By exchanging the documents between themselves trading partners are able to keep track of their documents with the help of electronic invoicing. Several adjustments are able to be made depending on the demand and supply by business partners after they have monitored and evaluated the the progress of their business and transaction.
Some of the advantages of electronic invoicing may include helping in keeping the record of any transaction for future reference. In that case, in the event of any misunderstanding or clarification, there is always a back up that can be sorted and presented at the table.
Files and document of interest are easily located and presented to the place that they are needed with the help of electronic invoicing. With respect to electronic invoicing, a lot of time and effort to such for a particular file or document of interest is need. By this, it simplifies on work load and saves on time.
With electronic invoicing, one is able to print, scan, and key in to the accounts payable by only a click of a button. In that case, time is saved and work load is reduced. It further creates a neat and presentable work format that can be saved and stored for future reference.
With the help of electronic invoicing, cash management is enhanced. This is because by processing invoice electronically, the treasury organization are able to see the processed invoice and allow the transfer of goods. Paper invoicing might take a lot of time as compared to electronic invoicing. In an unknown situations, the paper might be lost or destroyed. By that, electronic invoicing does not only prove to be safe and secure but it also enhances cash management.
In that case, electronic invoicing is the safe and secure method of invoicing to be used. This is due to the fact that there is the least chance of an alteration that might occur in the invoice. Further, it keeps and have the records of all the goods in the store with their unique numbers. The chances of an alteration is minimal unless authorized by the proper personnel in that case.
Account reconciliation is enhanced with the help of invoicing. By that, there is always a degree of difference between the amount the customer has paid against the original invoice that was submitted to the customers. This is caused by the customer not being able to pay in time the debt that he or she owes the supplier. As a result, he or she might pay in excess or at ones even thou he or she was given more than one invoice. The number of customers who have paid their payment in time and the ones who still owes the company are separated by the invoice.