Electronic invoice (e-Invoice) involves exchange of invoice document between the suppliers and buyers in electronic format. e-Invoicing is a business practice, which has been in use for years. In this infographic, learn how the differences affected by adopting and implementation of e-Invoice in business field.
Most companies still rely on paper invoices, which is an intensive process, often leading to human errors. Every year, a company sends about 12,000 paper invoices. 18% organizations face missing invoice problem. 8-10% invoices contain mistakes. Paper invoices also lead to disputes. 96% companies had to reissue the paper invoices. Paper invoices contribute about 60-80% office waste.
Businesses adopted e-invoicing for reducing costs, increasing efficiency and strengthening supplier ties.
Benefits of E-invoice
£18 billion savings are expected from e-invoicing.
10% rise in e-invoice leads to DSO reduction by 3 days.
Improves data accuracy.
Reduces processing time.
Saves trees and environment.
Saves postage money.