The terminology e-invoicing has been in the market for quite a while. However, the precise meaning of this term and its degree of implementation are still unclear to many. In this article, Procure Avenue has come up with some answers that will bring clarity to such questions.
What is Electronic Invoicing or E-invoicing?:
The terms “Digital Invoice” and “Electronic Invoice” are used to explain similar concepts. But, they both are fundamentally different from each other. The digital invoice is just a digital version of the hard paper document. It is still being carried out in the traditional manner such as scanning the document and then converting the same in the digital format.
However, the e-invoicing is a format in which the invoice is generated directly from the software that you are using. Such invoices are usually booked in XML format and they are compliant with PDF versions in order to create the final readable copies for the users.
Benefits of electronic invoicing:-
Quick Payments: –
The implementation of electronic invoicing literally removes the delays in unnecessary processes such as sorting & routing of the papers. The software enables to route the invoices in the fast manner as the data is available on the fingertips of the user. Due to such faster operations, the bills can be paid on time and cash flow improves immensely.
Only a few rejected invoices:-
The e-invoicing software enables a straight forward process initiated from your system to the client or supplier’s account payable app. Thus, the user does not have to enter the data manually and this leads to elimination of human errors and majority of the invoices gets approved.
<p.The electronic delivery enables you to know that whether the customer has received the invoice or not. It also lets you know the precise timing of receiving the invoices and you can even track the status of the bills. Hence, the amount of reworking can be reduced and overall productivity gets enhanced.</p>
Better Customer Satisfaction:-
Customer satisfaction matters the most in any type of industry. E-invoicing enhances the user friendly experience and easy access to the desired data. Thus, the firms that implement e-invoicing system experience less customer churn in compared to other companies.
How it works?
Now, just imagine how easy the accounts payable will be if all the related people are on the same system! Once you sign up to our software, you can even invite the suppliers to use these services as well. It becomes extremely easy once everyone starts using the same process.
Get rid of the piles of bills from your desk. Pay your suppliers on time & keep them happy.
Switch to the e-invoices to fasten your accounts payable process and reduce the overall time that you spend in managing the invoices.
Why don’t you try Procure Avenue’s e-invoicing software? You will see how easy & effective it is to maintain the invoices electronically.
So, contact us NOW for further information!!!