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Advantages of electronic invoices

In practice, invoices for payment can be

  • in printed form
  • in electronic unstructured form (for example, in the form of Word, Excel, or PDF file) and
  • structured electronic invoice for payment
    from a strict technical point of view, only a "structured electronic invoice" can be considered a "complete electronic invoice".

Benefits of electronic invoices for business:

  • Optimization of accounting and financial processes

  • Reducing the routine burden on managers and/or accounting department

  • Accelerated workflow through faster processing of invoices for payment

  • Saving company resources

  • Overhead cost reduction

  • Optimization of the company's business processes

  • Save time tracking late payments

  • Exclusion of fraud related to "substitution" of one or more "Elements of an invoice for payment"

  • Security improvement:

    • "Checking the validity of an invoice for payment"
    • notify management of invoices for payment exceeding "Certain threshold"
  • Improving relationships with customers, and in case of errors, their quick troubleshooting

Benefits for users

Advantages of electronic invoices compared to paper ones:

  • e-invoices are easier and cheaper to process

  • cost and time savings by removing paper and manual processing from invoicing (invoice treatment)

  • after checkout, the electronic invoice can be delivered to the client in real time

  • an electronic invoice can be entered directly into the payment and accounting systems of the company

  • lower costs of printing on paper and postage

  • electronic invoices can be stored centrally in a database

  • lower costs of storing invoices for payment (archives)

  • reduction the costs of turnover of invoices for payment, including training and maintenance of personnel

Potential barriers to e-invoicing:

  • It is difficult to use e-invoices in cross-border transactions, as the legislation and level of infrastructure in different countries can vary significantly, including the acceptability of e-invoices from a legal, Financial and administrative point of view
  • Some users have the potential to be concerned about the security of e-Invoicing systems

Advanced functionality for business. Capabilities: