bank to deposit your dollars.

Electronic invoices are simple to store and reference, without having physical file cabinets required. Because you telephone customers, it is possible to include a link or attachment to 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 instance, you’ll be able to provide a variety of payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders filled with integrated “pay now” buttons that link to the check. 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 both for sides.

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