For large organization invoice management is not an easy task because it’s include a lots of invoice processing steps. It is a regular responsibility which should be simple and headache free for your employees. In today’s business world the competition for organization is very high to maintain increasing operational frequency and improve its cash flow.
Electronic Invoice Presentment and Payment
Effective Payment Process is a critical mission to achieve. An automated invoice processing solution works alongside existing systems to make this process easy, simple and tension free. Leading enterprise are now integrating Electronic Invoice Presentment and Payment (EIPP) solution for payments process and accounts receivable.
Invoice presentment also called e-invoicing or electronic invoicing send invoices to vendors and clients electronically to automate the payment process. There are many different solutions available online to automate invoicing process.
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Here are some benefits of implementing an invoicing presentment:
Low Processing Cost:
Electronic invoicing is much more economical then traditional one. It eliminates the cost of paper work i.e. printing, handling and mailing. It also cut down the cost of manpower associated with sorting and importing of data.
Error Free Processing:
The hectic manual invoice processing is prone to human and compliance errors. Through electronic invoicing organizations can actually improve proficiency and reduce time spent on processing invoices.
Improve Cash Flow Management: With the delivery of electronic invoices corporate departments will receive their payments faster and help reduce the amount of exceptions. Real-time insight and archiving of all invoices from a unified cloud based portal improve cash flow visibility.
Stronger Customer Relationship
By simplifying invoicing processing and management customers can benefit from e-invoicing presentment. It allows them to easily view and manage the status of active invoices. This save their time and money and improve invoicing management to build a stronger relationship with increased satisfaction.
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See More:-Invoice Essentials You Must Know