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KEY BENEFITS OF E-INVOICING FROM SUPPLIERS PERSPECTIVE

1- Accelerating the payment cycle:

As we know, email or paper-based invoicing takes a longer time to appear on the AP system, and also the overall functionality level is low. Also, there is a risk surrounding that data might get lost during the process. Whereas the electronically derived invoices are much safer, and the data is stored on the workflow system. It reduces all kinds of delays and days of sales outstanding which would undoubtedly accelerate the payment cycle.

2- Elimination of refused invoices: 

As e-invoicing reduces the risks of human errors to zero, therefore the buyer does not have to re-key any data. Thereby, the rate of rejected invoices decreases. 

3- Reconciling Accounts effectively:

Sometimes it happens that the buyer demands deductions against an invoice due to shipment issues. Suppliers have to reconcile the payments they receive from buyers. E-invoicing has simplified the process as customers send electronically derived payments with all the details and adjustments. 

4- Customer Satisfaction:

There are no lengthy procedures to be undertaken while processing invoices which would ultimately lead to customer contentment. E-invoicing has played its part well when it comes to customer satisfaction. 

Not only buyers but suppliers can also get remarkable advantages from e-invoicing. Head over to the website of Ola Books and subscribe to get more information. 

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KEY BENEFITS OF E-INVOICING FOR BUYERS

Do you know why e-invoicing is becoming the need of the hour for every organization? The answer is simple because of its accessibility and systematic characteristics that are useful for business. Here we are going to determine some gains that benefit buyers.

Benefits from buyers perspective:

There are numerous benefits a business can get from annulling paper invoicing and switching to e-invoicing. Some of them are discussed below. 

1- Improved efficacy and automation:

The conventional ways of e-invoicing have always been problematic for businesses because of unnecessary costs and less productivity. However, the emergence of e-invoicing has turned the tables as it makes the process fully automated and without the complexities of data re-entry. With e-invoicing, the data is now directly transferred to the AP system of buyers and suppliers and free from any human errors. 

2- Refined Cost Management: 

Many small companies are under pressure to minimize the overall expenditure of the business. E-invoicing has been a savior of small businesses as it refines cost management by cutting down the costs of manually processed invoices and sending them via post etc. 

3- Early Payment Advantages:

E-invoicing has many perks and access to discounts is one of them. The payment cycle becomes fast and smooth. As a result, suppliers are often willing to give discounts for early payments. There are also different models of prepayments that diverge from buyer-managed invoice discounting programs and supplier receivables programs, and various companies use the model accordingly. 

4- Improved relationship with suppliers:

The smooth and accurate payment transactions through e-invoicing can surprisingly reduce the payment amounts disputes among suppliers and buyers. Hence, it ultimately helps a business to build a long-term and profitable relationship with its suppliers.

We have the best accounting solution for you which will make your life easier. Head towards our website and subscribe to Ola Books. 

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How does e-invoicing work?

The emergence of new technological advancements has made life pretty straightforward. Gone are the days when sending an invoice was a long and complex process. Creating an invoice is a simple process and, in this blog, we will give an overview of how e-invoicing works. 

Electronic invoicing refers to the digital exchange of invoices between businesses. Businesses do not have to go extra and beyond their current business practices. Only one thing which is required from the enterprise is to integrate their invoices with the accounting software or ERP to create and issue an invoice. 

Then the software will make sure the successful registration of the invoices on the Invoice Registration Portal. A digitally signed invoice is sent with a QR code to the supplier. The software automatically recognizes and reads all the necessary information. Different businesses need to have accounting software that helps them in all the processing systems quickly and easily. 

Need any help with accounting software for your business? Don't worry, Ola Books, have your business sorted out with the best accounting software. Don't waste any time and subscribe to Ola Books right now! 

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BUSTING COMMON MYTHS ABOUT E-INVOICING

When a new technology comes and takes over the market, it is common for misconceptions to rouse. Similarly, this is the case with e-invoicing. We'll put some light on the common myths regarding e-invoicing.

E-invoicing is costly:

The false notion of e-invoicing being high priced has made many enterprises reluctant to shift to e-invoicing. Whereas the case is the opposite, e-invoicing is highly cost-effective. It helps in reducing enterprises' everyday junk costs.  

E-invoicing means E-mail invoicing:

It is the biggest misconception that businesses have come across about invoicing. Most of the time people, tend to think that sending invoices through e-mail is merely the function of e-invoicing. The shift from printing and sending invoices through the post to digitally sending through e-mail is e-invoicing. However, the PDF format invoices are not e-invoices. E-invoices are structured, formal, and reliable. 

