Why You Need e-Invoicing For Your Business: 12 Reasons
Why is e-Invoicing Important For Your Business?
There are many different ways to create a successful company. However, the practical usage of these two things is crucial, time, and effort. In the tech-driven future, companies have to align themselves with it to compete on a higher level. Time and effort might be intangible but can be drastically improved in the new digital era and surely will place your business to the top.
Almost every business has to invoice someone for something. Doing it electronically, you will save valuable time and effort. Today’s e-Invoices are not entirely different from the paper ones. They include all the same information – addresses, services or products, prices, quantities, descriptions, purchase order numbers, identifiers, and dates. It’s all there with an exception.
If you haven’t started e-Invoicing yet, here are 12 reasons why you should now!
Electronic invoicing clears many unnecessary steps out of the invoicing process. Businesses can analyze data end-to-end almost in real time and without delays. You and your customers will have a better communication environment so that you can identify potential problems and make quicker decisions. New employees will also spend much less time in their adaptation period.
Companies are always at some risks with traditional invoices. These risks are there, mainly because they are prone to human error. As a result, the frequency of errors is much higher with conventional billing. E-invoicing increases automation and decreases manual input. So you will not worry about typos, mistakes, or ability of the postal service.
Paperless invoicing creates enormous extra company time. You can concentrate on different value-adding projects to the company. Also, you will not be paying for paper and transportation fees.
Get Paid Faster
Before e-Invoicing, days or even weeks would have been passed between the service and the payment. Now with e-Invoicing, customers will have the necessary information much faster so that they will pay more swiftly.
Better Customer Relations
It is much more convenient for customers to have an e-Invoice in their preferred platform. Your customers will also enjoy the benefits of e-Invoicing, and your company will be regarded as more visionary and professional. Moreover, if your company offers an early payment discount, customers will take advantage of it, thus creating a win-win situation.
e-Invoices reduce the possibility of fraud drastically and offer a safer environment for you and your customers. They are automatically validated in means of authenticity and completeness.
Being an environmentally aware business is extremely important. Sending e-Invoices and storing documents electronically will reduce the usage of paper for your business significantly. It makes a little difference for the world, but it is enough for you to be proud of.
Control and Insight
Using online e-Invoicing software is all about accessibility and efficiency. Companies with an e-Invoicing system can get an overview of companies’ invoicing history through automatic analytics and reports. You can reach those reports with your mobile phone at any time.
Most e-Invoice software services offer an interface which can be tailored for your specific needs. Therefore, your business will be much more efficient and professional.
Easier to Keep Track
An e-Invoicing software enables you to know when an invoice has been sent, checked, and paid. There will be no doubts at all if an invoice is received or not by the customer.
Promoted by Public Authorities
e-Invoicing has always been the better option in comparison to traditional invoicing since its first introduction, but companies were implementing it as a return-of-investment (ROI). Starting in April 2019, EU countries will mandate businesses to create their invoices electronically. These e-Invoices have to comply with the new European Standard EN (European Norm). Also, almost all Latin American countries require sales transactions to be documented in an online e-Invoice format.
e-Invoicing is the New Norm
Over the years, some companies have been leaving traditional invoicing for electronic invoicing to have improved business dynamics and to gain better insights about their businesses. Now, e-Invoicing is becoming the new norm for each party. Transforming your invoice system to e-Invoice as soon as possible is much better your business mainly because of two things;
Foriba Team Can Help Your Business!
Foriba shapes the development of corporate software and integration services and stands to be the primary partner for its customers to stay compliant in various countries.
Get in touch with me for further information. I am always happy to answer your question to help your business!