What is an e-invoice?
The electronic invoice or e-invoice has already received a great deal of coverage. However, there is no harm in going over things in more detail. After all, just digitising a paper invoice is not enough. The invoice must be processed digitally from start to end. That is, if you want to experience all the benefits.
Scanning a paper invoice and sending it by email, is not an e-invoice. An e-invoice is so much more!
Scanning a paper invoice and distributing it by email means that you are not only using an invoice that was not created electronically, but you are also still using a manual and time-consuming process. Time-consuming for your processes and the recipients as well. Both yourself and your recipient will need to scan the invoice, manual input data and pay the invoice in more than one customer journey.
E-invoicing should be a paperless process, starting with the invoice itself. These must be created electronically. The biggest challenge remains the receipt and processing of such an e-invoice. At the same time, this is where the greatest gains in time and efficiency can be made.
In contrast to the combination of PDF and email, the use of UBL does allow for the fully automated processing of the invoices received, without any human intervention. The recipient no longer must type out all kinds of invoice data or manually enter it into their own ERP or accounting application.
Add up the benefits
E-invoices not only integrate seamlessly with all kinds of existing information systems, but you can also link one or more workflows to them. You can even have each invoice automatically forwarded to the correct authorised employee for further processing or approval.
The combination of e-invoices with this type of approval workflow creates a more efficient and effective process. Which will also save you money and time.
The more efficient and effective e-invoice process also means that your payment turnaround time for e-invoices will be much shorter. In fact, traditional invoices sometimes have such a long and complex approval process that they are already overdue before they get approved.
A concrete analysis of the data in our own Banqup e-invoicing platform shows that payments of e-invoices can happen up to seven days faster. Your cash flow management can only benefit from these e-invoicing advantages.
Discover even more e-invoicing benefits via our blog.