Electronic invoicing, or e-invoicing, such as the name implies, will be the electronic exchange of invoice documents from your supplier along with the customer. Electronic invoicing surpasses merely sending a PDF receipt with a customer via email. A genuine e-invoicing option is a solution where an electronic invoice is transmitted and received seamless relating to the supplier’s accounts receivable system and 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 for an electronic invoicing system? Paper-based system is notoriously time-consuming and at risk of errors. Consequently, paper invoicing is likely to have higher costs and longer processing lifecycles.

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

Advantages of E-Invoicing for Suppliers

Switching to e-invoicing solves these complications, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. Coming from a business perspective, e-invoicing delivers many benefits through the entire 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 a lot less time for it to process generate bill payment. Using the new system, you can create and distribute a full batch of invoices with simply a number of clicks. (Source: Pay Simple)

Next, there isn’t any data entry required. Since payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t need to go into the data by hand. E-invoicing eliminates the chance of mistakes and ensures accuracy. Likewise, you needn’t scan paper bills, another manual method that will take time and is susceptible to errors such as illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reduction of mail in the equation, you might be also eliminating a few days from receipt to payment. Similarly, electronic payments speed the method and mean you don’t need to wait with the bank to deposit your hard earned money.

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

Benefits of E-Invoicing for Buyers

E-invoices offer benefits on your customers at the same time. For example, you can give a various payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders complete with integrated “pay now” buttons that hyperlink to into your market. 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 both for sides.

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