How Electronic Billing Can Benefit You
Electronic billing, often referred to as e-billing, stands out as a crucial component of modern communication.
E-billing is a system whereby business customers are sent bills, invoices, statements and follow-up letters (dunning letters) electronically. E-billing is beneficial to both you, and the company sending your invoices because it is faster and cheaper than sending these in the post.
How it works: Receiving your electronic bills with ease
E-billing simplifies the process of delivering your invoices or statements as they become due. Depending on the nature of the document being sent, you will either receive your invoice in an e-mail or receive notification of your invoice in an e-mail.
For the latter, the electronic billing system will send you an e-mail containing a link which you must follow to your invoice, statement or dunning letter. To view the document you will be asked security questions which you have pre-chosen, and also asked to enter some of your account details for that company.
Why electronic billing is better than postal billing
1. Security
Say goodbye to lost or intercepted mail! Electronic invoices travel directly to your secure inbox, protected by multiple layers of encryption and authentication. No more worries about prying eyes or misplaced documents.
Traditional postal delivery exposes documents to potential breaches during transit. A document sent to you by electronic billing systems passes through no hands on its way to your e-mail inbox – except possibly that of an e-billing specialist such as Corcentric, to whom your billing company may have outsourced their e-billing. In order to access your invoice or statement you are required to answer security questions that only you know the answer to, making it difficult for a hacker to access your personal information.
2. Efficiency
Skip the postal delays and pay your bills instantly. E-billing automates the process, saving you time and ensuring timely payments. This translates to improved cash flow for both you and the company.
E-billing’s automated process accelerates bill settlement compared to postal delivery. This efficiency in electronic billing is valuable as it allows you, and the company sending your bill, greater financial management.
3. Prominence
No more rummaging through piles of paper; since e-invoices land directly in your inbox, they’re more easily accessible and less prone to getting lost or forgotten. The convenience of electronic billing enables you to stay organized and avoid late fees.
By delivering invoices or notifications directly to your email inbox, e-billing reduces the likelihood of misplacing or accidentally discarding important documents. Letters can easily get lost in the post, or accidentally thrown away, whereas an e-mail sent to you is harder to miss.
4. Document Safety
E-billing eliminates the risk of losing or damaging paper invoices. Your documents are securely stored online in a protected portal, accessible only to you. Enjoy peace of mind knowing your financial records are always safe and readily available.
5. Legal and compliance
It’s essential to consider the legal and compliance aspects of e-billing. With the increasing reliance on digital transactions, understanding and adhering to data privacy regulations, electronic signature requirements, and other compliance considerations become paramount for businesses.
E-billing ensures there’s always a trail that can be easily audited if the need arises. Paired with better accuracy, consistency, and the usage of secure and encrypted platforms, it is definitely a better choice over the traditional posting of documents.
6. Integration with accounting software
Many e-billing software are able to integrate seamlessly with existing systems, decreasing downtime and greatly improving efficiency. Businesses leveraging e-billing integrated with accounting platforms often experience streamlined financial processes, reducing manual errors, and enhancing overall efficiency.
7. A future of constant development
The future of e-billing promises to keep evolving to become more efficient and more secure, with fewer barriers to entry. Emerging technologies such as blockchain and artificial intelligence are expected to play a significant role in shaping the future landscape of electronic billing, providing additional layers of security and automation.
8. To E or not to E
In conclusion, as businesses navigate the digital era, electronic billing emerges not only as a practical solution but a strategic advantage. Continually staying informed about the latest trends, adopting best practices, and ensuring compliance will position businesses for sustained success in the evolving realm of electronic billing.