Small businesses cannot benefit from e-invoicing:

In actuality, small businesses are the ones that can benefit from e-invoicing the most. Here's the reason because most of the time, small businesses are at their initial stages, and they don't have much budget to cover all their operations. They can overcome this problem by utilizing e-invoicing to work efficiently and simultaneously adding value to the business. 

E-invoicing is a complex system:

Typically, businesses do not go for newer technologies because they think they might be hard to adapt. The hesitation of shifting to advance technologies pulls companies backward. Regardless, e-invoicing stands out in the business community because of numerous good reasons. E-invoicing is giving a direction to many businesses to get their hands down on a productive work environment. 

E-invoices issued through the GST portal:

The transactions of e-invoice is a simple Business to Business process. E-invoices would now require an Invoice reference number to get it compliant. It also facilitates Sales Tax, International Trade regulations, and Corporate Law Tax. 

If there is any further information you want to know about E-invoicing and accounting software, head towards our website and subscribe to Ola Books.  

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Why is e-invoicing beneficial for your business?

Businesses that adopt advanced technologies are more likely to thrive in the long run because of the rapid response to modern techniques and innovation. Many questions need to be taken into account while adopting advanced technology, but most importantly, you begin to think about the values it must provide to you and your business. It is not an easy task to run a business, especially in this tech-savvy world. Let's dig into some commercial benefits of moving from pen and paper invoicing to efficient e-invoicing that would make headway for your business.

E-invoicing has made a tremendous impact in the business world. It has transformed the ways a business works. Now the relationship between a firm and the client is smooth and automated with no manual intervention.  Hence, the risk of human errors is no longer an issue. Also, it offers businesses to better integrate with their customers. The corporates that are using e-invoicing productively are also leading towards optimized working capital management. Real-time invoice reporting has made ease in the business community and also mitigated the delay of payments. E-invoicing has simplified the approach by creating a tracking path that allows the invoices to be fully automated and enhances the efficiency of the whole cash handling system of a business as well. The clear visibility of receivables has made it easy for the vendors to know if the invoice has been delivered, viewed, queried, and approved or not. It also improves the transparency of handling and tracking the transactions, which ultimately boosts the efficacy of your business.                                                                                                                       

The process of e-invoicing also provides a timely and accurate assessment of accounts receivables and payables, which could be helpful to provide an extensive overview of the future cash flows. As a consequence, it could improve the spending of a business into something worthwhile. 

Well, other than these factors, the high reliance on traditional ways of invoicing has made businesses suffer due to the increase in overall operational costs but implementing new means of digitalization has given a green signal to the enterprise. Companies that are quick to go in for electronically derived payments are likely to get a positive return on investment. 

Last but not least, once your business is into e-invoicing, there is a high probability of growth and development for your business. It may open many doors to opportunities in this era of digitalization. 

At Ola Books, we strongly recommend you shift to our accounting software. Build a direct relationship with your client and run your business payments smoothly at your ease. Take a step forward and subscribe to Ola Books for more updates.

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CHALLENGES FACED IN TRADITIONAL INVOICING

You must have thought the essentials for starting a business is that one should have enough or adequate resources, a reasonable business model, buying customers, and many more. But have you ever wondered how you could keep track of your records? And where can you keep the financial history of your business? Therefore, invoices are a necessary part of a business to keep it going. A legal document that's given to the buyer from the seller to collect the payment. Basically, for all the record-keeping purposes. 

But generating an invoice is not at all an easy task to do, especially when your business is a successful one and the daily number of sales is numerous. The most shocking part is that most businesses around the globe still use the obsolete way of generating an invoice that involves labor-intensive and time-consuming work. This conventional way of invoicing has its flaws, so in this blog, we're going to look into some challenges faced in traditional invoicing. 

1- Labor and time-intensive: 

As briefly discussed above, the manual processing of creating invoices is labor-intensive. Not only this, manually inputting and verifying invoices is also a very time-intensive task. And if the firm has a daily range of sales, then this becomes hectic for staff to manage those all invoices. 

2- Lack of accuracy: 

Man is the statue of mistakes. It is inherent in a human being to make mistakes. This phrase applies right when we talk about manually entering data because there must be incorrect or missing data. Too many invoices of different formats can also cause data errors. That could lead to wasting more time for authentication purposes and causing potential financial or data loss for your business. 

