E-invoicing is electronic invoicing and is the method by which invoices are sent digitally from sellers to buyers.
The information contained within the e-invoice uses a specific standardised format and this enables the important information from the invoice to be automatically imported and integrated into the accounts payable systems of the buyer.
When the buyer receives its invoice in this electronic format it can be processed straight away without the need for further details to be keyed in manually.
What are the benefits of e-invoicing and how can it help your business?
1. Reduced costs
E-invoicing provides businesses with the opportunity to cut costs and therefore increase profit margins. As the e-invoices are digital and integrate directly into the buyer’s accounts payable system the process automates and reduces the costs associated with the time required when manually inputting data. The time saved can thereby be redirected into value added and proactive areas for the business.
2. Improve cash flow
With e-invoicing the removal of paperwork and other manual tasks will speed up the whole accounts receivables process.
3. Improve safety and security
The encryption of file transfer, the availability of secure networks and digital signatures will ensure it is the safest way to send and receive invoices and as invoices are integrated directly into the buyer’s accounts payable system there is no risk of invoices going astray or being sent to the wrong email account.
4. Real time documents
E-invoicing allows a business to see the processing of its documents in real time including its transactional history.
5. Environmentally friendly
The whole process is paper free with no requirement of a printer and can be accessed and completed anywhere.
All of these benefits will enable your business to become more efficient and enable future growth.
Have you thought about Invoice Finance as a cash flow solution for your business?
Invoice finance allows you to release cash quickly from your unpaid invoices.
As your lender, we can release up to 90% of your invoices within 24 hours. On payment of the invoice from your customers, we will then release the final amount minus any fees and charges. There are different types of invoice financing options available to businesses depending on the situation and the level of control they require in collecting unpaid invoices.
We are an invoice financing company who offer a solution whereby payments are collected on your behalf managed by our team of expert credit controllers so you can focus on running your business. Our Confidential Invoice Discounting solution is offered to businesses who want to maintain their own credit control processes, therefore this remains strictly confidential so your customers are unaware of our involvement.
The benefits of invoice finance companies such as Novuna Business cash flow
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