8 Lessons Learned: Services

The Merits of Electronic Invoices.

In the move towards paperless business transactions, invoicing has become electronic now. Depending on the company size, there are businesses which generate hundreds of invoices every single day which is why it only makes sense if the process is automated. Sending email invoices is becoming a problem because for the buyers to get all the information they are looking for it will be a while. Also, mail float is quite common which means the emails might be floating around for a while before they are received. It is not even better with paper-format invoices given that even express mailing still takes some time especially if the distance to be covered is long. E-invoicing is quite straightforward and you will not have to spend hours trying to figure out all the details. Also, there are no delays in the delivery because the platforms used are defined. This is time saving which is something every entrepreneur always works towards.

If you are sending electronic invoices, expect to get your money faster. Do not expect people to see the number you have indicated on the invoice and send the money. The person who receives the bill will have to confirm the validity of the invoice, the kind of business that was carried out, vendor name and even the number. These validations can be done through data capture technologies instead of doing the manual validation. Once you have sent them a paper or email invoice, most of the time follow-up is necessary so that you can confirm that it has been received. This is probably the most expensive part of invoice processing. You can do away with this process if you send electronic invoices.

When using paper invoices or sending the information in email form, there is no guarantee that there will be a chain of ownership until you get the money. Remember that you might not get confirmation of the loss immediately as the other party struggles to find the lost document and this prolongs the payment period even further. Also, the buyer benefits from the electronic invoicing in that the documents are displayed systematically in such a way that upcoming payments are noted and planned for. It is worth noting that through electronic invoicing, the chances that the buyers will delay making payments because they did not get the invoice on time will be low and you do not have to take a loan to cover for the deficits that come up because of lack of funds.

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