What is Electronic Invoicing or e-Invoicing?
Electronic invoicing, otherwise known as e-invoicing, is an exchange of the invoice document between a vendor and an enterprise in an integrated electronic format. Conventional invoicing is a heavy paper-based process that is manually intensive and is highly prone to human error, resulting in increased expenses and processing lifecycles for enterprises. As a part of common B2B practice, businesses have been using e-invoicing for many years now.
Why do enterprises and suppliers use e-invoicing?
Compared to papers lying on someone’s desk, digital information is easily viewed across systems. Electronic invoicing streamlines the complete invoice management process and simplifies how invoice and compliance papers work together. Enterprises can easily match the digitized invoice data against the contracts, purchase orders, goods receipts, etc. to minimize the risk of invoice errors. Once the e-invoices are sent over a digital business network and processed with other related paperwork and business rules, they can be verified and approved before processing the payment.
Advantages of e-Invoicing
- Easily manage complicated compliance tasks from a dashboard.
- Promotes collaboration within the enterprise and among trading partners.
- Encourages early-payment discounts and optimize working capital.
- Reduces the risk of overpayment and hoax.
- Better cash flow for suppliers/vendors with timely payment.
Invoice Management Software
iQuantum’s invoice management software can help the Accounts Payable team, from data entry clerks to business analysts, by minimizing the tiresome, paper-intensive processes.
Digitalize and automate e-invoice process with iQuantum’s e-invoice management software
-> Easily track invoices in real-time prepared by suppliers/vendors.
-> Easy reporting of B2B invoices.
-> Simple process of e-way bill generation.
-> Enterprises can cross-check the invoice with the orders and approve/reject the e-invoice in real-time.
-> With the data available in real-time, there will be no fraud from either party.
-> Reduction in manual errors as the data is auto-populated from iQuantum e-invoice software.
-> Real-time access to data eliminates the scope of manipulation.
-> Save time and resources by generating e-invoices within minutes.
Enterprises receive thousands of invoices every day and uploading such enormous amounts of data into various systems is an extremely time-consuming activity. With iQuantum invoice automation software, enterprises can easily process in less than one-fifth of the time when compared to those who process invoices manually.
When enterprises digitize invoices, transactions happen over a digital business network. Now, this process can free your accounts payable team and allow them to focus on more productive and strategic tasks that can further streamline and simplify processes.
PO-Invoice matching is the process of comparing the information mentioned on the invoice with purchasing order (PO). Now, this process makes sure that enterprises make accurate vendor payments, minimizing fraudulent activities.
Advantages of iQuantum’s AI-based Invoice Management
Saves time and resources: Both two-and-three way PO- order matching for the accounts payable team is the time it takes to do the entire process, from comparing to verifying data line by line, invoice by invoice. By automating this process, enterprises can easily focus their valuable time and resources on more value-added and productive activities.
Enhances supplier relationships: By avoiding lost invoice data, manual errors, etc., enterprises and suppliers can maintain a healthy business relationship. In addition, preventing payment delays could result in having a good relationship with suppliers, which may open doors for discounts or better contract terms.
Detect fraud and duplicate payments: Automation in invoicing means PO and invoice information will be thoroughly verified throughout the matching process. Now, this automation will work in the background of your accounts payable team, making sure that your enterprise or accounts department is not overpaying your suppliers or paying for duplicate items. Inconsistencies in invoice payment will be automatically flagged by the system for manual approval.
Always audit-ready: Goods Received Notes (GRNs), Invoices, and Purchase Orders (PO), etc. are frequently requested by the auditors for auditing. Automated PO-invoice matching will help you in keeping all such documents approved and organized in one central location.
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