September 18th, 2014 by Elma Jane
Electronic invoicing is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format. Traditionally, invoicing, like any heavily paper-based process, is manually intensive and is prone to human error resulting in increased costs and processing lifecycles for companies.
The issue of compliance seems to have separated E-Invoicing from B2B. Surprisingly many Finance leaders are unaware that their company is already sending/receiving EDI electronic invoices.
E-Invoicing is a common B2B practice and National Transaction is ready to launch its E-Invoicing system.
True definition of an electronic invoice is that it should contain data from the supplier in a format that can be entered integrated into the buyer’s Account Payable (AP) system without requiring any data input from the buyer’s AP administrator.
There are number of formats to be employed, it is useful to Apply below guidelines:
An E-Invoice:
1) Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats.
2) Structured invoice data issued using standard Internet-based web forms.
Not a true E-Invoice:
1) Paper invoices sent via fax machines.
2) Scanned paper invoices.
3) Unstructured invoice data issued in PDF or Word formats.
Although significant cost and time savings can be achieved by removing paper and manual processing from your invoicing, the real benefits of E-Invoicing come with the level of security that comes with E-invoicing. Integration between your trading partners and your invoicing software and other business systems are optional. National Transaction can offer a customized Electronic Invoice Structure .
Posted in Best Practices for Merchants Tagged with: (AP), Account Payable, AP administrator, b2b, buyer, compliance, data, E-Invoice, E-Invoicing, E-Invoicing system, EDI, EDI electronic invoices, electronic data interchange, electronic format, electronic invoices, Electronic invoicing, Finance leaders, Internet-based web, invoice document, invoicing, National Transaction, Paper invoices, Security, supplier, web
