One of the main responsibilities and tasks of the accounts payable department is to process, review transactions from their business partners, and to ensure that all outstanding invoices from their suppliers are processed, approved and paid. Processing invoices include recording important data from the invoice and entering it into the company’s financial system for further processing.
While this type of processing looks simple, it can become very difficult for companies with many trading partners. And keeping track of all those transactional documents is not an easy task. The company can become overwhelmed with paper invoices and multi-level approval processes, this can lead to serious problems such as data entry errors, lost invoices, late payments, invoice duplicates, and even fraud.
E-invoicing can be a very useful tool in today’s complex business environment. Electronic invoicing sometimes referred to simply as “e-invoicing,” is an electronic transfer of invoicing information (billing and payment) between business partners (supplier and buyer). Electronic invoicing allows vendors to submit invoices over the web and have those invoices automatically routed for processing. It centralizes all transactional documents in one location on a web server. So they can be easily found processed and reviewed. With E-invoicing there are no mail delays, it brings you instant access to you invoices instead of having to search through tons of paper works. Electronic invoices allow you to be more efficient, faster and save costs.
Companies of all sizes are turning to e-invoicing to boost their efficiency and reduce the errors that come along with the manual processing, it also help companies tackle problems such as how to stay compliant in an increasingly complex business environment. E-invoicing fully automates the invoice capture, routing and approval process. This allows invoices to be processed much faster. E-invoicing also can reduce operating cost, minimize the risk of overpayment and fraud and even enhance spend management. It's a game-changing tool in today's complex business environment.
For some companies that do not know the benefits of E-Invoicing. Here are at least 9 reasons why adopting E-Invoicing could give a big boost to today’s complex business.
- Reduces operational costs
- Enhanced cash management
- Enhanced account reconciliation
- Minimizes disputes
- Prevent duplication and eliminates loss of invoices
- Faster and more accurate processing
- Improves transactional accuracy
- Improved regulatory compliance
- Better and faster accountability