3- Insufficient storage: 

As paper invoicing is a difficult task to input, but even more hard is to store these paper invoices in a place where there is no chance of data loss. Bookkeeping the financial history or records of a business is essential to keep track. Most of the time, data loss is due to insufficient storage and incompetent data monitoring. 

4- Cost-intensive:

You might as well think, traditional invoicing can cost you more operational costs, that's right. Traditional invoicing means more use of paper, a printer, and resources which consequently adds up to the running costs of your business. Simultaneously, making it affect the overall performance and productivity of your business environment.

It is high time for businesses to take a stand for their well-being if they are making these invoicing mistakes because to survive in the future, shifting from traditional invoicing to e-invoicing would be a wise move. 

Ola Books is the perfect e-invoicing software to match your business needs. So, subscribe to Ola Books and improve your client relationship and administrate a promising and profitable company. 

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TRADITIONAL VS E-INVOICING

The world of business is constantly evolving and, every day, we tend to see new digital innovations. They transform businesses to the extent where they can earn huge profits and grab more attention simultaneously, making the time count, reducing the everyday operational costs, and stimulating productivity. 

People like to keep up with the trends. The same goes for the business world. Businesses need to adopt new technological trends to enhance their functions. In this blog, we are going to identify why e-invoicing has become a new trend in the business world and why traditional invoicing has become an outdated process.

E-INVOICING:

In today's world, where people are going towards sustainability and a better eco-system, the business community has also played its role in introducing e-invoicing. It is an electronic-derived invoice in a structured format such as Electronic Data Interchange (EDI) or XML formats. Also, it manages to replace manual tasks automatically and electronically. Furthermore, transfer your invoice to the client in a short period. 

One of the biggest reasons to switch to e-invoicing is its assistance towards the customer experience. Offering feasible and innovative procedures in businesses help retain customers, as stated by Customer Experience Management (CEM). The results

prove that e-invoicing enhances and optimizes the customer experiences as it is easily accessible, not disposed to human errors, and comprehensible. Apart from this, the benefits of e-invoicing also include the Return of Investment and, this needs to get highlighted. It eliminates the cost of invoicing, such as the costs of the labor force, printing, filing documents, etc. Thus, making businesses gain more profits. E-invoicing has simplified the payment system by making it end-to-end automated, scheduling the payment dates, which results in ease for your business and, as well as vendor.

Other than the explicit benefits of e-invoicing, it also has subtle benefits for making your business and world better and progressive. Businesses shifting to e-invoicing can help save so many trees from being cut down. E-invoicing is helping to make the ecosystem more friendly, simultaneously, saving your work and energy.

Moreover, it shortens the span of sending the invoice as you can instantly share the invoice with your customer or client but, you can also make an edit in the invoice saving you so much time to do other productive tasks. 

TRADITIONAL INVOICING:

They say old is gold but, sometimes old procedures or methods become outdated, and a change is necessary to keep up with the world. In the business community, the same goes for traditional invoicing. When talking about invoicing, we always think about the regular ways of printing a paper and making a bill. But have you ever considered the thought of how many cons it might have? 

First of all, the traditional way of manually handling invoices can be very time-consuming, and the chances of errors are also high. Consequently, these errors or faults can jeopardize the name of your company. Traditional invoicing can also reduce the productivity level of your staff, as sending invoices can be a staff-intensive procedure. Instead, why not make your people do something more productive and profit-gaining tasks. Considering another most crucial factor which is how much traditional invoicing is harming our environment. Over 30% of prints are read and thrown away shortly afterward, which wastes paper and money. It simply makes your money go down the drain and, just as many trees are cut down for no good reason. Last but not least are the operational costs while generating the invoices in traditional ways. This process does not eliminate the costs, yet it does eliminate the efficiency of your business. These include all the costs of paper, ink, and printer maintenance. 

Do you know e-invoicing can save up to 70 to 80% of paper wastage and, it is also 70% less costly than traditional invoicing. E-invoicing is a huge step forward for making this environment sustainable and a better place to live. Furthermore, it drives your business to stand out in means of gains and being a responsible business. So better not waste any time and make a wise decision upon shifting to e-invoicing to make your business thrive in the long run. Also, businesses play a huge role in impacting the environment, that’s why e-invoicing software like Ola Books are revolutionizing the traditional invoicing system, and being a responsible business is taking a step forward to be Greener. Go and subscribe to get your hands down on the first editions of Ola Books. It is a very simple process; you just have to type your email and name to subscribe to Ola Books.