Choose the Best E-Invoicing Software
- 09 Jun 2022
- AP Automation
Before e-invoicing software, it took weeks to process invoices and payments through accounts payable. Imagine printing invoices, sending them around, and waiting to get approvals for days. Then personnel sent checks in the mail to pay them. Finally, a file would come from the bank and would have to be manually reconciled to the printed checks.
Consider the weeks and labor involved in receiving a simple invoice. With e-invoicing software, payments are fast and easy. Plus, accounts payable work is more mindful and relevant than tedious - such as negotiating discounts from suppliers for early payments. Discover the benefits of e-invoicing software and how it helps companies improve their cash flow.
What is e-invoicing?
The paper chase before digital invoicing left plenty of opportunities for costly human errors and fraud. As a result, improving security is a concern for companies to reduce losses and potential brand damage.
An e-invoice is an electronically delivered invoice in a specific standardized format. This means an e-invoice contains invoice data in a structured form that can be automatically imported into your organization’s accounts payable system. Plus, Medius can create a visual presentation of the invoice data.
How does e-invoicing work?
E-invoicing is much faster and more efficient than paper invoices and manual processes. E-invoicing generates an actual document invoice file that can be automatically imported into your system, not fax or PDF that must be manually entered. Partial automation includes time-consuming manual processes that hold organizations back from improved security, efficiency, and cash flow.
Cloud AP systems make it possible to approve and send invoices in minutes rather than days or weeks. Plus, working in the cloud supports remote workers and eliminates business interruptions due to global events. Accounts payable tasks are securely performed in the cloud from any location or device. Additionally, removing manual processes and going touchless reduces errors and fraud, helping businesses realize a measurable ROI for investing in e-invoicing software.
What are the benefits of e-invoicing?
Robust e-invoicing software streamlines account payable workflows. Plus, AP automation reduces the time to complete essential tasks, such as invoice matching, fixing errors, approvals, and monthly and annual reporting. Organizations reduce costly mistakes and fraud associated with manual processes with automated solutions.
Also, organizations with e-invoicing software solutions attract top talent by offering advantages such as remote work opportunities. The accounts payable team has more resources to improve relationships with suppliers and negotiate discounts for early payment. As a result, the AP team emerges from the back office for thoughtful work that impacts the bottom line.
What if suppliers prefer paper?
So what if you have a stubborn - but valuable - supplier that prefers paper invoicing? Fortunately, with customized workflows, e-invoicing also processes paper invoices. However, it benefits everyone to go paperless.
Try to encourage suppliers to realize the advantages of going paperless, such as faster payments with no errors associated with manual processes. Many suppliers soon discover the benefits of quickly getting payments to improve their cash flow and decide to eliminate the paper chase.
How do we find the best e-invoicing software?
The best e-invoicing software offers benefits to streamline accounts payable processes, such as:
- Electronically receiving invoices
- Invoice configuration
- Support multiple invoice formats
- Integration and archiving capabilities
- Robust analytics
- Accept multiple payment forms
- Security, training, automatic updates, and support
The professionals at Medius help organizations find, implement and maximize e-invoicing software. The right e-invoicing solutions reduce costs and errors and streamline workflows, helping organizations save time and money. Contact us today to learn more about how much your organization can benefit from customized e-invoicing software solutions.
More finance and procurement resources
Our library of case studies, guides and much more are here to help you become a better spend management professionalView all our resources