Even for businesses that handle only a moderate amount of invoices on a regular basis, E Invoicing can be a great time and cost saver. The reason for this is that a normal invoicing process usually takes up a lot of time: Paper invoices are traditionally sent via postal mail. In addition to that, once an invoice is received, its data needs to be transferred manually into an accounting system, a process which not only takes additional time but is also prone to errors.
Your paper invoice is converted into an electronic format. This is usually done by an electronic invoice service provider to whom you will send the invoice file by email.
The electronic invoice service provider will be dispatching the electronic invoice to your recipient afterwards.
In addition to the time savings of instantly being able to send and receive invoices, this process also helps with the management of your invoices since all the data is centrally kept at one single web server. Obviously this also means that the data from paper invoices doesn’t have to be transferred by hand any longer.
If a business wants to take advantage of electronic invoicing there are only minimal changes required. You can still continue to create your invoices as usual, with the only difference to send them to the electronic invoice service provider rather then sending the invoice to your supplier directly. There is also no requirement for any special equipment. Most of the time, using electronic invoicing will only cost a minimal fee.
For many businesses today, electronic invoicing can be a big time and cost saver.
Can read more about electronic invoicing at https://en.wikipedia.org/wiki/E-invoicing