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Advantages of Using an E-invoicing Portal in 2022

E-invoicing Portal

Gone are the days when companies would send paper invoices or send the PDFs through email. E-invoicing has become the present and future for the businesses, and if you haven't yet adopted this seamless system of working, below listed are the most compelling reasons why switching to an e-invoice management system is the need of the hour.  

We are at the threshold of the beginning of a new year, which also means we are on the verge of witnessing a lot of new technologies take over. When it comes to e-invoicing, the digital transformation has already started; therefore, if you haven't adopted e-invoice processing yet, look at the reasons below why you should. 

·         Save Time

When it comes to a business, time is a crucial investment. Don't let the crucial time of your team be stuck in papers and getting the invoices confirmed. With the advanced e-invoice management system, the process becomes more synchronized, cutting down the tedious step of manual data entry etc. Therefore, saving time for your team as well as for your clients or suppliers. 

·         Cost Reduction

You surely are not dealing with clients and suppliers in the same city, do you still send the snail mails and wait for the invoices to be approved? Have you calculated the shipping charges, the printing and other expenses? Not only are you saving time for invoice approval you are also cutting down your expenses. So now you concentrate the money and time on the growth of your business. 

·         Reduces errors

E-invoicing is all about the reduction of manual inputs and maximizing automation. The end-to-end automation helps reduce mistakes and typos and doesn't have to worry about lost data or invoice receipts, etc.

·         Better customer service

You add value to your customer experience. E-invoicing management system removes the hassle of paper invoices and saves up to 90% of processing costs. The decrease in delivery time allows the customers to take advantage of early approvals and payments.  

·         Go paperless

If you are an environmental enthusiast, here is your chance to do the bit, store and send documents electronically. With an integrated e-invoicing management system, you can reduce or even eliminate paper waste. 

·         Keep track of your invoices.

With e-invoice processing software, know when an invoice has been sent, viewed, and paid. You will have a record that ensures all the invoices are sent and received and precisely when. 

·         Have a better control

An E-invoicing management system offers you a higher degree of control and insight into the entire process. The system is designed to save in one platform, which is accessible from any time on any device.

·         Higher Compliance

An e-Invoicing management system is more than just a portal for filing invoices digitally. One of the primary advantages of E-Invoicing is a higher level of compliance with ease. 

·         Streamlined & efficient processes 

E-invoicing helps organizations streamline their invoice processing cycles, cutting down the human hours required for invoice processing, approving, tracking and redoing in case of human errors. The implementation also in a much faster turnaround time. 

·         Insights into spend and savings

E-invoicing offers an efficient way of tracking every penny spent and saved. This is essentially helpful for the procurement teams to gather and track strategic insights and identify opportunities to save more.

·         Seamless account reconciliation

E-invoicing management system eliminates one of the common challenges: the reconciliation of invoices issued in case of customer mismatch errors and payments received. It also allows the merging of multiple invoices into one payment. 

·         Fewer disputes and invoice rejections

Invoice disputes and rejections can cost a lot and add up to your expenses, also not forgetting that it delays the payments. With the highly advanced Accounts Payable system, the risk of data re-entry errors is reduced completely. Therefore, the potential for invoices getting rejected is reduced as well.

·         LIVE tracking and WhatsApp integration

It is already mentioned that the e-invoicing management system allows tracking of each and every invoice sent, but it also allows the live tracking and your team will be aware of the status of the invoice. Further, the e-invoice processingsoftware such as Skyscend allows Whatsapp integration which can offer to eliminate the constant follow-ups. 

E-Invoicing is not a new technology, but its relevance has grown many folds in the current recent times. While the pandemic became the catalyst in pushing the procurement organizations and businesses to adopt digital and touch-less technologies overnight. 

E invoice, is becoming increasingly popular internationally in B2B and B2G sectors, therefore replacing the archaic paper invoice and the recent PDF invoice. However, e-invoicing brings many advantages and is not restricted to generating ad sending invoices alone. It also benefits the supply chain businesses and many such relatable business dealings, which can revolutionize the procurement processes. 

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