Electronic invoicing enables companies to automate the invoice issuance process, providing several benefits for customers, suppliers, and company administrators. Below are the 5 most important benefits of this technology.
- Removing errors
Any process involving handling paper information is exposed to typing errors (a 0 at the end of the invoiced value), data relationship (the customer’s NIT to the wrong shipping address), or physical damage (stains or ink erasures, paper breaks, etc.). Sending invoices on paper is therefore a far from ideal alternative.
Electronic invoice queries databases where information is constantly validated and when not printed can never be physically affected.
Removing bugs impacts customer satisfaction that doesn’t require lifting claims and improving collection time. To improve the digital services, e-invoicing registration grant is introduced in Singapore. This grant support small businesses who are looking to digitalize their business and create a strong network.
- Automatic validation and elimination of fraud
Paper invoices can be forged and therefore require a validation process by someone on the financialaccounting team. Normally the process includes querying the document validations on the DIAN platform, something very inefficient, and almost never includes asking the provider if it was, he who issued the document.
The technology behind electronic invoices makes identity and integrity validation implicit in them (thanks to electronic signature) and whether or not they were authorized in DIAN automatically.
Both stages of validation make technology much safer, more robust, and more efficient.
- Ease of integration into more platforms
Modern e-invoicing platformsare easy to integrate through interfaces to ERPs and non-invasive views of databases like Oracle. This makes customer billing information available to all processes within your organization, which can help improve business revenue or reduce costs.
- Constant monitoring of customer interaction with the invoice
Electronic invoices are sent by certified email that not only ensure the delivery of the same to the recipient but also allow to know when the customer reads them, downloads them, forwards them, authorizes them, rejects them or pays them. This allows companies to have more clarity about the process their clients follow to pay them and can be a source of negotiation of better payment terms. Register yourself with e-invoicing registration grant and transform your company to the digital world with financial support from ESG.
- Self-Service
Another important advantage of electronic invoicing is that it allows the recipients of tax documents to consult them directly from the issuer’s customer and/or vendor portal.and requires less of the administrators of the company that issued the invoice.
How to apply PSG for Xero? The PSG (Productivity solution Grant) supports all small enterprises who are interested in enhancing their productivity through pre-approved information technology solution to advance corporate processes. It is an efficient tool for organizations who want to kickstart their technological efforts. With e-invoicing registration grant, a lot of companies are moving forward to seek support from funding process in Singapore. The PSG is recently updated and focusing on companies that are using telecommunication tools and laptops for facilitating corporate plans.
