1- Accelerating the payment cycle:
As we know, email or paper-based invoicing takes a longer time to appear on the AP system, and also the overall functionality level is low. Also, there is a risk surrounding that data might get lost during the process. Whereas the electronically derived invoices are much safer, and the data is stored on the workflow system. It reduces all kinds of delays and days of sales outstanding which would undoubtedly accelerate the payment cycle.
2- Elimination of refused invoices:
As e-invoicing reduces the risks of human errors to zero, therefore the buyer does not have to re-key any data. Thereby, the rate of rejected invoices decreases.
3- Reconciling Accounts effectively:
Sometimes it happens that the buyer demands deductions against an invoice due to shipment issues. Suppliers have to reconcile the payments they receive from buyers. E-invoicing has simplified the process as customers send electronically derived payments with all the details and adjustments.
4- Customer Satisfaction:
There are no lengthy procedures to be undertaken while processing invoices which would ultimately lead to customer contentment. E-invoicing has played its part well when it comes to customer satisfaction.
Not only buyers but suppliers can also get remarkable advantages from e-invoicing. Head over to the website of Ola Books and subscribe to get more information.