Can you send invoices electronically

The answer to "Can you send invoices electronically" is yes. Electronic invoicing is to send bills online. E-Invoicing is the most commonly used method nowadays for sending invoices as it is accurate, faster and cost-effective compared to traditional invoicing methods. With E-invoices, a business can get immediate payment from their customers using debit cards, credit cards and other payment options.

What is an e-invoice?

E-Invoicing, also called electronic invoicing, sends bills to buyers for the goods/services purchased. E- Invoice is paperless and presented to the buyer in electronic format with a pre–defined structure.

Can you send invoices electronically? The question occurs in the minds of people new to the term invoice. We now have full detailed explanations and answers regarding the benefits of e-invoice. So, without a wait, let's dive into the topic together.

Three types of invoice data capture solutions:

Manual data entry:

Manual data entry is done by an operator who enters relevant invoice data into the computer.

Advantages:

This method suits small companies that have limited operations.

Disadvantages:

As humans are involved in data entry, errors are possible, which is extremely time-consuming.

Cognitive or AI-based invoice OCR:

Nanonets, an AI-based invoice OCR software, captures all invoice information from various formats. Nanonets normally use advanced artificial intelligence and machine learning tools for document processing and extracting useful information, even from unknown documents.

Advantages:

AI-based invoice OCR captures information quickly, within 27 seconds, compared with manual data entry.
The cost of processing an invoice is $0.05 per invoice, whereas manual processing costs upto $1 to $5.
AI and ML tools are known for smartly capturing invoice data with minimal errors using neural networks.

Disadvantages:

It takes some time for operators to switch to new software and understand how the AI and ML algorithms work.

Traditional or Template based invoice OCR:

Traditional methods use Template based invoice OCR for data extraction. This method is well-suited for organizations that have a limited set of invoice operations. 

Advantages:

Low capital investment.
No need for outsourcing and coordination with suppliers.

Disadvantages:

More errors occur while gathering invoice data, which may lead to late payments and penalties.

We have already discussed "can you send invoices electronically" let us now glance at the advantages of E-invoicing.

5 Benefits of E-invoicing:

1. E-invoicing saves both the seller's and buyer's time using invoicing software.
2. Cost-effective as e-invoicing is paperless.
3. As e-invoicing is entirely automated, everything will be correct.
4. Improves buyer's and seller's relationships with timely delivery of goods.
5. Easy to track your invoices.

Conclusion:

We hope our "can you send invoices electronically" article has given the answer you are searching for. This article clearly explained the benefits of e-invoice in sale transactions. So, here is the end of our writing.