If your company has been looking for ways to improve efficiency and reduce administrative redundancies, electronic invoicing might be just the thing you need. Regardless of the size of your company or the industry where you do business, you can likely benefit from Meadewillis.com electronic invoicing in any of these five ways.
BENEFIT #1: The Capture of Digital Invoices and Other Related Billing Documents
The primary benefit to electronic invoicing is that you have to digitally scan each document. Or, of course, your documents will already have been transmitted digitally. Either way, you can appreciate that this function makes it easier for you to make and store copies of your records; and not just in your computer’s hard drive, but also in the cloud. That means you can access them at home or on the go, as your needs require.
A secondary benefit to digitally capturing your documents is a reduced need for accounts payable.
BENEFIT #2: Automated Validation of Invoices
Now, just because you may not have as much of a need for traditional accounts payable, that does not mean you will not have any need for it at all. Indeed, you still need to process these documents, calculations and all. The good news is that you can find this option available with many electronic invoicing services, too.
Validating invoices is actually pretty simple, but it can be tedious since it is an important daily function of any business. And it is not only important as an administrative necessity, but these verifications uphold supplier reputation and clarify vendor documents, too.
BENEFIT #3: Automated Matching of Invoices
Along with validating invoices, you also need to be able to match invoices with their associated work orders. In a traditional accounts payable department, there are three types of automated invoices matching:
- Two-way matching: Invoice → PO
- Three-way matching: Invoice → PO → Receiver
- Four-way matching: Invoice → PO → Receiver → Verification
BENEFIT #4: Self-Service
Now, it should be coming pretty clear just how electronic invoicing can benefit any company. Here is yet another way, and perhaps it is the most significant: Electronic invoicing assists vendors in servicing internal questions and concerns. Basically, when you utilize electronic invoicing, it reduces what would be the inherent need to employ an entire quality control department.
BENEFIT #5: Cash Management
Finally, switching to electronic invoicing can improve payment processing efficiency. While most companies are still likely to use traditional invoicing—perhaps in addition to e-invoicing—incorporating e-invoicing is a keen step towards simplification.