Electronic invoicing is the exchange of invoice documents between the customer and the supplier eletronically. There is more to it than just sending a PDF receipt to your client via mail. The best electronic invoice solution involves transmitting and receiving of the invoices between the client's account payable system and the supplier's account receivable system. The electronic invoices are usually exchanged in XML or EDI formats.
There are lots of reason why your business needs to switch from manual system to the e-invoicing system. Paper-based systems can be time consuming and present greater chance of making errors. Processing the invoice are also expensive and takes much time. But with electronic invoices, both the customers and the suppliers have a lot of benefits to reap.
Adopting the electronic invoicing solution will lead to prompt processing and lowered transaction costs which will in turn lead to significant savings. When it comes to business, using the electronic invoices has a lot of benefits to offer throughout the AP process.
With this solution, there will be no sorting, distributing and opening of mails. Electronic invoicing also help to avoid extra costs associated with postage, envelopes and also paper bills. The process of generating the bill payments also become quite easy and fast. With this new technology, you can now create and pass several invoice by just a tap on your mouse.
Another great thing about the electronic invoices is that you will not have to worry about data entry. Since the customer will receive the payments in the account payable system automatically, the clerk will not have to enter any data by typing. Hence, it eliminates chances of potential errors and ensures much accurate data. With electronic invoices, you will not have to scan the paper bills. This is among the manual processes which can take much of your time. It is also prone to mistakes like in the case of illegible scans.
Electronic invoices are delivered immediately and securely. By not using mails, the process becomes faster, you will not have to wait at the long queues at the bank just deposit your cash. Another benefit of using electronic invoices is that they are easy to store and there is no need for file cabinets. By choosing to use the electronic invoices you will be eliminating errors in your operations and the customers will appreciate this as well. You will also save on time and money as the process is instant. For further details, view here!
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