Businesses introduce e-invoicing as a way to replace all paper invoices with electronic versions instead. There are a number of benefits to adopting this approach and the main benefits of incorporating e-invoicing into your business are as follows;

  • Cost reduction– One of the main advantages for businesses using e-invoicing is that the costs associated with manual invoicing (such as data entry, sorting and storing) can be dramatically reduced
  • Quicker processing times. Once your company has moved to e-invoicing, the processing and payment cycle times are reduced. Electronic invoicing means that the process is fully automated, from creation to approval and even sending reminders for overdue invoices can be automated.
  • Increased accuracy. E-invoicing electronically captures invoice data reducing the amount of errors that could occur. The invoices are also automatically stored and sent to the correct recipients ensuring that they are received on time and less likely to be rejected because of errors.
  • Employees become more available.Instead of spending their time on invoicing and associated tasks, your employees can instead focus on tasks that continue to keep the business working and returning profits.
  • Improved opportunities to offer timely payment discounts.  Many suppliers like to offer their business customers discounts if invoices are paid within a specific time period. E-invoicing helps your company to keep track of paid invoices and apply discounts automatically.
  • Better account reconciliation.Account managers spend a large amount of time reconciling incoming payments against invoices that have been sent out to customers. With e-invoicing this can be automatically tracked and recorded, improving the accuracy of your accounts and saving time for your employees.
  • Improved cash management- Many business systems can take time to show payments that have to be manually added affecting the perception of available cash flow. With e-invoicing amounts can be added and deducted in real time, allowing account managers to see the true balance of the business bank accounts.
  • Lower carbon footprint.With e-invoicing the invoices can be emailed directly to the recipients, reducing the need to print out and physically post the invoice as a paper document. Essentially, einvoicing should make your entire invoicing process paperless.
  • Enhanced control.Using an automated system means that your business can automatically perform validation and compliance cheques in regards to payments. A full paper trail is also available for accounts audits and other purposes.

For more information about e-invoicing and other software applications that can benefit your business follow us @MyriadConsults.