Electronic invoicing manual#
Electronic invoicing software#

With the right credentials, staff can access everything they need remotely to continue to send invoices. The most advanced electronic invoicing solutions will also automatically track exactly when an invoice has been opened.Įlectronic invoicing means that if employees can’t be in the office because of circumstances like a global pandemic, AR and AP processes don’t need to stop. With electronic invoicing, there’s no more wondering if an invoice got lost in the mail. Having a clean audit trail that shows all your interactions with customers in a centralized view is key for finance teams. This ensures all invoice and data is secure-with payment data being encrypted, too. When you invoice electronically using a solution that is integrated with your ERP, you can seamlessly transfer information between the two systems. You’ll also economize office space by eliminating the need to file all that paper. Opting for electronic invoicing cuts paper consumption and carbon emissions associated with mailing. Getting rid of paper invoices is also kinder to the planet. Without having to wait for invoices to come in the mail, customers can settle their accounts mere minutes after you’ve posted the invoice. Eliminating the time your team spends preparing and mailing invoices can also mean that you receive payment faster.

Electronic invoicing manual#

Better communication and transparency makes for more positive customer relationships.īusinesses that rely on manual AR processes often have 30% longer average days sales outstanding (DSO) compared to firms that rely on medium or high levels of automation to collect receivables. An electronic invoicing system like Versapay also allows for attaching relevant documents to the invoice, so that no information gets lost. When you make electronic invoices available in a shared, cloud-based portal, customers can view them whenever they want. When you factor in the fact that they have 2,200 tenants receiving statements monthly, the annual cost is astronomical. Before Boston Properties went paperless, they were spending 55 cents on each invoice they mailed to tenants. Plus, the cost of printing and mailing invoices can get steep. Here’s how:īy automating the invoicing process, you create fewer opportunities for data to be keyed in inaccurately, files to be lost, or payments to be applied incorrectly.ĪR professionals will have more time for high-value, strategic work if they are relieved of tedious tasks like printing invoices and stuffing envelopes. They’ll also discover improvements to their cash flow and customer experience. This is especially the case if customers are paying electronically through a solution like Versapay, where payments are automatically associated with their related invoice and synced with your ERP.īusinesses that transition from manual to electronic invoicing can expect to save time and money. Electronic invoicing that’s integrated with your ERP sets you up to be able to apply payments automatically.

Electronic invoicing software#

With some of the more sophisticated e-invoicing software options out there, you can store invoices in a cloud-based portal that both you and your customers can access.Įlectronic invoicing can also pave the way for automating the cash application process too.

In contrast, an e-invoice can be created, sent, received, and processed in mere minutes. Late payments can have downstream effects on your business like stalled cash flow and higher days sales outstanding (DSO). This process is not only labor-intensive, but it also often results in delayed payments.

This may take days or weeks.įinally, when you receive the payment-digitally or by check-your AR staff will need to process and match it with its corresponding invoice. This creates work on your customer’s end too, as employees in their accounts payable (AP) department will need to manually open, process, and pay the invoice. One or more AR staff members may be involved with creating, processing, and mailing manual invoices, which can be a multi-day process. Once the invoice is created, it’s printed, sorted, and processed with other invoices to be mailed to the customer. It may be as rudimentary as Word or Excel but is more likely to be a business, financial, or accounting solution. What is the difference between an e-invoice and a manual invoice?Ī manual invoice is usually created using a stand-alone software program.