If you’re a business owner, chances are that you have already heard of electronic invoicing or E invoices. The reason for the current rather justified “hype” about electronic invoices is that it can provide you numerous benefits. Let’s talk about those benefits of E-invoices for your business.
One thing is for sure, the traditional invoicing process hasn’t improved a lot throughout the last decades. This is astonishing seeing that many other things where a business service are concerned have greatly improved the same time.
Obviously, all of us today will be familiar with email, fax and computers. Those things are pretty standard in any type of office of business today. It is the more surprising that there are still many businesses who use the traditional invoicing process with all its disadvantages:
You will print out your paper invoices and mail them to your supplier, in some cases you may probably just add the paper invoices to your merchandise when you mail it.
With this means is that every invoice will take several days until it can be received since it is using postal mail. Worse, once received, someone will have to transfer the data from that paper invoice into a computer system. This is a rather error-prone process and of course it also will take some time to get this done. It’s an unusual and large companies that are still using this type of invoicing are dedicating an entire branch office just for their daily invoicing process.
Electronic invoices do not have any of those disadvantages. As soon as the invoice is created it will be converted into a digital “electronic ” format. Once the invoice has become an E-invoice it can be sent and received instantly, much so as your email. In addition to the significant time savings of electronic invoicing it is also doing away with the need to manually transfer data into an accounting system upon receipt.
For businesses, the switch to electronic invoices does not require any new technology nor will you have to train staff. All you will need to do is send your invoice data to a electronic invoicing provider which will do the conversion for you, as opposed to printing it out. In other words, the process is very easy and straightforward.
With the many benefits from electronic invoicing, businesses today cannot only save a significant amount of time but also money that would otherwise need to be expended on staff or to operate the mail room.