In today's digital business world, efficiency in handling business processes is becoming increasingly important. E-invoicing, or electronic invoicing, is an advanced method of creating, transmitting and receiving invoices electronically. This blog post will give you an overview of what e-invoicing is and why it matters to businesses.
What is e-invoicing?
E-invoicing, or electronic billing, refers to the process of creating, transmitting, accepting and archiving invoices in electronic form. Unlike traditional paper invoices, e-invoices are created, transmitted and received digitally. This process eliminates paper and manual workflows, which directly increases efficiency and reduces errors.
Why is e-invoicing important?
- Efficiency and time savings: E-invoicing speeds up the invoice process considerably. Invoices can be generated, transmitted and processed automatically, resulting in faster processing. Manual entries and time-consuming checks are minimised.
- Cost savings: Eliminating paper, printing and mailing costs and reducing manual work contribute to significant cost savings. It also reduces the risk of errors and queries.
- Environmentally friendly: E-invoicing reduces paper consumption and minimises the ecological footprint of companies. This contributes to sustainability and environmental protection.
- Security and accuracy: Electronic invoices offer greater security and accuracy compared to paper invoices. Data integrity can be ensured through digital signatures and encryption.
- Automated workflows: E-invoicing enables integration with automated accounting and ERP systems. This promotes seamless workflows and simplifies data capture.
E-Invoicing vs. PDF Invoice
It is important to note that e-invoicing is not the same as sending an invoice in PDF format. A PDF invoice is electronic, but the data is contained in static form and may need to be manually transferred to other systems. E-invoices, on the other hand, are structured and can be integrated directly into accounting and ERP systems, which significantly increases efficiency.
All efforts towards e-invoices and e-invoicing always refer to real electronic invoices (data sets/xml) - PDF invoices do not fall under this and will probably also no longer be permitted in the near future according to future legislation in Germany, similar to paper invoices.
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Conclusion
E-invoicing is a crucial step towards the digitalisation of business processes. By creating, transmitting and processing invoices electronically, businesses can increase efficiency, reduce costs and promote green practices. With Banqup, you can create a digital invoice in less than 60 seconds and deliver it instantly to your customer through their preferred transmission channel.
If you have any further questions or are interested in e-invoicing, please do not hesitate to contact us. Please contact us personally for further information!
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