In today's digital business world, efficiency in handling business processes is becoming increasingly important. E-invoicing, or electronic invoicing, is an advanced method of creating, transmitting and receiving invoices electronically. This blog post will give you an overview of what e-invoicing is and why it matters to businesses.
What is e-invoicing?
E-invoicing, or electronic billing, refers to the process of creating, transmitting, accepting and archiving invoices in electronic form. Unlike traditional paper invoices, e-invoices are created, transmitted and received digitally. This process eliminates paper and manual workflows, which directly increases efficiency and reduces errors.
Why is e-invoicing important?
- Efficiency and time savings: E-invoicing speeds up the invoicing process considerably. Invoices can be generated, transmitted and processed automatically, resulting in faster processing. Manual entries and time-consuming checks are minimised.
- Cost savings: Eliminating paper, printing and mailing costs and reducing manual work contribute to significant cost savings. It also reduces the risk of errors and queries.
- Environmentally friendly: E-invoicing reduces paper consumption and minimises the ecological footprint of companies. This contributes to sustainability and environmental protection.
- Security and accuracy: Electronic invoices offer greater security and accuracy compared to paper invoices. Data integrity can be ensured through digital signatures and encryption.
- Automated workflows: E-invoicing enables integration with automated accounting and ERP systems. This promotes seamless workflows and simplifies data capture.
E-Invoicing vs. PDF Invoice
It is important to note that e-invoicing is not the same as sending an invoice in PDF format. Although a PDF invoice is electronic, the data it contains is static and often has to be transferred manually to other systems. E-invoices, on the other hand, are structured and can be integrated directly into accounting and ERP systems, which significantly increases efficiency.
Efforts towards e-invoicing therefore always relate to genuine electronic invoices (in other words, data records/XML). PDF invoices are not part of this and, according to future legislation in Germany, will no longer be permitted from 2027 or 2028, just like paper invoices.
Would you like to find out more? Discover the shift from paper and PDF invoices to cutting-edge e-invoices in our blog here, and feel free to contact us directly!
Conclusion
E-invoicing is a decisive step towards the digitalisation of business processes. By creating, transmitting, and processing invoices electronically, companies can increase efficiency, reduce costs, and promote environmentally friendly practices. With Banqup, you can create a digital invoice in less than 60 seconds and deliver it directly to your customer through their preferred delivery channel.
If you have any further questions or are interested in e-invoicing, we are here to help. Feel free to contact us personally for more information!
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