E-invoicing or electronic invoicing is the way of digitizing invoices such as product receipts, purchase orders, contracts, job offers, and other documented transactions that used to be printed in papers before.

While E-invoicing is not a new approach to businesses, it has been more relevant during the start of the pandemic as the restrictions brought by the Covid-19 catastrophe have pushed companies to adapt to more digital transactions and business operations.

Now that the number of companies beginning to recognize the relevance of E-invoicing transactions is continuously increasing, how does E-invoicing benefit a company and boost its significance to the market today?

Boost The Company’s Sustainability Development And Get Recognized For It

Paperless operations significantly reduce the company’s carbon footprint while it helps cut down on expenses. Going paperless also saves more trees as you conserve energy.

Another environmental impact of going paperless is it reduces carbon dioxide (C02) emissions. According to Paperless Productivity, 110 lbs of CO2 will be released into the atmosphere if a single tree is turned into 17 reams of paper.

20% of the earth’s greenhouse effect is caused by carbon dioxide, so imagine just how much damage using and wasting paper every day can cause to nature.

Even if your company is not relatively as big as other corporations, your actions toward sustainable development can already do so much for the environment. It takes one person to take action for the rest to follow.

Another benefit of going paperless is getting recognized for your sustainable operations. Nowadays, consumers will go to different measures to live and shop more sustainability.

43% of consumers back in 2020 chose brands that value sustainable practices over brands that don’t. On the global scale, 85% of consumers have leaned towards more “greener” and sustainable alternatives on their purchase decisions for the past five years since 2021, proving how much sustainable practices appeal more to consumers.

Lesser Data Entry Errors

E-invoicing lessens companies’ prone to mistakes as it gives them the freedom to revise anything on the spot.

Companies that haven’t gone paperless yet have probably wasted so much paper every time they print the wrong file over and over again.

E-invoicing allows a person to use applications for correcting grammar and spelling before finalizing the invoice and sending it to the recipient. E-invoicing also helps improve accuracy, as you can easily update the data when needed.

Documentation And Real-time Tracking Of Transactions 

One great benefit of e-invoicing to businesses is it allows you to track invoices in a real-time manner. If you’re the recipient, you can inquire about data in the invoice to the other party in your transaction any time and get answers or updates right away.

Aside from this, email conversations about the transaction behind invoices are important to keep, so you will have proof of documentation when an issue arises during the transaction.

Higher Level Of Compliance

E-invoicing permits a higher level of compliance to the company’s policies like regulatory compliances more efficiently and effectively.

An example of compliance that is significant to business operations is Legal Compliance. Legal compliance touches on actions and practices that follow the country’s local laws where the company operates.

Legal compliance in e-invoicing is the act of meeting the local rules given by the government that specifies how the company should process e-invoices.

An example of legal compliance for e-invoices is the rules on how e-invoices should be exchanged between two parties. With the advantage of digitization, e-invoicing enables companies to follow rules with a higher level of compliance.

Better Transaction Experience

E-invoicing provides mobile access to the status of their invoices, so they can check and download their e-invoices any time, anywhere.

This action provides a better customer experience as they do not have to go to the office or spend on courier fees for the invoice, instead, they can just access it through the internet and print it whenever they need it in hard copy.

E-invoicing also lessens the case of clients losing their copies. Invoices are important because it contains the proof of transaction and other details relevant to the transaction, so losing it can create problems for both parties while risking the confidential information that may be used against them once it gets to the wrong hands.

E-invoicing also lessens the risk of fraudulent threats because of the real-time availability of data.

Conclusion: The five factors mentioned are some of the most advantageous benefits of e-invoicing to a business.

If you’re one of those establishments that haven’t adopted e-invoicing as a means of documenting transactions yet, then what are you waiting for?

E-invoicing does not only help you have better transactions, but it also lessens the labor on your part because of the efficiency brought by using technology.