Advantages of electronic invoices

In practice, invoices for payment can be

• in printed form
• in electronic unstructured form (for example, in the form of Word, Excel, or PDF file) and
• structured electronic invoice for payment
  from a strict technical point of view, only a “structured electronic invoice” can be considered a “complete electronic invoice”.

Benefits of electronic invoices for business:

• Optimization of accounting and financial processes

• Reducing the routine burden on managers and/or accounting department

• Accelerated workflow through faster processing of invoices for payment

• Saving company resources

• Overhead cost reduction

• Optimization of the company’s business processes

• Save time tracking late payments

• Exclusion of fraud related to “substitution” of one or more “Elements of an invoice for payment“

• Security improvement:

  • “Checking the validity of an invoice for payment”
  • notify management of invoices for payment exceeding “Certain threshold”

• Improving relationships with customers, and in case of errors, their quick troubleshooting

Benefits for users

• Benefits for Suppliers/Sellers

• Benefits for Buyers/Payers

• Benefits for Managers/Employees of the company

Advantages of electronic invoices compared to paper ones:

• e-invoices are easier and cheaper to process

• cost and time savings by removing paper and manual processing from invoicing (invoice treatment)

• after checkout, the electronic invoice can be delivered to the client in real time

• an electronic invoice can be entered directly into the payment and accounting systems of the company

• lower costs of printing on paper and postage

• electronic invoices can be stored centrally in a database

• lower costs of storing invoices for payment (archives)

• reduction the costs of turnover of invoices for payment, including training and maintenance of personnel

Potential barriers to e-invoicing:

• It is difficult to use e-invoices in cross-border transactions, as the legislation and level of infrastructure in different countries can vary significantly, including the acceptability of e-invoices from a legal, Financial and administrative point of view
• Some users have the potential to be concerned about the security of e-Invoicing systems