The realm of the digital has driven businesses forward significantly over the last few decades. Some developments have majorly transformed the way that key elements of business operate, fueling stronger growth, efficiency, and a competitive advantage.
Within finance, e-invoicing is a major innovation that has helped to revolutionize the way that companies handle their financial transactions. Gone are the days of paper invoices, as electronic invoicing empowers businesses to expand into fresh markets and drive even stronger growth moving forward.
What is e-invoicing?
Electronic invoicing is exactly what it sounds like – the process of sending and receiving invoices in a digital electronic invoice template. Physical paperwork is entirely removed from the process, allowing for a significant streamlining along with other major benefits.
Timescales are significantly shortened when invoices can be generated and transmitted in a matter of seconds, with no need to fear postal delays either. This means that invoices are received and processed in a much timelier manner, reducing the risk of delayed payments and their negative impact on a business’s balance sheet.
With invoices standardized and captured by dedicated e-invoicing software the need for manual input in the process is removed. Your team no longer needs to deal with manual data entry and approvals, instead acting as oversight for the automation that e-invoicing offers.
Not only do electronic invoices cut down on manual busywork, they also reduce the odds of potential errors. Without the risk of potential typos causing a major dispute or delay down the line the invoicing process becomes far more agile and efficient.
Driving efficiency through innovation
Automation offers significant efficiency improvements, freeing up members of the finance team to focus on other tasks. With less repetitive tasks clogging up their days, staff can achieve even stronger levels of productivity and motivation.
Additionally, with less manpower hours being devoted to the invoicing process the effective cost of processing each invoice drops dramatically. These cost savings can be translated into investment in other areas of your business – a particularly important factor when you want to drive growth.
Faster turnaround times on invoices are also beneficial for your business relationships. Clients, vendors, and suppliers are more likely to return and look favorably on a company if they offer prompt communication.
Another source of efficiency that e-invoicing software offers lies in its ability to integrate with other core software and systems. As the software easily integrates with other accounting software and enterprise resource planning (ERP) systems this removes the need for the tedious copying of data from one to the other.
This reduces the risk of data siloing within your business, with all of your key systems having instant access to up-to-date data and invoicing records.
Other key digital innovations for businesses
Electronic invoicing isn’t the only major digital innovation that can support business growth, but it can work hand in hand with others. Consider these other key innovations that modern businesses would be wise to implement:
- Cloud computing – with the rise of remote working the need for robust cloud computing is greater than ever. Utilizing cloud-based solutions offers companies more efficient data storage, faster software deployment, and reduced IT infrastructure costs.
- Robotic process automation (RPA) – automation is a serious benefit when it comes to repetitive and rule-based tasks within businesses. Rinkt Robotic Process Automation is a leading solution in this field, offering advanced capabilities to streamline operations. RPA can automate processes like data entry, payroll, and order processing in a similar manner to e-invoicing software.
As digital technologies continue to evolve and develop, we’re likely to see even more innovations enter the business world. Companies who are willing to embrace innovation – where it can act in support to their existing team – are likely to find themselves with a strong competitive edge.
