E-invoicing is the future of global e-commerce. The power of the e-invoice is that the entire payment process is managed via a digital system. There’s never any paper or transfer of physical money involved.
This shouldn’t be confused with digital invoices, which are no more than a paper invoice that has been digitized, such as in PDF form.
So how should you approach global e-invoicing and why should you do it?
The Power of Efficiency in Financial Terms
What’s important about e-invoicing is its impact on finance. It’s estimated that if the Federal government implemented e-invoicing across all departments it would save $450 million annually by cutting costs by 50%.
Similar results can also happen across your business by eliminating paper transactions. However, the true value is in the time saved.
There are a variety of automated systems that can make invoicing and taking payment easier than ever before. The amount of time and effort saved will ultimately make you money. Your staff can concentrate on more productive tasks that help your business grow.
It’s a Legal Requirement in Some Countries
Modern countries are increasingly making e-invoicing mandatory for businesses. This is due to compliance purposes, but it’s also mandatory to enable the economies of these countries to prosper.
For example, did you know e-invoicing can reduce invoicing errors by 37%. Any business knows how costly these errors can be and how time-consuming it can be to resolve them.
Even if your business doesn’t originate from such a country, if you operate within that country you must comply. The fact is global e-invoicing compliance is important as you don’t want to get into trouble further down the line.
Find the Right Global E-Invoicing Software
E-invoicing itself is simple to implement. There are plenty of software options that can be used to cover every function.
The problem is when companies deal with clients from other countries. Every country has its own set of rules and regulations when it comes to e-invoicing. Your organization needs a platform that can make automatic alterations to invoices for clients in certain countries.
Look for a solution aimed at international companies. Compliance should be automatic if you want to maintain efficiency and reduce costs.
How to Implement Global E-Invoicing Software
The answer is to try a variety of different software options. Most of them come with a no-obligation trial.
Only you can decide what matters to you as every company runs itself differently, including the invoicing process it goes through.
Take into account the cost of the software, how easy it is to use, and whether it can accommodate a growing, thriving company.
Last Word – Global E-Invoicing Is Taking the World by Storm
There’s no doubt that global e-invoicing is the way forward for companies large and small. It’s proven to improve efficiency and reduce costs on what is a necessary but tedious and time-consuming process.
Do your research first and test drive a variety of software options to see which one is right for you.
Have you begun to implement global e-invoicing within your company yet?
