Digital Invoices for Small Business Growth
July 29, 2020
In many ways, accounts payable is the real workhorse of any organization. Tasked with ensuring payment of all outstanding invoices, the accounts payable department must import merchant data and billing information into a bookkeeping system to generate invoices and reports. It can be tedious and time-consuming work, but thankfully new tools are available that significantly improve accounting processes. With the advent of electronic invoicing, accounts payable can now be streamlined and automated for more efficient accounting with fewer errors and faster reconciliation.
But what is electronic invoicing? At its most basic, electronic invoicing – also known as e-voicing – is the process of creating a digital invoice. In general, electronic invoicing encompasses sending, receiving, and processing digital transactional documents between two organizations. In its purest form, e-invoicing is entirely electronic, allowing supplier data to be completely integrated into the buyer’s bookkeeping system.
One of the most significant benefits of electronic invoicing is automation. By removing the need to manually input data, e-voicing streamlines the accounting process, allowing for a swift exchange of information that speeds up payments and billing. With electronic invoicing, organizations can shorten payment cycles and improve account reconciliation. Even better, with electronic invoicing, data collection mistakes are significantly reduced, which helps prevent losses, fraud, and errors. Finally, because e-voicing makes it fast and easy to pay bills and allows for better reporting and budgeting, businesses can improve their supplier/customer relationships and spend time on high-value tasks.
Imagine faster payments and improved cash flow. Envision a future where reconciliation is accurate and straightforward, with fewer disputes and rejected invoices. Electronic invoicing can make these ideals a reality, and digitization is the key. As electronic invoicing evolves, new tools are emerging that allow digitization of the entire accounting system, with full payment services as well as invoicing and account receivables. This transformed landscape means businesses will be able to securely access data from anywhere and on any device, which will lead to greater productivity and customer satisfaction.
PayTech Trust has the experience and the expertise to help your business with expertly crafted merchant service solutions. We’re a full-service business process solutions company with established relationships from a broad range of vendors. To begin a dialogue and learn how our expertise can serve you best, contact us today so we can help you navigate and negotiate the best solution, pricing, and contract terms for your digital invoicing needs.