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Great things about Electronic Invoicing for Organizations

Electronic invoicing, or e-invoicing, such as the name implies, may be the electronic exchange of invoice documents from your supplier and the customer. Electronic invoicing goes past merely sending a PDF receipt to some customer via email. An authentic e-invoicing solution is an integrated solution where an electronic digital invoice is transmitted and received seamless involving the supplier's accounts receivable system along with the customer's accounts payable system. E-invoicing documents are usually exchanged in EDI or XML formats. (Source: E-Invoicing Basics)

Why switch from the manual, paper-based system to an electronic invoicing system? Paper-based system is notoriously time-consuming and at risk of errors. As such, paper invoicing tends to have higher costs and longer processing lifecycles.

In spite of the widespread adoption of automation for most business processes, accounts payable and accounts receivable processes remain largely manual (Source: Dolphin Corp).

Great things about~advantages of~important things about E-Invoicing for Suppliers

Switching to e-invoicing solves these issues, leading to faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers benefits during the entire AR / AP process.

First off, there's no mail to sort, distribute, or open. Not only that, e-invoicing eliminates expenses related to paper bills, envelopes, and postage. Plus, it will require a lot less time and energy to process generate bill payment. Using the new system, you can create and distribute an entire batch of invoices with only several clicks. (Source: Pay Simple)

Next, there is not any data entry required. Since the payment arrives in the buyer's accounts payable system automatically, the accounts payable clerk doesn't have to go into the data yourself. E-invoicing eliminates the potential for mistakes and ensures accuracy. Likewise, you needn't scan paper bills, another manual process that takes time and is at risk of errors including illegible scans.

Meanwhile, all invoices are instantly and securely delivered. Through the elimination of mail in the equation, you're also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the method and mean you don't have to wait in line in the bank to deposit your money.

Electronic invoices are easy to store and reference, without having physical file cabinets required. Because you telephone customers, it is simple to include a link or attachment to the original payment receipt, purchase order, or related documentation.

Great things about~advantages of~important things about E-Invoicing for Buyers

E-invoices offer benefits on your customers as well. For instance, it is possible to provide a number of payment options for example debit, credit, and ACH. Paperless system also opens the door to automated reminders detailed with integrated "pay now" buttons that hyperlink to the balance. Your customers' accounts payable team will appreciate devoid of to manually enter data or scan paper bill, too.

Switching to e-invoicing saves money and time, a win-win either way sides.

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