Guide To E-Invoicing Via Emails
Einvoice Via Emails And Web Portals
The process of exchanging purchase orders between buyers and suppliers as method of withholding payment is known as Order to Cash, or O2C. With the advancement of technology, markets have evolved to become increasingly competitive, making it necessary for business to operate in swift and efficient manner. Cutting down on paperwork and manual labor helps reduce costs and optimize the entire O2C process. The most effective way to achieve this is to utilize electronic invoicing (einvoice) via both email and web portals.
Einvoice is an electronic way of sending invoices, allowing for instant and secure data transfer. Adopting this technology eliminates the need for manual labor or any contact and gives quick, tracked access to invoices. This improves invoice accuracy and reliability, reduces shipping costs and allows customers to remit payment immediately.
The process of implementing an einvoice system can be broken down into the following steps:
Step 1: Introduction to einvoice Identify an einvoice solution provider. Companies should ensure that the chosen provider is reputable and known for their efficiency, customerservice and security.
Step 2: Gather relevant documents All relevant documents have to be gathered which includes remittance advice, terms of payment, acknowledgement receipts, and tax documents.
Step 3: Set up the system Once provider has been selected, the next step is to install the software and customize it according to specific needs.
Step 4: Establish payment terms Establish the payment terms for procurement, invoicing, and collection.
Step 5: Upload documents and invoice Scan and upload the documents necessary onto the system. The invoice should also be entered at this stage.
Step 6: Email/web portal delivery Emails are sent to the designated customer with link to the invoice, reducing the manual labor required for the process.
Step 7: Payment collection When customers click the link, it automatically leads to the payment gateway, allowing for fast and secure payment.
Step 8: Confirmation and reconciliation Once the payment is made, the system automatically generates payment receipt that can be printed or saved.
Making the switch to einvoice has revolutionized the way business approach order to cash processes and increase efficiency by removing paper-based practices that are error-prone, time-consuming and cumbersome. Whether exchanging orders, delivering invoices or collecting payments, einvoicing offers comprehensive and unified solution, ensuring accuracy, efficiency, and reliability.
