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Why do organisations make the switch to e-invoicing?




E-invoicing Basics

What is e-invoicing?

Electronic invoicing or e-invoicing as it is commonly known as  is an alternative means in which suppliers and buyers can send, receive, view, manage and store invoices in an electronic format, through a cloud platform. The technology used to carry out e-invoicing has allowed organisations across the globe to improve office efficiency, streamline invoicing process and to lower costs.
Simply put it’s all about replacing your paper-based invoices with electronic ones.

 

E-invoice characteristics

  • An invoice manually created within an online form through a web portal such as OnePosting.com
  • Data extracted from accounting software and securely uploaded to the cloud using a web portal such as OnePosting.com
  • An invoice created through EDI (electronic Data Interchange) or XML formats

Platforms that do not constitute an e-invoice

  • Scanned paper invoices that are sent through an email, which are then downloaded to recipient’s accounts system using OCR technology  (Optical Character Recognition)
  • Faxed invoices
  • Emailed PDF invoices