The world of business is constantly evolving and, every day, we tend to see new digital innovations. They transform businesses to the extent where they can earn huge profits and grab more attention simultaneously, making the time count, reducing the everyday operational costs, and stimulating productivity.
People like to keep up with the trends same goes for the business world. Businesses need to adopt new technological trends to enhance their functions. In this blog, we are going to identify why e-invoicing has become a new trend in the business world and why traditional invoicing has become an outdated process.
E-INVOICING:
In today's world, where people are going towards sustainability and a better eco-system, the business community has also played its role in introducing e-invoicing. It is an electronic-derived invoice in a structured format such as Electronic Data Interchange (EDI) or XML formats. Also, it manages to replace manual tasks automatically and electronically. Furthermore, transfer your invoice to the client in a short period.
The biggest reason to switch to e-invoicing is its assistance towards the environment. Businesses shifting to e-invoicing can help save so many trees from being cut down. Also, sending invoices to clients through e-invoicing can reduce the operational costs making businesses gain more profits.
Other than the explicit benefits of e-invoicing, it also has subtle benefits for making your business progressive. Moreover, it shortens the span of sending the invoice as you can instantly share the invoice with your customer or client but, you can also make an edit in the invoice saving you so much time to do other productive tasks.
E-invoicing is a huge step forward for making this environment sustainable and a better place to live. Furthermore, it drives your business to stand out in means of gains and being a responsible business.
TRADITIONAL INVOICING:
They say old is gold but, sometimes old procedures or methods become outdated, and a change is necessary to keep up with the world. In the business community, the same goes for traditional invoicing. When talking about invoicing, we always think about the regular ways of printing a paper and making a bill. But have you ever considered the thought of how many cons it might have?
First of all, the traditional way of manually handling invoices can be very time-consuming, and the chances of errors are also high. Consequently, these errors or faults can jeopardize the name of your company. Traditional invoicing can also reduce the productivity level of your staff, as sending invoices can be a staff-intensive procedure. Instead, why not make your people do something more productive and profit-gaining tasks. Considering another most crucial factor which is how much traditional invoicing is harming our environment. Over 30% of prints are read and thrown away shortly afterward, which wastes paper and money. It simply makes your money down the drain and, just as many trees cut down for no good reason.
Last but not least are the operational costs while generating the invoices in traditional ways. This process does not eliminate the costs, yet it does affect the efficiency of your business. These include all the costs of paper, ink, and printer maintenance.
Do you know e-invoicing can save up to 70 to 80% of paper wastage and, it is also 70% less costly than traditional invoicing. So better not waste any time and make a wise decision upon shifting to e-invoicing to make your business thrive in the long run. Also, businesses play a huge role in impacting the environment, that’s why e-invoicing software like Ola Books are revolutionizing the traditional invoicing system, and being a responsible business is taking a step forward to be Greener. Go and subscribe to get your hands down on the first editions of Ola Books. It is a very simple process; you just have to type your email and name to subscribe to Ola Books.
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