When news about electronic invoices first came into the spotlight, many of us thought it’s just another trend that will fade away after a few years. Nevertheless, electronic invoicing is here to stay and many organizations are taking advantage of this concept.
Electronic Invoice is a revolutionary concept whereby businesses can electronically generate, send, receive, validate, and archive invoices. Every business, from the smallest to the largest, whether its focus is on commercial services, manufacturing, retail, or even government, is embracing the Electronic Invoice. This development is set to dramatically change the way all businesses operate in an increasingly complex and global market.
It allows businesses to quickly and easily generate invoices and send them by email to their suppliers and customers. The invoice can then be easily downloaded by the recipient and validated. Once validated, the invoice can be archived for future reference. They are also known as PDF invoices and are usually more environmentally friendly than paper invoices. The good news is, there are also available invoice templates in Word and Google Doc format.
It is transforming the way business is done, and it is gaining popularity. The following reasons explain why.
- Better cash flow.
- Easy to send an invoice.
- Better payment management.
- Improved customer service, results in more customer satisfaction.
- Faster mode of payment.
- Flexible payment options.
- Cost-saving – reduces administration and printing costs.
- Reduces paperwork as the majority become paperless.
- Improves overall business performance.
- It saves time and money.
- Reduce human errors.
- No mail, which means no envelopes or postage needed.
- No manual data entry.
- Quick and easy.
- Easy to track.
- Faster communication.
- Safe and secure.
- Helpful for audit purposes – accounting and tax duties.
It is one of the most efficient and effective methods of communication between businesses and customers. Contrary to the traditional invoice, which is paper-based and can get misplaced or forgotten. While e-invoices are sent through the internet and stored in the cloud. In this digital format, it cannot get lost or destroyed. As a result, many companies switched to electronic invoicing as paperwork is the most time-consuming task. It takes a lot of time to write, sign and send an invoice. The other side has to write, sign and send the check. This process is not only time-consuming but also very expensive.
Those companies who offer a wide range of services and products, deal with a lot of invoices which become a real challenge to manage, track and store for future reference. This is because of the settlement of different kinds of incomes that had been taken from different kinds of parties. The results could be inaccurate or incomplete data.
Electronic invoices are a new trend in business. Things are changing every day. Technology is developing every minute. The need for automation is increasing day by day. In other words, if you do not adapt to change, you will fall behind. You just need an invoice maker and you will be on a roll. If you want more details just scroll up to find the FAQ section.
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