5 Basic Benefits to Electronic Invoicing

5 Basic Benefits to Electronic Invoicing

When you make the switch to Meade Willis e invoicing solutions, you can be certain that it is a smart move, regardless of the size of your business.  But, just to clarify, here are five benefits to electronic invoicing solutions.

DIGITALLY CAPTURE INVOICES and BILLING DOCUMENT

It probably seems obvious, but when you switch to electronic invoicing, you will have to start digitally capturing your invoices and other billing documents.  Perhaps you may have been making copies, but this is a little different:  this not only stores all of your paperwork but also makes it easier to file and categorize them for more efficient record keeping.  

A side benefit to this, then, is that you no longer have a need for an accounts payable department. That’s great for any bottom line but especially helpful for a small business.

AUTOMATED INVOICE VALIDATION

Now, if you were you to get rid of your accounts payable department how would you validate invoices before they were processed?  Fortunately, electronic invoicing systems do that, too.  Invoice validation usually involves verifying that the supplier is in good standing among the industry and also that the vendor has a name and number that matches on all corresponding documents.  Indeed, using an automated system to do these checks is far more efficient than relying on human labor.

AUTOMATED INVOICE MATCHING

After validating the invoice, of course, you will also need to match the invoice(s) to the appropriate work orders(s).  This might seem like an innocuous task but it can actually be pretty complicated. As such, you might appreciate just how much benefit there is in automated invoice matching.

You might care to know, however, that there are three types of automated invoice matching associated with your accounts payable department:

  • 2-way match:  Invoice > PO
  • 3-way match:  Invoice > PO > Receiver
  • 4-way match:  Invoice > PO > Receiver > Verification

SELF-SERVICE

One of the most significant ways electronic invoicing can help you, too, is in terms of allowing for vendors to service their own questions and concerns. Basically, instead of employing an entire department to address such things, the electronic system might be able to take care of it for you.  

CASH MANAGEMENT

Finally, when you switch to electronic invoicing, you are making a choice to be more efficient and consistent about your payment processing.  Traditional invoicing and payments take time and carry lots of risks; e-invoicing, on the other hand is far simpler.

Category Business

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