E-Invoicing or electronic invoicing is a simple and powerful tool that can increase the productivity of a company by saving time, effort and preventing errors and frauds.
FREMONT, CA: the most valuable resources of small businesses are effort and time. The ability to create, send, and save electronic invoices quickly saves effort and time. E-Invoicing is a common B2B practice and has been part of Electronic Data Interchange transactions. Almost all the companies have adopted this service, and others are on the way to adopt e-invoicing.
What is e-invoicing?
E-invoicing is a digital invoice that can be sent once or automated for regular customers. Electronic invoicing saves the time for businesses that rely on it for processing accounts payable and also help with compliance.
Here are some ways an e-invoicing solution has to transform any business.
• Data entry can be done from anywhere
Mobile innovations have changed the companies and their working processes. Now owners can communicate, collaborate, automate, administer, and operate their businesses from wherever they want. They can get alerts, updates, and reports on their mobile, tablet, and laptop easily and quickly. Earlier after finishing work for the week, the workers used to submit manual time sheets. The finance team of the department would manually enter that information into accounting software on the computer and then print and mail invoices. These margins for human error left them open to things like compliance issues. Now the technicians can automatically generate an invoice at the client’s site whether they’re in their car or walking down the street. It’s had a huge impact on productivity.
• Cash flow has improved
Time affects cash flow, before switching to an e-invoicing solution several weeks passed between the time they performed the service and invoiced the account payable on the invoice tracker.
Now, as processing and data entry is done from mobile devices, they can generate e-invoices as quickly as the service is performed. Delivering the invoice electronically to clients is the best option because earlier, they had to wait for days for the post office to deliver it. The e-invoices also include PayPal as a payment option so that the clients can pay with just a few clicks.
• E-invoicing makes more productive
E-invoicing is making more productive as invoicing, and payment is no more delayed like earlier. The companies are entering invoice data into the web-based system on time. And because of automation they have, we’ve reduced the time spent onboarding new employees. This has enabled them to make quicker decisions and identify potential problems before they occur.
• An eco-friendly alternative
Printing fewer paper invoices and storing all the files electronically enables to prevent the environment. It is a greener alternative to save the environment.