Electronic Invoicing
What is electronic invoicing?
Electronic invoicing (also known as e-Invoicing and EIPP) offers a tremendous opportunity to reduce the flow of incoming paper, reduce cycle times, and most importantly, lower the cost of Accounts Payable (AP) transaction processing. Simply put, Electronic Invoicing is the delivery of invoices electronically either over the Internet or via a formalized EDI relationship between the buyer and supplier. With tools like Vendor and Supplier Portals, virtually any company can accept electronic invoices from their vendors and suppliers without having to implement costly and complicated systems. E-Invoicing provides benefits to both buying companies (in paper and expense reductions) and supplying companies (in elimination of mail float and lower billing costs). Onboarding both your vendor and suppliers to your e-Invoicing solution is much easier than you may think!
What are the benefits of e-invoicing?
Handling paper invoices is time consuming, labor intensive, and prone to error. In contrast, processing electronic invoices is efficient and secure, and it eliminates data entry errors while expediting the approval process. With an electronic invoicing system you can look forward to the following benefits:
- Cost reduction.
- Instantaneous delivery (Time is money!)
- Secure delivery (No lost in the mailroom or someones desk)
- No more paper archiving and storage
- Rapid retrieval of invoices and related documents to resolve disputes quickly
- Invoice processing time reduction
How do I know if electronic invoicing is right for my business?
Electronic invoicing is increasing in adoption across the business spectrum with many large and medium size businesses jumping on the bandwagon to save money and improve efficiency. If you are unsure if e-Invoicing, is right for your company, please contact ICG for a free assessment. We will talk through your current environment and future plans to see if e-Invoicing will make a positive difference in your company.
How can I implement electronic invoicing in my business?
The idea of implementing a new system to handle invoices may seem a little daunting, but ICG Consulting can make the transition easy and simple. Contact ICG today for a free, no obligation consultation and begin reaping the benefits that electronic invoicing can achieve for your business.
If you would like to view a recorded webinar on Vendor / Supplier Portals that includes eInvoicing functionality please fill out the form below with the message “please send me webinar link” in the message section. Be sure to fill out the form completely before submitting.
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