Electronic invoice or e-Invoicing is a way of proving transactions in a more reliable, convenient, and safe way. It fulfils the same role as traditional invoice and is legally equivalent although it has many more benefits, becoming an essential resource for companies.
This is why implementation of electronic invoicing systems continue growing on several economic sectors. It is a widespread fact both in Europe and Latin America. Taking Spain as an example, during 2018, 181,884,086 electronic invoices were issued, 14.92% more than in 2017. Thanks to this, Spanish companies saved more than €900,000,000 on invoice reception handling that year. Across the Atlantic, e-Invoicing has reached the US, Canada and all over South America, Central America, and the Caribbean, getting over Europe as per implementation degree.
Main benefits of electronic invoice for companies
To see how an electronic invoice system can help your business, let's go through some of its benefits:
Economic savings:
Electronic invoicing allows a significant optimization of the resources used for dealing with it, so the business expenses are reduced. The costs incurred when purchasing the electronic invoicing software (electronic transmission costs) is quickly paid off, and it is much less than printed invoices.
- Materials: Traditional invoicing involves high costs related to invoice issuing and sending: ink, paper, postage, etc. are avoided with this digital procedure. A similar situation appears when receiving and dealing with e-billing: mail handling costs, reviewing, data entering, recording, etc.
- Storage: Electronic invoices do not require a physical storage area, so more space is saved and, consequently, rental or electricity fees are saved too.
Efficiency:
E-Invoicing uses automated and intelligent procedures, reaching better results than manual ones, as well as enabling a significant saving of the time dedicated to them (around 70%).
- Reduction of repeated tasks and duplication: A single dedicated system is in charge of the whole process, and it works as quickly as possible.
- Easy and fast integration with other documents: Given the automated labelling and classification process, merging several fields, documents are quickly arranged and multiple links with other documents are created.
Accuracy:
SERES electronic invoicing solution guarantees the accuracy of the system for an excellent service. So, human errors are avoided on data entering and document classification and labelling.
Immediacy:
Another great benefit of e-Invoicing. Same as other fields, document and procedure digitalisation significantly reduces the time required. In the case of electronic invoices, payments are speeded up and collection times are reduced, as submission is almost immediate and e-invoices may be tracked and monitored.
Accessibility:
Far from heavy folders containing tons of paper, digital documents allow for a quick access with the same safety level.
- Search anywhere: When we have a digital management platform, documents can be accessed without a physical search at a storage place. Once more, it responds to the manager requirements, as we are more and more used to an on-the-go access to information.
- Intuitive categorisation: A common problem when accessing to printed documents is not knowing where or how searching. Electronic invoices are classified according to accurate and broad fields, so finding them is much faster. Moreover, files can be stored in multiple formats (pdf, jpg, html...) in order to adapt to any requirement.
Protection against fraud:
E-invoicing has developed a very safe system reducing the chances for fraud or document forgery.
- Digital track: Electronic invoicing records payments and other monetary operations, so money traces are easier to monitor. The less physical money circulation persists, the more the fraud is reduced.
- Digital seals and certificates: Unlike printed invoices, e-invoices are created with digital technology issuing unique and unrepeatable seals or certificates. In this way, chances of document forging or duplicity are reduced.
Safety:
Besides protection against fraud, electronic invoicing has other safety related benefits.
- Assurance of integrity and sender authentication: SERES e-invoicing safety system creates an authentication access via credentials encrypting any mailing in order to guarantee a safe exchange.
- Reliable compilation and data copy: Data are protected against potential document losses or third party's intrusions.
- Preservation: Document readability and properties are kept undamaged over the years.
Act of responsibility:
Electronic invoicing is not only a commitment to the company itself and its employees, but also to other stakeholders.
- Environment: Thanks to e-invoices huge amounts of paper, ink, energy... are saved.
- Clients and suppliers: The institution provides a fast, easy, and safe service saving time and money to both parties.
- Society: A company using the e-invoicing system is engaged to transparency, safety and fight against fraud.
As we have seen, electronic invoicing entails multiple benefits for the company and its context. This is why it is featured as the most reliable alternative for the present and the future of companies, and many organisations consider it a compulsory requirement.
