If you happen to concern invoices in the middle of operating your corporation, it’s turning into extra crucial that you just change over to eInvoicing.
If you happen to nonetheless electronic mail PDF’s, or (heaven forbid) mail paper invoices, you’re late to the occasion and are lacking out on some simple good points.
Much more important is a current announcement by the Australian authorities that they are going to be mandating the inner use of eInvoicing from 1 July 2022. Discussions are additionally being had across the obligatory nature of eInvoicing for all companies, though no bulletins or selections have been made.
So, if you wish to receives a commission quicker and achieve some significant time financial savings whereas attaining enhanced visibility and accuracy – eInvoicing is for you.
eInvoicing is the method of sending an bill straight out of your accounting software program to your consumer’s software program.
You merely enter the data in your cloud accounting (or invoicing) software program and hit ship. This bill will then seem in your consumer’s personal answer. Your consumer can then click on ‘pay now’ and settle the bill instantly.
This business-to-business eInvoicing technique stands in opposition to outdated handbook or paper-based invoicing.
With eInvoicing, you don’t must:
- use handbook bill templates
- create pdf’s
- electronic mail your bill
- print and mail invoices
- scan in or manually enter bill information
- manually report or ship reminders
Why would I change to eInvoicing?
Let’s run via the chief advantages of ditching your outmoded invoicing practices and embracing eIinvoicing.
1) Receives a commission quicker
The first concern of small companies who receives a commission via invoicing is the lengthy fee turnaround occasions.
Getting paid quicker might be crucial concern for such companies, as late funds are the direct trigger of significant money movement issues and monetary pressure.
- With eInvoicing your consumer receives the bill the second you hit ‘ship’. They’ll get an alert of their accounting software program and also you’ll obtain a ‘learn receipt’. This implies there’s no lag within the sending/receiving course of.
- While you couple this with a ‘pay now’ button to your consumer, the fee course of is sped up significantly, in addition to being rather more easy and quick.
- Higher nonetheless, you’ll be capable to arrange automated fee reminders, which means that your consumer shall be nudged with out you having to raise a finger, dashing fee up much more.
2) Full visibility
With eInvoicing you achieve full oversight over the invoicing course of and can know exactly the place an bill sits within the workflow.
You’ll know precisely when your consumer each receives and reads your bill and may report in your accounts receivable with ease.
Since your invoicing performance can be sitting inside your accounting software program, you possibly can see your total monetary place at a look.
3) Unmatched accuracy
Since eInvoicing removes a lot of the handbook information entry processes inherent in common invoicing, the prevalence of errors is significantly lowered.
Higher nonetheless, eInvoicing can create invoices mechanically from buy orders, producing an especially correct and hands-off invoicing course of.
4) Critical time financial savings
While you not need to create, doc, electronic mail and chase your invoices, your time financial savings shall be appreciable.
After you’ve arrange a consumer in your software program, all their particulars are saved, and also you solely must enter the worth of the bill.
Computerized reminders additionally take away the tedious job of manually emailing or calling your consumer to immediate them to pay.
5) Cell performance
With e-Invoicing you’re capable of rapidly hearth off an bill from wherever, on any cell system. This implies you will be on the job and have the flexibility to bill your consumer proper there after which.
Transmitting an bill via eInvoicing is much safer than older practices. Reckon has partnered with OZEDI who utilise the Peppol community – which handles the transmission of an bill. It is a extremely safe community that eclipses the safety of each electronic mail and conventional file storage, to assist scale back each fraud and information theft.
Is eInvoicing being mandated by the federal government?
The method has actually begun. The Australian federal authorities has introduced that they may mandate the usage of e-invoicing inside their very own authorities departments by 1 July 2022.
With session underway as to the mandating of eInvoicing for all Australian companies, the writing is actually on the wall.
As with the current mandating of Single Contact Payroll, we could effectively see related guidelines in place for invoicing within the not-too-distant future. Now could be the time to get forward of the curve and never solely be prepared for such modifications, however to additionally reap the inarguable enterprise advantages of eInvoicing.
How is Reckon embracing eInvoicing?
We’re excited to announce that we’re presently within the strategy of enabling eInvoicing throughout our Reckon One and Reckon Accounts Hosted options.
Try our upcoming eInvoicing performance and register your curiosity right here.