Electronic invoicing, according to the European Commission is “electronic transfer of invoicing information (billing and payment) between business partners (supplier and buyer).”
What may sound complicated at first is in-fact very straight-forward: The implementation of e invoicing into your business only requires minor changes in your invoicing process.
The main difference with e invoicing is that invoices will transferred digitally as opposed to sending them by postal mail.
The supplier or buyer can continue creating invoices as usual.
In a typical electronic invoicing process, the actual invoice file is sent to an electronic invoicing service provider over the internet, via email. The service provider converts and subsequently dispatches the invoice.
For the supplier and buyer, using electronic invoicing has various benefits:
* Considerable time savings due to being able to cut-out the running times of postal email
* Cost savings since e-invoicing can help to save on postal mailing charges
* Further cost savings due to not needing staff to operate a mail room as is often the case with traditional invoicing
* It helps to avoid problems due to losing invoices in the mail
The switch to electronic invoicing does not require any particular knowledge, new equipment or any other type of investment. This makes it an attractive option for all businesses that want to save more time and costs.