Digitalising: what it means for business, and the environment.
World environment day was last week and as we paused to acknowledge the impact of our presence, it is good to not only understand but to truly appreciate the ability to conduct business, electronically. Sajith Silva and Imtiaz Ariff of Creative Software have shared some useful insights to heighten awareness of e-invoicing and the workings and benefits to business, especially now.
So what is e-invoicing you may ask. e-invoicing solution allows digitalising and streamlining operations to let any business partner connect with you, from anywhere in the world. It is universally adaptable, independent of industry, transaction volume, company size, ERP system used, and more.
A genuine electronic invoice or “e-invoice” is one that is issued, received, and processed electronically. It is digital from its creation in the issuer’s system, until it is received, processed, and archived by the recipient, in theirs.
It can ensure local VAT and other tax compliance, enabling a one-vendor strategy for the company on a global level. A good e-invoice solution can offer a number of value-added services to make the most of their e-flow, regardless of the counterparts’ possibilities to process documents electronically and to ensure legal compliance.
We are eighteen months into this pandemic, and it is still not business as usual. Remote work and uncertainty in returning to work are very real operational decisions businesses are grappling with.
Imtiaz Ariff, Manager-Quality Assurance at Creative Software said “e-invoices provide high data quality and security. It allows real-time delivery and processing as well as touchless operations, which is important in current times”.
Speaking more on why businesses should consider e-invoicing, Imtiaz said “Their traceability is higher than a paper-based invoice; they allow for better cash flow, lower sales outstanding, high Return On Investment (ROI) and reduce the carbon footprint by eliminating the need for paper”.
e-invoices are immediately accessible on a company’s system and can be routed and approved much faster. Consequently, payment cycles are shortened, and payments done on time, which improves cash flow for suppliers.
Sajith Silva, Solution Architect at Creative highlighted; “faster processing, reduced payment issues and the ability to provide a high level of customer service, resulting in a higher rate of customer retention!”
The benefits to businesses are undeniable. To put it simply, e-invoicing improves efficiency, reduces cost, and keeps the customers happy. Equally important is to grasp the intangible benefits on the environment, of reduced printing, storage, processing, and delivery of paper invoices.
It is not surprising to see that more and more countries adopt this strategy and mandatory legislations are considered by governments to facilitate conducting business this way. For over two decades, Creative Software has been the partner of choice for international clients by building and managing high-performing and dedicated teams of software professionals working across a wide range of industries, including transportation, healthcare, finance, hospitality, telecommunications, enterprise search, customer experience, mobile workforce, eCommerce, and eLearning.