Most of the people don't know what is electronic invoicing, and still stuck in the old ways where they used to use papers. About 70% of most of the business persons do not know about invoicing which is also known as the e-invoicing. To start with let's have a look on what is electronic invoicing is. The e-invoicing is an automatic exchange of invoice document transacted between the supplier and the customer. It does not mean that since it is electronic, that is passed in the form of pdf over the email. What it takes is that the electronic invoice is transmitted and the suppliers account customers account payable system. The formats that are involved in e-invoicing include EDI and XML formats. You'll want to discover more about this.
The reason as to whey most of the business is going for invoicing is the fact that the electronic invoicing is time-saving and it does not need any paperwork making it error free.
These are some of the benefits that you will receive when you involve the electronic invoicing in your business.
First, let's have a look at the benefits to the supplier. The advantage that the supplier receives is the fact that he or she make transactions fast within a short period and in the same case, he can do the operation at a little cost since there are less to none paperwork that is used in the electronic involves. In most of the cases, XML format which gives very high visibility to the supplier and that will project a significant saving in his or her expenditure.
In this invoicing, there is no need of saving a lot of time and paper bills. You will receive an invoice just by a click of the button. The other benefit is that the electronic invoicing are easy to store them without the use of a physical cabinet. As a supplier, you can include some links and attachments to the original invoices making it much more effective. This is something you'll want to learn more about.
The benefits to the customer are the same as that of the supplier where it saves a lot of time. The customer will use the links that are provided in the invoice that may read "pay now."
It is for this reason that if you are still using the old way invoicing it is worth shifting to the e-invoicing that will help you achieve that fast and convenient invoicing service between the supplier and the customer. Here are some of the advantages of electronic invoicing: https://youtu.be/Y09Gwc3eQgg