Why is digital invoicing need of the hour?
As we all know, that our mother Earth is facing an environmental crisis due to our deeds. The rapid increase in cutting down trees has done damage to the environment. Although the damage might be collateral gradually, it is becoming the reason our planet would not be a safe place to breathe.
Have you ever wondered how the world could turn out if we stop unnecessary paper consumption? Worldwide over 70% of invoices are on paper.
From a business perspective, digital invoicing is a better alternative for generating invoices. Shifting to efficient digital invoice processing will not only save money but simultaneously help in making the environment sustainable. With digital invoices, your business can potentially grow. Digital Invoicing will save the environment and also your work and energy.
The present and future of invoicing are electronic invoices. There are many benefits of electronic invoicing over PDF emails and conventional paper invoices. Even though e-invoicing has some drawbacks, overall, the benefits much outweigh the drawbacks.
E-invoicing globally
Internationally engaged businesses are increasingly required to produce and deliver their invoices electronically as a result of governmental laws. However, the laws in each nation are unique. More than 65 nations throughout the world have corresponding global e-invoicing legislation, and the number is growing.
Enhance your customer service:
An electronic invoice delivered to the preferred platform is more practical for your customer. Basware estimates that switching from paper to electronic invoices can reduce processing costs by up to 90%. Additionally, a shorter delivery period will provide your customer more opportunities to benefit from early payment incentives.
Quicker payment
The customer can receive the electronic invoice quickly. The supplier, for instance, saves money that would otherwise be spent on printing and posting invoices, replying to client requests for copies or lost invoices, sending out reminders, and handling payment mistakes. All of these duties require a lot of labour, which may add up rapidly. Additionally, paying an electronic invoice requires less time and effort. The customer will probably pay quicker as a result.
Make fewer errors
The chance of errors, such as sending the incorrect amount or making a typo when entering payment information, is eliminated because e-invoices include all the information required to make the payment. Both the sender and the recipient of the invoice can experience significant cost savings by automating this step of the payment process.
boosts productivity
The productivity of MSMEs can be increased via e-invoicing. It used to take hours of time and effort to complete a single invoice, which was a tiresome and time-consuming operation. In addition, any discovered mistakes or discrepancies brought on by human error had to be fixed before a new printout of the invoice could be produced. Such an effort is no longer necessary thanks to the advent of e-invoicing, which requires less time and frees up employees' time for other activities. They will be able to use their extra time to engage in activities that will be more fruitful because they have more of it today.
lowering the number of fraudulent or duplicate invoices
India is losing over Rs 75,000 crore in taxes as a result of international tax fraud, according to the most recent State of Tax Justice report. Because suppliers aren't digitising their bills, there are more fraudulent and duplicate invoices, which leads to tax avoidance. Implementing an e-invoice system can assist reduce this tax evasion by keeping track of phoney invoices that are issued and ensuring that tax authorities have access to a common database, which will encourage tax compliance.
assist SMEs in obtaining financing more quickly
For MSMEs, obtaining loans has always been a huge difficulty. MSMEs must submit a large number of paperwork to financial institutions in order to obtain a loan. However, with e-invoicing in place, MSMEs can rapidly obtain loans as banks can evaluate them based on these invoices.
Monitoring:
E-invoicing is advantageous for the post-pandemic corporate environment since it makes monitoring considerably more easier. Additionally, it gives you greater control because all the information submitted in the e-invoice is instantly kept and available to you whenever necessary. Businesses may more easily determine if their business is moving in the direction they want with the help of e-invoicing. utilising reliable best e-invoicing software that is none other than olabooks.
From a business perspective, digital invoicing is a better alternative for generating invoices. Shifting to efficient digital invoice processing will not only save money but simultaneously help in making the environment sustainable. With digital invoices, your business can potentially grow. Digital Invoicing will save the environment and also your work and energy.
Not only a greener yet effective solution for your business.
Many small and large businesses have shifted to digital invoicing because they know sustainability is the new trend. They have concluded that they can easily automate several operations with digital invoicing. Additionally, think of the carbon footprint your business can reduce by sending invoices digitally.
As Ola Books, we believe in cutting down paper, not trees. We are here to make Earth greener and your business better! If you think digital invoicing is the need of the hour, subscribe to Ola Books. Coming soon!
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