Electronic invoicing, or e-invoicing, such as the name implies, may be the electronic exchange of invoice documents between a supplier and the customer. Electronic invoicing goes beyond merely sending a PDF receipt to a customer via email. A true e-invoicing option is an internal solution where an electric invoice is transmitted and received seamless relating to the supplier’s a / r system as well as 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 vulnerable to errors. Therefore, paper invoicing is likely to have higher costs and longer processing lifecycles.

Regardless of the widespread adoption of automation for a lot of 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 problems, leading to faster processing, lower transaction costs, greater visibility, and significant savings. From the business perspective, e-invoicing delivers benefits during the entire AR / AP process.

First of all, there’s no mail to sort, distribute, or open. In addition to that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will require much less time for it to process generate bill payment. Together with the new system, you may create and distribute an entire batch of invoices with a couple 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 enter 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 needs time and is vulnerable to errors including illegible scans.

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

Electronic invoices are really easy to store and reference, without having physical file cabinets required. As you telephone customers, it is simple to include 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 provide a variety of payment options such as debit, credit, and ACH. Paperless system also opens the door to automated reminders detailed with integrated “pay now” buttons that hyperlink 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 money and time, a win-win for sides.

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