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 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.
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
Netsend customers report faster payment of invoices, resulting in greater working capital and free cash flow; enabling business growth and increased financial stability.
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.
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
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
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.
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.
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.
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.