E-invoicing Benefits You Need to Know Before Your Next Payout

Tags: e-invoicing, electronic invoicing

Running a business efficiently means adapting to new technologies and methods that boost productivity and cuts down additional organisational costs. Electronic invoicing is one of those things that help businesses to do so. E-invoicing is the most agile method of tracking business billing while making way for streamlined business operations. This helps in saving a huge amount of time that can be utilised for other business activities that promote business growth.

At Unify, we want to make businesses realise the importance of e-invoicing. Thus, we are availing our esteemed clients with an easy e-invoicing opt-in option. But before doing that, we want our clients to also thoroughly understand the benefits of electronic invoicing as mentioned below.

Simplifies and Speeds Up the Invoicing Process

When businesses go by the traditional and paper method of invoicing, errors are bound to happen due to the manual input of data and overall handling. This can cause a significant impact on the accounts payable and, in turn, cause an imbalance in the organisation’s accounts in the long run. Apart from that, manual management of invoicing in an organisation that handles an array of buyers and suppliers can be extremely time-consuming. Whereas, if an organisation chooses to opt for electronic invoicing, the invoicing process is largely simplified and is sped up. This also offers the organisation to spend less time in these processes and concentrate on more business-boosting activities.

In simpler words, e-invoicing automates the payment validation process before they reach the managers for approval. This validation process includes systematic calculations consisting of taxes and other charges that apply. This scales down the manual process to just approval. Hence, simplifies it.

Backs Up Digital Revolution

E-invoicing largely backs up the digital revolution too. Opting for digital processes like e-invoicing, not only helps businesses to partake in the digital movement but also helps them upgrade businesses by operating remotely. With the help of e-invoicing, the bills sent by the supplier get stored in an online portal or EDI. This reduces the manual hassle of carrying out minuscule operations like invoicing, with ease. Also, since many businesses are not able to transform drastically altogether, e-invoicing can act as a gateway to digitisation.

Prevents Exposure to the Virus

Many organisations are working from home due to the virus. In the meanwhile, when suppliers send paper invoices through courier services, the receiver is at risk of contracting the virus without even stepping out. Firstly, this can happen if the employee who is entitled to receive the invoice comes in contact with a COVID positive person. Secondly, the parchment is touched by several people before it reaches the receiver which can also put the receiver at risk. In order to prevent such instances from taking place, organisations must consider opting for electronic invoicing as soon as possible.

Works in Favour of the Environment

Paperless invoicing for the well-being of the environment is one of the most classic reasons for switching to a more environment-friendly or digital method of invoicing. More paper means more utilisation of natural resources. Such over utilisation of resources leads to more energy consumption, not only in terms of production but also for transportation. This increases the carbon footprint.

If all the businesses collectively decide to work in favour of the environment by switching to electronic invoicing, we can save earth together. This, however, is not applicable for electronic invoicing only. Businesses must gradually try implementing digitisation into various aspects of the business.

Elevates Overall Organisational Productivity

In addition to the first benefit that we expressed that electronic invoicing offers, doing so also enhances organisational productivity. The administration department that would otherwise be investing time in identifying the costs and bills, can transfer their time for the overall betterment of the organisation.

Why do you think we are justifying the benefits of e-invoicing out of nowhere? We realised that similar to Unify, many businesses faced challenges in their journey during the COVID-19 crisis. Although we were prepared with such measures, we wanted to help all businesses from now on. The ones we are in collaboration with and the ones we are not; it’s time to start small. Unify highly recommends initiating business digitisation with electronic invoicing. So consider the benefits and opt for electronic invoicing at the earliest.