Winners & Losers
The winners are preparing their businesses for scale and variation in the way they manage vendor bills, instead of simply sticking to what they know. They are securing their ability to scale accounts payable and rapidly adapt to changes in the marketplace. With e-invoicing, businesses are unlocking limitless growth potential.
Companies looking to expand globally also win when they utilize e-invoices. The language barrier essentially becomes non-existent in the invoicing process. Because the e-invoice is delivered through a data set, it is automatically translated to the receiving party’s local standards and language.
In case you need more convincing… Governments, businesses and customers benefit from e-invoices.
The Sender:
With e-invoicing the sender is able to remove all doubt on whether or not the receiving party actually receives the invoice or not. The receiver has no option to reject and the sender has the peace of mind that it’s been delivered. If, for whatever reason, the invoice was incorrect the receiver is able to provide this feedback to the sender in a more automated manner. They have full control over the audibility and traceability inside their own applications.
The Receiver (Customer):
Let’s say, for argument’s sake, something is wrong on the invoice. It’s true. They have no option to “not receive” the invoice. But rather, there is a more structured way to log that, in fact, this invoice is rejected due to an error. This feedback is then automatically provided to the sender. *Removing awkward conversations, amiright?*
The data is structured, which means there is an automated way to process the totals and line items that are enforced. If you have a comprehensive system, like an ERP, it will automatically call out mistakes to the vendor on your behalf.
Finally, there is a lower chance of scam or fraud invoices when using the e-invoicing structure.
Governments:
Some countries prefer to go in-depth with the kind of information they would like to see and control, and some are more lenient. E-invoices make part of the financial reporting process instantaneous. The biggest benefit for governments as it relates to e-invoices is the ability to eliminate tax gaps (that are presently a large issue in many countries).
Listen to Dennis van der Graaf, Product Owner in Engineering for Zone & Co, explain who benefits from the use of e-invoices in his own words:
Listen to the full podcast episode, How to Prepare for Electronic Invoicing (E-Invoicing), here:
Curious to know more?
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