Electronic invoicing, or e-invoicing, much like the name implies, may be the electronic exchange of invoice documents from a supplier along with the customer. Electronic invoicing goes beyond merely sending a PDF receipt to some customer via email. A genuine e-invoicing option is an integrated solution where an electronic invoice is transmitted and received seamless between the supplier’s a / r system as well as 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 for an electronic invoicing system? Paper-based strategy is notoriously time-consuming and prone to errors. As such, paper invoicing has a tendency to have higher costs and longer processing lifecycles.

Despite the widespread adoption of automation for a lot of 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 issues, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From the business perspective, e-invoicing delivers advantages through the entire AR / AP process.

First off, there is no mail to sort, distribute, or open. Not only this, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it takes significantly less time for it to process generate bill payment. Together with the new system, you can create and distribute a whole batch of invoices with only a few clicks. (Source: Pay Simple)

Next, there is no data entry required. Because the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk does not need to type in the data yourself. E-invoicing eliminates the opportunity for mistakes and ensures accuracy. Likewise, you don’t need to scan paper bills, another manual process that needs time and can be susceptible to errors such as illegible scans.

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

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

Advantages of E-Invoicing for Buyers

E-invoices offer benefits for the customers also. For example, you are able to give you a variety of payment options for example debit, credit, and ACH. Paperless system also paves the way to automated reminders filled with integrated “pay now” buttons that hyperlink 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 expense, a win-win for sides.

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