The future of electronic invoicing is very ambitious indeed. It grows at almost 20% year on year globally. This means that it unlocks a competitive advantage for those who use it now.
So, it seems that electronic invoicing will offer even more value in the near future. When it comes to invoices, electronic options are superior to paper ones. Paper invoices are difficult to organize, and if you think about the logistics of handling a bunch of paper invoices, you’ll quickly realize that the process is tedious and error-prone. You can’t scan the whole thing into a database and use it to do billing. That is why an electronic solution offers several advantages.
Benefits of Digital Invoices
Electronic invoices can be stored in a centralized database. That way there is only one instance of the data you need to bill your customer. It is also much easier to keep track of when you need to reissue an invoice. If you miss a credit on a paper invoice you might have a hard time finding it. It is more user-friendly. You can use a tablet or a smartphone to access an electronic version of your invoice and make changes. You don’t have to spend time organizing and filing your paper invoices and receipts. A digital invoice is also easier to store, share and archive as needed.
Paper Invoices Are Difficult to Organize
Paperless invoices are more reliable, accurate, and efficient than paper receipts. With digitalization, more and more people are striving to learn high income skills since they open new opportunities toward financial freedom. They opt for digital business intercommunication including safe financial interaction. So, paper invoices have become an attribute of the past and have many disadvantages over e-invoices. Let’s compare some of them.
- Paper invoices versus electronic ones. Electronic invoices are more secure than paper ones. Paper invoices are very easy to lose. Such invoices can go anywhere within a company. An electronic invoice, however, is locked down and can only be accessed from a single computer.
- Data Quality. If you’re in the business of selling your products and services, you already know the importance of good data analytics, but data analytics is only half of the equation. The other half is data. With electronic invoicing, all data is stored in the same place and accessed through a single point of access, which means that your customer will not be able to access data from locations other than the one you’ve provided. This is important because if your customers have questions about invoices, they can easily ask you directly.
Digital Invoices are the Way of the Future
The benefits of digital invoices are numerous. They are easier to use, more affordable and require less manpower to create. Another huge benefit is that in the long-term, invoice generation using a computerized system becomes a lot less labor-intensive.
In terms of the process of creating an invoice, the biggest challenge is in the data entry. E-invoicing can open the door to the digitalization of a business or an organization of financial processes. So e-invoicing is the first step toward digitalization. Also, it can give a start to the broader digital transformation toward digital supply chains and the highly efficient source-to-pay process. If you don’t want your business to be left behind, make use of engaging in e-invoicing right now. Following three reasons give a clear understanding of a bright future of digital invoices:
1)E-invoicing opens the door for digital supply chains and business networks.
2)E-invoicing overcomes isolated systems and breaks the silos.
3)E-invoicing and structured data are process boosters.
The world is ready to accept the significant evolution of e-invoicing over the coming decade. Online invoice generator services pick up momentum and will significantly simplify financial team play and cooperation. Organizations and businesses that invest in e-invoicing today need to think about the methods of their solutions, how will these solutions work in the context of the above-mentioned points.
Additionally, it is important to consider flexibility and freedom. These are the highest factors for the successful activity of a business or organization since no one of them wants to become trapped, hampered, or limited towards the choice of e-invoicing solution. So, we are almost close to a service model which offers scalability and flexibility in selecting an e-invoicing partner in the future.