What is Electronic Invoicing?
In its most basic definition, E-invoicing is simply billing done electronically. Sending and tracking customer invoices is done through an automated system that does away with the manual approach, making for more efficient and reliable performance.
As your business grows, so will the volume of invoices. This increase in transactions is of course a good thing but could be something that becomes difficult to manage without effective management tools in place. Not only will E-invoicing streamline the overall process but it will also save time and money in both the short and long term. Let’s have a look at some related key benefits businesses can enjoy with an electronic invoicing system.
Better error record By removing manual processing from the equation, chance for human error drops dramatically. A streamlined system also means internal problems are faster and easier to diagnose and resolve.
Lower overall invoicing costs As invoices are sent and received electronically, the traditional paper cost through regular mail is avoided.
Rapid processing Your customer will receive the invoice documents as soon as you send them, which also means you can expect their payment sooner than later.
Better invoice tracking All outstanding invoices and payments on their way can be seen quickly and easily, which also allows for better forecasting down the road.
Improved partner relations With its speed and reliability, E-invoicing will ensure exception-free business between your enterprise and your partners.
No matter the size of your organization, a good E-invoicing strategy can help with your transaction operations. Contact Meade Willis to find out how they can get it working for you.