e-invoicing (electronic invoicing)
What is e-invoicing?
e-invoicing, or electronic invoicing, is the process of sending e-invoices (electronic invoices) to buyers. E-invoicing is a type of e-billing, enabling suppliers to reduce traditional invoicing costs, collect payments more quickly and compete more effectively.
e-invoicing has grown rapidly in popularity in recent years, with year-on-year growth estimated to be approximately 20% worldwide.
Netsend is used to send over £145bn in e-invoices per month by a range of global clients.
e-invoicing (electronic invoicing)
What is e-invoicing?
e-invoicing, or electronic invoicing, is the process of sending e-invoices (electronic invoices) to buyers. E-invoicing is a type of e-billing, enabling suppliers to reduce traditional invoicing costs, collect payments more quickly and compete more effectively.
e-invoicing has grown rapidly in popularity in recent years, with year-on-year growth estimated to be approximately 20% worldwide.
Netsend is used to send over £145bn in e-invoices per month by a range of global clients.
e-invoicing benefits
e-invoicing benefits range from reduced costs, to improved cash flow and better control over credit collection. Some of the main benefits are explained below. Netsend is trusted by businesses such as 20th Century Fox and VF Corporation to deliver these benefits quickly and reliably.
Reduced Costs
electronic invoicing is reputed to save approximately €6.60* per invoice sent. Using Netsend, savings can be even greater.
This huge cost saving is mainly due to the reduction in postage costs, paper consumption, manual handling of paper invoices and the cost of equipment used in the printing and posting process.
Improved Cash Flow
Collecting money fast is always a major competitive edge. e-invoicing enables faster payments, less hassle and less delinquency.
Netsend customers report faster payment of invoices, resulting in greater working capital and free cash flow; enabling business growth and increased financial stability.
Easier Access
Netsend enables electronic invoices, and associated financial documents, to be stored securely online.
This provides easy access for customers to fulfil their own copy requests – reducing call volumes in to customer services teams. Online storage also aids internal document searching, retrieval and performance analytics.
Better Working
The biggest threat to business success is, often, wasted time. Netsend creates better financial efficiency, through invoicing simplicity.
Automate repetitive manual processes, freeing up accounts receivable teams to focus on more profitable activities. Netsend enables businesses to make more efficient use of employees’ time.
More Control Over Credit Collection
Even in large and successful businesses, credit control can be one of the last areas to be modernised. Making this transformation of invoicing processes results in real-time visibility of invoicing status – including delivery and read notifications.
Improved visibility provides insight that can be acted on, to support credit controllers in reducing late-payments and disputes.
Netsend integrates with credit collection software such as Cforia, Sidetrade and GetPaid. Achieve seamless and secure access to sensitive documents, and messaging workflows, to expedite credit collection.
Compliance and Ease of Auditing
Netsend can be used to achieve VAT compliance through digital signatures and online record keeping. The admin console simplifies searching and analysing electronic invoice files, making auditing easier and lower-cost.
Electronic invoicing has grown fastest in regions where government mandates require its adoption for VAT compliance. For example, over 90% of invoices sent in Brazil are electronic format.
EU directives and B2G invoicing requirements in Europe are ushering in e-invoicing over the next 2 years. Which will result in rapid adoption of even outside of B2G circles.
e-invoicing solutions
Electronic invoicing solutions are typically either closed network or open network solution such as Netsend.
The distinction between these two types of solutions is important to understand.
Closed Networks
Closed networks present a specific framework and format for invoicing. If all of your customers use a particular network, then it makes sense to consider joining this network.
Very often a closed network solution will limit your ability to work with partners outside of this network – which can be a problem for growing businesses.
Open Networks
Open network solutions, such as Netsend, are becoming increasingly popular. They enable the delivery of invoices in whatever format is required. For instance, delivering an invoice in a specific EDI standard for a customer’s accounts payable team to process.
The key difference between open and closed networks is that open networks, such as that offered by Netsend, provide the flexibility to work with any supplier or customer in the format that they need.
Find out more about e-invoicing
Whether you’re interested in understanding how to make an e-invoicing deployment a success, or you need to build a business case for e-invoicing, you’ll find information and resource below to help you.
Find out more about Netsend
Netsend is at the vanguard of companies dedicated to eradicating issues of credit control. Through its management of business-critical document distribution, Netsend ensures accurate and efficient delivery of invoices to your customers in the medium which suits them.
Beyond saving time and cost through invoice automation, Netsend enables a risk-free and seamless shift towards electronic invoicing, reducing errors and driving down DSO.
Netsend also removes the classic challenges of document storage and retrieval for auditing and compliance. FTSE 100 businesses depend on Netsend to provide secure online access to their document distribution history, facilitating ease of reporting, performance analysis and proof of delivery amongst a range of other document management functions.
Headquartered in the UK, Netsend has clients operating in over 52 countries.
Download the Netsend brochure to find out more.