What are the benefits of e-invoicing?
The general advantages of electronic invoicing are now well known: the receipt and processing of invoices is much more efficient, faster and more cost effective. However, there are many more benefits e-invoicing can bring to your business.
If we look at all the concrete, tangible benefits we soon see the impact of e-invoicing and what it can do to your administration.
Less paper, more time on your hands
Firstly, a lot less paperwork is needed. The elimination of paper invoices not only reduces the amount of paperwork you deal with, but also makes the whole process much smoother. Automation is built into e-invoicing processes so that less manual intervention is required.
Secondly, you can now manage the entire invoicing process on a single platform, end to end. Linking your e-invoicing platform to other digital platforms, information systems or accounting software creates economies of scale that only increase potential profit.
People make mistakes
When manually processing invoices on paper or by PDF there is a greater chance for mistakes. One incorrectly typed number or one line of your invoice missed. E-invoicing processes prevent typing or writing errors, misinterpretations and greatly reduces errors.
What’s more, you can’t lose this type of invoice either. As the name suggests, the e-invoice is completely electronic in a standard XML format that allows for automatic processing. Less invoicing errors overall, meaning a more efficient process and faster payment.
E-invoicing is more accurate and it’s processing requires fewer steps. This reduces the risk of errors. This also means that the administrative process is much more efficient. A concrete analysis of the data in our own Banqup e-invoicing platform shows that payments of invoices are made up to 7 days faster. If you add a payment button to the process, a handy feature unique to e-invoicing, you will see that many invoices are paid on the day of receipt. Even if they aren’t paid immediately, e-invoicing gives you a clear overview of who has opened their invoice.
All these advantages mean that the electronic invoice is becoming increasingly popular whilst the old-fashioned paper invoice is slowly but surely on the decline. Have you been convinced?
Wondering how you can optimise your electronic invoicing with Banqup? Read all about it on our website! Better still, get in touch to discuss a Banqup solution for your business.