Electronic invoicing (e-invoicing) is the electronic transfer of invoicing information between supplier and buyer. It is an essential part of an efficient financial supply chain and it ensures the invoice-to-payment process is more cost-effective. e-invoicing offers many benefits to suppliers from reduced printing and postage costs, improved customer relations and improved cash management. For buyers, it also reduces costs, improves visibility, facilitates on-time payment and offers working capital opportunities through discounted early payment.
The Benefits of e-Invoicing
- Lower invoice processing costs
- Improved data accuracy – reduced errors/duplicates
- Improved processes – quicker and with greater fraud/compliance control
- Improved supplier relationships
- Supply chain finance opportunities
The majority of small suppliers ‘e-invoice’ by attaching a PDF document to an e-mail. The latest versions of PDF are built on XML technology, this means the data elements can be captured in a programmatic way. We use our artificial intelligence technology to investigate the semi-structured PDF data and re-format it into a data file that can be seamlessly inputted into your ERP. This drastically reduces the time and effort required to enter supplier invoice data into your system of record.