Moving to an e-invoicing solution can be a very smart move for any business, no matter the size. With that in mind here are five quick Meade Willis e invoicing solutions benefits.
CAPTURE DIGITAL BILLING and INVOICES
Any time you exchange an invoice in an e-mail or paper form, your accounts payable department will face unnecessary costs and undue complexities. Those invoices received by traditional mail, for example, have to be sorted, routed, opened, and sometimes scanned in order to be archived. Then they have to be keyed into the active AP system. Invoices received via e-mail, though, must be saved digitally, stored, and—depending on the process—printed and then also keyed into a system. All of this presents a lot of confusion; e-invoicing simplifies the process and puts all billing documents in a single place.
VALIDATING AUTOMATED INVOICES
It is common in AP to perform validations on an invoice before beginning payment processing and approval. Validations like this generally consist of ensuring that the supplier is one of good standing and that the vendor’s name and number match on the documents. Essentially, using an e-invoicing solution can help to speed up this process so payments can be made—and closed—more efficiently.
The invoice matching process is actually one of the more complex validations involved with accounts payable systems. Basically, there are three types of matching processes AP will have to deal with:
- 2 way match—Invoice > PO
- 3 way match—Invoice > PO > receiver
- 4 way match—invoice > PO > receiver > inspection/verification
Staffing call centers that support vendor inquiries regarding payment might actually be the most costly aspect of the invoicing process. Thus, if you implement a system that allows vendors to find their answers quickly and easily on their own, you can significantly cut your labor costs.
ENHANCED CASH MANAGEMENT
As a supplier, both paper and e-mail based invoices take a while before they are visible in an AP system. In addition, these two forms of payment have the potential to get lost. Sometimes, larger invoices do not get discovered right away and that means you have to take a significant chunk out of the cash account and spend some liquidity to cover an expensive invoice. When you use e-invoicing, though, the probability of these hurdles is less likely.