E-invoicing, or electronic invoicing, is the process of sending and receiving invoices via the Internet. Nowadays, many businesses are adopting digital practices to improve their overall efficiency, with e-invoicing being one example of this. Here are some of the benefits that switching to e-invoicing can have for your company.
Processing invoices electronically eliminates extra costs for the business, namely those associated with resources. E-invoicing means that companies do not have to spend money buying paper or envelopes for mailing, for instance. It can also cut employee costs, as the business owner will not have to pay for someone to spend time printing, sending and sorting through manual invoices.
By using e-invoicing, staff will no longer have to carry out time-consuming tasks related to manual invoicing, such as scanning documents, filing envelopes or inputting data, to name just a few.
It is important for all businesses to keep their documents well-organised. With e-invoicing all the data is stored in one place, making it easier to resolve any discrepancies, to track processes and to check or edit information, which in turn limits the chances of error.
With all invoice data stored electronically, there is no need for bulky filing cabinets and shelves full of files, which is particularly beneficial for smaller companies with little room to spare.
E-invoicing results in quicker approvals and processing. Firms can send invoices earlier and expect faster payments as a result, meaning that business relationships become more efficient. Sending an invoice and receiving payment can take a week or even more, but e-invoicing is immediate, meaning that payments can be made in a more timely manner.