In times like this, where the businesses are going global, companies are looking for effective ways for billing and accounting process. E-invoicing provides amazing benefits and solutions to everyday challenges of business in terms of taxes, payments, reports, compliance, etc.
E-invoicing is nothing but an electronic form of an invoice. Being part of the electronic billing process, e-invoicing or online invoicing makes it easier for all the parties involved and even for the resources to access and process billing records via email. Moreover, you can be sure of quicker approval, faster payments and even instant rectification of any errors in the invoices. This, in turn, saves time and cost of paper, printing, and postage.
There are many companies offering professional invoice services and one-stop solution for all your invoicing needs. Below listed are the latest E-invoicing trends that will help your business work with more efficiency and necessary invoicing tools to keep in mind while preferring the best invoice generator.
Automation of invoicing and billing process makes E-invoicing a preferred choice as compared to traditional invoicing methods. It simplifies the process and requires fewer resources to manage billing and accounting. This leads to faster payments and maintains easy cash flow for the business.
Receiving initial payments on time concludes to avoid chasing late payments via phone, emails, etc and sending second invoices with late payment and surcharges. E-invoices eliminates all these situations. Automation also helps in reducing time to correct the mistakes in invoices and are generally more secured against any fraud. Most of these E-invoicing or online invoicing platforms offers robust security with SSL (Secure Sockets Layers) encryption which provides an additional layer of security to the invoices.
2) Invoicing Apps
As E-invoicing is grappling the moment in this digital era and most of the companies are into transitioning to adopt this, mobile invoicing is also trending. Online invoicing apps allows accessing all the cutting-edge features anywhere, anytime.
3) Adopting To Cloud-based Structure
More and more offices are adopting to cloud-based architecture not only for invoicing but for all the other office systems. E-invoicing via cloud-based software or SaaS (Software as a Service) will help user access invoicing data even while they are on the go. The cloud-based invoicing software allows the user to manage and accomplish daily invoicing needs even from outside of the office such as recurring payments, estimate and purchase order, tracking time and expenses, etc.
4) Big Data
Large organizations dealing with huge data and up to some extent, even tax authorities are showing a keen interest in big data. Big data allows institutions and organizations to manage data easily and make the most of the invoice data. It leads to better invoice management and reduces tax error and fraud. Big data also helps in understanding consumer pattern and key insights into the user behavior.
5) Blockchain Integration
The blockchain is the process of recording every transaction that occurs via bitcoin or any other cryptocurrency. Many industry sectors have already started taking advantage of blockchain as it eliminates the need of the third party and makes the transaction process more speedy and secure. Majorly, banking and financial institutions are the ones that could benefit most out of it and applying same to invoicing.
6) Single Entity Platform
With so many features & functionalities that contribute to the benefits of using E-invoices adding to improving accuracy, costs, and speed of the invoicing process, a unified platform can actually bring a lot to the table of the invoicing world! This trend is adopted by many businesses to move towards online invoicing and in near future will be able to merge the markets into a single entity platform for invoicing. It has already started with a few big vendors from the industry joining the move towards enlarging the E-Invoicing platform.
Moon Invoice always lets you know beforehand about invoices & expenses becomes overdue. So that you can easily automate payment reminder and get paid on time. Moon Invoice is the easiest online invoicing apps which have simplified payment with multiple options as well as to bill in any currency as per your clients’ needs.