Activity

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

Why switch from the manual, paper-based system to a electronic invoicing system? Paper-based product is notoriously time-consuming and vulnerable to errors. As a result, paper invoicing tends to have higher costs and longer processing lifecycles.

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

Benefits of E-Invoicing for Suppliers

Switching to e-invoicing solves these complaints, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From a business perspective, e-invoicing delivers advantages through the entire AR / AP process.

To begin with, there’s no mail to sort, distribute, or open. Not only that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it will require a lot less time for you to process generate bill payment. With the new system, you can create and distribute an entire batch of invoices with a couple of clicks. (Source: Pay Simple)

Next, there is not any data entry required. Since payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk doesn’t have to go into the data personally. 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 and could be at risk of errors including illegible scans.

Meanwhile, all invoices are instantly and securely delivered. By reducing mail from your equation, you happen to be also eliminating several days from receipt to payment. Similarly, electronic payments speed the process and mean you don’t need to wait in line in the bank to deposit your money.

Electronic invoices are really simple to store and reference, without having physical file cabinets required. When you telephone customers, you can actually incorporate a link or attachment to the original payment receipt, purchase order, or related documentation.

Advantages of~conveniences of E-Invoicing for Buyers

E-invoices offer benefits for the customers as well. By way of example, you’ll be able to offer a selection of payment options including 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 without having to manually enter data or scan paper bill, too.

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

More information about hoa don dien tu viettel take a look at our new website: check it out