As more businesses are going and doing business online, the use of E-invoicing is growing too and small and big business owners are going paperless. Traditionally, manual processing of invoices is with the use of paper, from purchase orders to invoices of businesses to suppliers and clients. As technology gets modern and sophisticated, comes e-invoicing.
Don’t confuse yourself between an electronic invoice and paper invoices scanned then sent thru fax and email using .pdf files as these are not what the real e-invoicing that we are talking about.
What is E-invoicing?
Electronic invoicing is a form of electronic billing. E-invoicing methods are used by trading partners, such as customers and their suppliers, to present and monitor transactional documents between one another and ensure the terms of their trading agreement are being met. These documents include invoices, purchase orders, debit notes, credit notes, payment terms and instructions and remittance advices. These documents can be exchanged in a number of ways including EDI, XML, or CSV files. (GXS) They can be uploaded using web applications or FTP sites. The company may use imaging software to capture data from PDF or paper invoices and input it into their invoicing system. Some companies have their own in house e-invoicing process. However many companies will hire a third party company to implement and support these e-invoicing processes and to archive the data that passes through them on their own servers.
E-invoicing includes so many different technologies and entry options, it is used as an umbrella term to describe any method by which an invoice is electronically presented to a customer for payment. (Wikipedia)
The straightforward system in the olden days involves emailing a PDF to a supplier. But the real benefits of e-invoicing come when it transmute the entire payment process, as the invoice becomes a request for payment, consolidated with the accounts system and the supplier payment system.
Benefits of using E-invoicing and billing for customers:
- Convenience
- Reduced cost
- Control of finances
- Strengthened accuracy
- Swift processing and payment cycles
- Email reminders
- Improved cash control
- Improved conflict and argument handling
- Payment and finance choices
- Improved supplier and customer relationship
Benefits of using E-invoicing and billing for business owners:
- Instant and secure delivery of invoices
- Less time spent processing invoices
- Improved visibility
- Cost reduction
- Fewer discarded or refused invoices
- Increased productivity
- Proficiency of storing soft vs. hard copied of invoices
- Faster payments
- Improved cash managements
- Improved supplier and customer relationship
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