What is electronic invoicing (e-invoicing)?
The advantages associated with electronic invoicing
E-invoicing, or electronic invoicing, streamlines invoice management and simplifies how invoice and compliance documents work together.
By digitizing invoice data and matching it against contracts, purchase orders, service entry sheets, and goods receipts, e-invoicing reduces the risk of invoice errors and exceptions. When e-invoices are transmitted over a digital business network, and programmed with related document data and business rules, they can be validated automatically before posting for payment. And because digital information is more easily viewed across systems than paper sitting on someone’s desk, e-invoicing makes it easier to:
- Manage cumbersome compliance tasks from a dashboard
- Facilitate collaboration within the organization and among trading partners
- Maximize early-payment discounts and optimize working capital
- Lower the risk of overpayment and fraud
- Improve cash flow for suppliers with more timely payment
Digitalize and automate e-invoice processing
Electronic invoicing software can transform AP staff from data entry clerks to business analysts, starting by freeing them from tedious, paper-intensive processes.
When invoices are digitized and transactions happen over a digital business network, accounts payable resources can be freed up to focus on more strategic activities that further streamline and simplify processes.
Processing PDF invoices, non-PO invoices, and invoices for complex services can become automated and touchless. And through the application of business rules, compliance with purchasing policies and contracts, as well as a greater opportunity to capture early-payment discounts, become value-adds with electronic invoice processing that lower costs and improve productivity.
Lose the paper & Go Digital
Free your AP staff from manual processing with a touchless, digitalized e-invoicing process and empower them to focus on more strategic activities.
- Reduce costs and improve cash management to capture more early-payment discounts
- Manage complex services and non-PO invoices more efficiently and effectively
- Strengthen compliance with contracts, company policies, and global e-invoicing regulations
- Configure workflows to address specific requirements
- Enable faster, more accurate processing
- Provide web-based access to invoice status and cash forecasting
Source: SAP Insights