![]() Timely notifications and updates on invoice status, faster transmission of invoices for payers' approval, and quicker dispute management systems produce better customer service. The adoption of electronic invoicing standards offers faster and more efficient data transfer, thus reducing the duration of billing cycles. Through e-invoicing sellers can dispense with a number of manual processes such as printing, mailing, documenting, storing and reconciling paper invoices. validation of the entry in the accounting system,įrom a logistical perspective, electronic invoices help to reduce the amount of paper used for documenting and storing transaction information.automated entry into the buyer's accounting system,.transformation of a paper document to an electronic version,.The different processes in the full cycle of e-invoicing include: Therefore, to facilitate greater efficiency among all participants, these public departments must set certain standards regarding components and formats of electronic bills/invoices, their transmission processes, and their legal status. Government authorities (e.g., clearing, customers, excise, tax departments) play an important role in this chain. Depending upon the nature of the transaction, the process of paperless trading can involve a number of agents such as insurers, transport organizations, excise and Customs departments, banks, and financial organizations. It requires all participants in the trading activity to realize and implement a standard process of exchanging and accepting contracts or bills documenting transactions. ![]() The idea of electronic invoices stems from the increasing focus on paperless trading, loosely defined as business transactions that involve exchange of data through electronic means. ![]() With e-invoicing the traditional paper invoice is replaced by an electronic version, which removes many of its disadvantages whilst maintaining the invoice as an intact document. transmission to the receiver using electronic equipment for processing and storage of data". ![]() A definition of e-invoicing is provided in the EU Council Directive 2001/115/EC : "The sending of invoices 'by electronic means', i.e. Electronic invoicing (e-invoicing) is a low-cost transaction processing system that leverages information technology to transform a manual and paper-oriented billing process into a faster and more efficient electronic version of data messaging and record keeping. ![]()
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