E-invoicing technology allows businesses to send invoices directly between electronic systems, thus enabling quicker payments between vendors and customers. Especially during the pandemic, electronic transactions of all kinds grew significantly, leaving an important legacy for the future. The post-Covid era will definitely be different when it comes to e-invoicing.
Although e-invoicing is not a new technology, its importance and value have taken on new dimensions in recent years. The Covid-19 pandemic has been the catalyst for many businesses to grow digitally and adopt new touch-less technologies such as e-invoicing, for specific reasons as we will see below.
Streamlined and efficient processes
Thanks to e-invoicing, businesses can receive invoices in any form, from various suppliers, without any contact, wherever they are.
E-invoicing helps streamline the invoice processing cycle, reducing the extra manhours required to process and approve invoices and track their progress, and eliminating human errors. The results in the post-pandemic era will be even greater savings in terms of time and money, freed resources, and increased productivity.
Increased transparency and accuracy
Electronic invoicing improves transparency when it comes to invoices, purchase orders and contracts, enables invoice monitoring and provides detailed audit trails.
Accuracy is ensured through improved transparency and thorough monitoring of all steps in the process, which results in less errors and accuracy issues that could lead to incorrect or double payments.
E-invoicing is more than just a platform that complements digital invoices, as it allows for a higher level of compliance. As the issue of compliance concerns both domestic and international transactions, the post-pandemic era will find businesses using electronic invoicing more competitive.
Greater transparency in transactions implies a reduced risk of fraud, human error, duplication, omissions, etc. Businesses can save many hours and valuable resources that were previously required to verify data and oversee the process through all business operations.
With e-invoicing, businesses will significantly reduce the need for printed invoices. In addition to being energy efficient, this can reduce both residuals and costs associated with paper-related processes used within the supply chain.