Paperless (electronic invoicing) is an achievable, modern method of invoicing which offers significant savings and improved controls to both outbound and inbound invoicing. If you are considering using this means of invoicing it may be worthwhile noting the following benefits:
- Legislation gives electronic records the same legal standing as paper invoices.
- Most customers will accept e-invoices as you are reducing the supplier invoice processing costs.
- Reduced debtors days, eliminates ‘lost in the post’ excuses.
- Customers will have online access to their accounts and an electronic query facility that provides a permanent record of queries and their resolution, which will speed up the process of any queries that customers may have on the e-invoices.
- Having offsite backup, using e-invoicing data, gives you the ability to reconstruct your sales and purchase ledgers.
In summary, e-invoicing adds value by the elimination of data entry errors, faster turnaround time, higher quality reporting insights and cost savings.