Given the pandemic emergency, businesses around the world have recognized the need for paperless transactions. They have acknowledged that e-invoicing is the only solution that can meet the current competitive market conditions, offering guaranteed growth and revenue growth. Let’s look at the main reasons why e-invoicing is beneficial.
Tax fraud and evasion through fake invoices are a permanent scourge for governments all over the world. The implementation of electronic invoicing offers a mechanism that can effectively battle tax fraud on a national level, restricting this phenomenon with immediate success.
Saving time and money
With the elimination of paperwork, there is no requirement for human intervention in verification, auditing, etc. Therefore, not only does the process become more reliable, but it is also significantly accelerated. The evolution of technology and its implementation will save time and money, leading to faster transactions between sellers and buyers, with minimal errors. As a result, there will be less paperwork and increased transparency.
Quicker cash flows
Cash is the security that any company needs to manage unexpected events, while it also offers reliability and the necessary resources when the time for development comes. Although it may not always be possible to have large amounts of cash available, e-invoicing can greatly contribute to the timely inflow of revenue.
Reduced management time
There are many ways to create and send invoices to customers, such as sending a PDF via email or sending a printed document. In both scenarios, customers will have to open the invoice when they receive it and enter the data into their own accounting system. The manual process is time-consuming for both parties, while valuable time is lost till customers proceed to payment.
With an e-invoicing system, incoming invoices are displayed automatically, ready for approval. In addition, employees spend less time on administration and more on tasks that ultimately generate revenue for the business.
Simplified international transactions
The global accessibility of e-invoicing means that more and more countries around the world are beginning to accept it as a best practice standard, if not a mandatory requirement.
Electronic invoicing has the potential and all the advantages to create a fast and secure way of cross-border business activity.