Although most of the modern organizations use computers, they still use paper invoices which cause inherent problems to the accounting staff at both the ends.
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Some advantages of the e invoicing include:
- Cost cuts by 79%
- Efficient by 77%
- Improve relations by 60%
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Some facts about e-invoicing:
The European commission estimates the cut in costs of all organizations to $ 18 billion if e-invoicing is adopted
- Increase in the use of e-invoicing by 10% cuts the DSO by three days
- The process time is cut by 5-30 days if e-invoicing is adopted
- E-invoicing enables discounts on 50% of the processed invoices
- The data accuracy is increased due to the fully automated AR and AP processes
- 133 trees will be saved from a million e-invoices
Paper invoices have problems that require re-issue and wastage most of the times and 96% of the companies report the same in the previous 12 months of the survey.
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Costs incurred in postal mails and scanning can be cut besides saving the valuable employee hours.