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E-invoicing is more than just a PDF that you send via e-mail. It’s a fully-automated process that enables receivers to get the invoice directly into their financial system. In this blog we’ve summed up some of the key benefits for senders and receivers of electronic invoices.
Shorter payment periods: Electronic invoices are processed much faster than their paper counterpart, meaning they can be paid faster too. E-invoices are directly sent to the financial system, which make the chance that they end up in the wrong hands almost impossible.
Lower costs, fewer actions: Saving money on things as paper, ink and post stamps. Sending a paper invoice is 57% more expensive than e-invoicing and receiving a paper invoice is even more than 60% more expensive than receiving an e-invoice (Billentis).
E-invoice is delivered directly with confirmation of reception: Since you can track whether the invoice is delivered or not, it’s easier to have a clear insight of the status of your invoices sent. Now that you know for sure that the receiver actually received their invoice, you can confidentially do a follow up (if not automated).
Contributing to durability: Of course less paper is good for the environment. An e-invoice solution will remove at least 80% of paper from most accounting departments. Replacing unnecessary waste of paper by electronic invoicing, will save a lot of paper which means more trees.
No more need of manual input or scan recognition software: The e-invoices are automatically loaded into financial system of the receiver. That is why manual input is not necessary anymore since all the data of the invoice are correctly loaded into the position where it needs to end up at. Scan recognition software is basically built in e-invoicing, since data is automatically recognised.
Safety – less chance on “ghost invoice”: A ghost invoice means that the invoice is fake. It’s an invoice for services or products which have never been delivered. The e-invoices are automatically checked on authenticity.
Clear insight into business processes: The financial department is very important to a business. When it’s a mess, it’s stressful for the employees but it’s also bad for the prospects of the company. E-invoicing takes this mess away, since invoices cannot go wandering around ending up at the wrong persons. A clear and solid insight into the status of all invoices is a clear and solid insight into a company’s business processes.
Discover more about Banqup Group's electronic invoicing solution, for businesses of all shapes and sizes.