Electronic Invoices: Welcoming a Better Change
With the news of Saudi government mandating electronic billing systems from next year (i.e. 2017), the private sector will have to adapt to this transition soon. And what’s wrong in that! In tougher economic conditions (fall in the oil prices), cost saving is the only shield. An equally effective approach can be focusing on cash management.
We all know, how much cash flow means for the sustainability and progress of the organization. The faster you get paid, the more cash flow you have! But the problem that an organization faces is, not every customer pays you in a timely manner.
Paper invoices are soon going to be a history. There are some of the most compelling drift in the invoicing processes that is making e-invoicing more welcoming and efficient.
The effort spent in creating invoices and chasing payment takes away a chance to focus on those actions that make money. And nothing is more expensive than a missed opportunity.
Thanks to the ease and convenience that e-invoicing has offered, automation is becoming more accepted and demanding in today’s transaction process even for the organizations.
In order to leverage the power of discounting for effective cash management, you need a solution than can help visualize and reduce the entire processing cycle, giving both the trading partners more control over the same.
If you have not given a thought about e-invoicing already, let me list out some of the reasons to do so. Here are five of the key reasons why, you should be introducing eInvoicing into your organization (if you have not until now):
- Faster Approval Cycle
Electronic invoicing significantly accelerates approval cycles. It enables organizations to receive invoices in any format, from any supplier. Even images of invoices received on the eInvoicing portals can be easily decoded through on-cloud OCR technology into computer readable data type. Not only does automation help organizations pay suppliers faster, it helps ensure the accuracy of payments.
- Ready access to accounts payable information
Electronic invoicing uniquely improves visibility into invoices, purchase orders, supporting documentation and contracts. It tracks invoices and provides detailed audit trails. All of the functionality is available through an end-to-end native mobile e-invoicing application.
- Timely connectivity with back-end systems
Electronic invoicing provides a single platform for managing all accounts payable information and processes. Business users can easily access, sync and aggregate information between various systems and devices, with no duplication of content.
- Faster dispute resolution
Electronic invoicing solutions enable users to easily and securely share information and collaborate with trading partners. Trading partners also can collaborate and share information (such as images of proof of delivery documents) online to resolve disputes.
- Green Initiatives
While switching to eInvoicing, you are not only reducing the wastage of paper used within your organization processes, but also helping to be more energy efficient.
How Zycus’ eInvoicing can help?
The Zycus e-Invoicing platform, using its robust software features for Supplier Portal, Desktop Receiving and Invoice Matching and Approvals, extends the efficiency gains to the payment process, enabling suppliers to transmit electronic invoices and also automating the receiving and invoice matching process for more “touchless” invoice processing.