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Electronic invoicing, or e-invoicing, just like the name implies, may be the electronic exchange of invoice documents from your supplier along with the customer. Electronic invoicing goes past merely sending a PDF receipt to some customer via email. A genuine e-invoicing option would be an integrated solution where a digital invoice is transmitted and received seamless between your supplier’s a / r system along with the customer’s accounts payable system. E-invoicing documents are typically exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

Why switch from your manual, paper-based system with an electronic invoicing system? Paper-based system is notoriously time-consuming and vulnerable to errors. Consequently, paper invoicing has a tendency to have higher costs and longer processing lifecycles.

In spite of 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 complaints, leading to faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers lots of benefits during the entire AR / AP process.

To begin with, there isn’t any mail to sort, distribute, or open. In addition to that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it will take significantly less time and energy to process generate bill payment. With all the new system, you may create and distribute a complete batch of invoices with just a number of clicks. (Source: Pay Simple)

Next, there is not any data entry required. Since the payment comes to the buyer’s accounts payable system automatically, the accounts payable clerk need not type in the data yourself. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual process that needs time to work and could be at risk of errors such as illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you are also eliminating a few days from receipt to payment. Similarly, electronic payments speed the procedure and mean it’s not necessary to wait in line in the bank to deposit your dollars.

Electronic invoices are easy to store and reference, with no physical file cabinets required. Because you telephone customers, it is possible to will include a link or attachment to the original payment receipt, purchase order, or related documentation.

Advantages of E-Invoicing for Buyers

E-invoices offer benefits for the customers as well. By way of example, you are able to give a selection of payment options for example debit, credit, and ACH. Paperless system also paves the way to automated reminders full of integrated “pay now” buttons that link to into your market. 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 cash, a win-win for both sides.

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