Say goodbye to the manual labor of printing and passing papers to generate invoices. In traditional methods, there is printing of invoices, sending it via email, pdf or fax. Suppliers and purchasers go round and round for generating invoices for a single transaction. It requires manual data entry, which consumes time, requires investment, and there is always a fear of human error. To eradicate human error, save time and cost, organizations are moving forward with automated E-invoicing with the help of technology and electronic mediums.
Everything you need to know about E-invoice
Automated E-invoice sends e- copies of bills generated to the customers and eliminates the physical and manual labor. Advanced systems and solutions help gather data, maintain the accounts payable record, and manage the resources.
Not just it generates E-invoice, it takes care of secured payment methods too. It offers various payment methods via debit cards, credit cards, internet banking, and other bank-to-bank transfers. It includes managing orders, matching prices, maintaining heavy data resources, digital payment, maintaining inventory, and additional company-related information via an automated process.
Automated E-invoice is the best thing a company can opt for uninterrupted and error-free transactions.
Make Invoicing Effortless with Automation
When it comes to invoicing, there are three methods that companies prefer,
- Pattern OCR: This method is used when there is a need to maintain a pattern in generating invoices. When a strict and standard format needs to be followed, firms use pattern OCR to generate E-invoices.
- AI OCR: Artificial Intelligence OCR method uses AI to generate invoices with the help of data extracted from the previous invoices.
- Mapped Extraction: Data extraction method based on mapping rules generate e-invoices with the help of data extracted from configured rules or extraction.
Process of Invoicing:
- Supplier generates the invoice
- Sends the invoice to the buyer
- Buyer authenticates the invoice
- Buyer sends the payment to the supplier
Isn’t it smooth and efficient? There is no requirement for middlemen. A proper flow is maintained to make the transaction process hassle-free.
Why do you need to switch to E-Invoice immediately?
These days majority of businesses rely on technology and software solutions to capture their day-to-day transactions. However, generating PDFs, storing PDFs, and re-entering invoice numbers if anything is returned is extremely tiring and time-consuming.
Here are the reasons why you need E-invoice in your organization’s system:
- Supplier Discount
Suppliers give discounts when they receiver E-invoice. Generating E-invoice makes the process fast, and payment is processed rapidly without manual paper checks. Who would not want that payment to be made on time and without any long exhausting process? Making payments quickly is the easiest way to keep your trading partners happy. You get the power of negotiation when you assure quick and secured payment.
- Authenticating Invoices
E-invoice system immediately detects if there is any breach or if anything is wrongly done. There is automated two-three invoice matching that protects the company from unmatched and unverified orders. It detects if anything is wrong in the payment method, an error in inventory or if the data does not match.
Two-way authentication verifies the supplier and buyer’s order. It checks the quantity, pricing, and other data and then generates the E-invoice.
Three-way authentication matches the receipt and invoice information with quantity and payment received. It checks if the quantity and payment received are equal to the order given or not.
- Auto Updates and Notifications
An automated process maintains complete transparency and traceability. The firm is thoroughly updated and notified at each and every step of the process. With continuous updates, the firm can check the order process and verify the transactions at every step. If there is something unusual, the firm can stop the trade right there and generate an inquiry. One of the critical features of auto invoicing is the ability to check payment status and inventory summary, and it makes the job easy for support staff in tracking down each invoice.
Being paperless and hassle-free, E-invoice is efficient and effective for all businesses. So take advantage of technology and software and increase the profitability of your firm. E-invoice is the need of the hour, and HubBroker helps you implement that quickly.
HubBroker’s integrated E-invoicing solutions enable a fully automated flow directly from one company’s ERP system to another. HubBroker can help you issue, transmit, receive, and process invoices electronically regardless of your industry or company size.
Connect with us today to discover an e-invoicing solution that fits your business.