What is electronic invoicing?
Often abbreviated as e-invoicing or einvoicing, electronic invoicing is a form of billing used between customers and their suppliers. The documents shared between the two parties could include invoices, purchase orders, payment terms or any other relevant documents and data needed for suppliers to submit and buyer to approve for payment. The typical forum used for electronic invoicing is a vendor portal or supplier portal which can supplement existing EDI relationships and provide a self-service mechanism so buying companies can move their vendor off of a paper based system into an electronic vendor self-service model.
Why is it important?
Electronic invoicing revolutionizes accounts payable processes by automating and streamlining the entire invoice lifecycle. This digital transformation significantly reduces manual data entry, accelerates invoice processing times, and improves accuracy. By eliminating paper-based systems, organizations can save costs, reduce storage requirements, and minimize the risk of lost or damaged invoices. Additionally, electronic invoicing enhances collaboration with suppliers, enables faster payments, and provides valuable data for analysis, ultimately optimizing cash flow and financial performance.
ICG’s suite of Accounts Payable Automation Solutions, which include vendor portals and supplier portals; workflow, data capture and document assembly; PO flip; and much more are highly configurable and can be integrated with any ERP or back-office system. AP automation and vendor self-service leads to a dramatic reduction in time, resources and cost associated with approving and processing electronic invoices for payment.