And for large companies that process lots of invoices
in any given year, that can yield a substantial savings -- nearly $2 billion a year in the case of General Electric Co.
But now, during the VAT era, a seller needs to ensure that these invoice
numbers are sequentially mentioned, so that no number is missing or untraceable.
Furthermore, network services like the Basware Portal provide a secure, easy to use e-invoice
channel designed for companies who have no capabilities or invoice
processing systems to receive e- invoices
Direct Insite's Invoices
On- Line (IOL) suite simplifies AP and AR processes such as: electronic invoice
distribution and submission; purchase order submission, distribution and acknowledgement, invoice
processing and validation, line-item matching, approval routing, invoice
consolidation, dispute management,e- payment processing, and reporting and analysis.
Once the invoice
has been settled, you put the payment into a trust bank account and inform the invoice
Cost savings of 44 percent in the accounts receivable (AR) departments, where manually-processed invoices
cost on average $4 per invoice
and fully-automated invoices
Paper and electronic invoices
will be treated equally, which will allow businesses to move to a 100% e-invoicing system.
Currently, the VAFSC must perform a security check on each invoice
as it arrives by mail, slowing the process considerably.
If all orders are fulfilled correctly and billed accurately, the customer has no good reason to delay or short-pay an invoice
, and disputes should be prevented.