Compliant B2B Electronic Invoicing - Connect with Global E-Invoice Users.
Instead of sending out paper invoices in the mail,
Electronic Invoicing (or E-invoicing) is the exchange of electronic
invoices and credit memos from
suppliers via the Internet, rather than paper invoices coming through regular mail, through an Electronic Data Interchange (EDI) network, or other
dedicated network. EDI refers to the structured transmission of data between organizations by electronic means.
It is used to transfer electronic documents from one computer system to another (i.e. from one trading partner to another trading partner).
It is more than mere E-mail. For instance, organizations might replace bills of lading and even checks with appropriate EDI messages.
It also refers specifically to a family of standards, including the X12 series. However, EDI also exhibits its pre-Internet roots,
and the standards tend to focus on ASCII (American Standard Code for Information Interchange)-formatted single messages rather than
the whole sequence of conditions and exchanges that make up an inter-organization business process.
This technology is transforming the world of commerce. EDI and other similar technologies save a
company money by providing an alternative to, or replacing information flows that require a great deal of human interaction and materials such as
paper documents, meetings, faxes, etc. Even when paper documents are maintained in parallel with EDI exchange, e.g. printed shipping manifests,
electronic exchange and the use of data from that exchange reduces the handling costs of sorting, distributing, organizing, and searching paper
documents. EDI and similar technologies allow a company to take advantage of the benefits of storing and manipulating data electronically without
the cost of manual entry. Another advantage of EDI is reduced errors, such as shipping and billing errors, because EDI eliminates the need to
rekey documents on the destination side. One very important advantage of EDI over paper documents is the speed in which the trading partner
receives and incorporates the information into their system thus greatly reducing cycle times. For this reason, EDI can be an important
component of just-in-time production systems.
A user-friendly website and a calculated internet marketing campaign has the capacity to level the playing field and make it easier for your small
businesses to compete with the big guys of the global marketplace of the Internet. Technology is capable of making more mundane tasks like
billing and invoicing easier. They call it EIP
(Electronic Invoicing and Payment) and if it's the right fit for your business, it could save you time, money, and the headaches that come with
managing a paper invoicing system.
An Invoice Delivery Service (IDS) can significantly improve and expand support for electronic invoicing and
lower the bar to achieving true global business process automation. The aim is to deliver solutions that automate supply chain processes and complement
practical benefits to both buyers and suppliers, such as the ability to lower accounting costs, improve regulatory compliance and extend the value of
existing accounting system and ERP investments. In addition, customers can better integrate their global invoicing processes with other business
functions, such as such as order processing, sales forecasts and managing payments and cash flow. Such a global B2B e-commerce and integration platform
supports the creation and adoption of on-demand supply chain management solutions for companies of any size.
Compliant B2B Electronic Invoicing and e-commerce solutions
enable businesses to send or receive invoices and other electronic documents without having to agree on formats,
file specifications or communication methods, thereby increasing the efficiency and effectiveness of the invoice-to-pay process. Through these
professional services, customers can conduct e-invoicing that is compliant with international taxation regulations. Business investments in
enterprise resource planning (ERP) systems ensure high-quality information flows throughout the extended supply chain that enables customers
to exchange goods and services, gain visibility into global logistics operations and to synchronize product data.
The EU DIRECTIVE 2001/115/EC, which governs the electronic invoicing process in Europe, requires any company invoicing companies in the
EU to comply with specific e-Invoicing standards, which include definitions of the types of data that invoices must include and storage
requirements for auditing purposes. Compounded by country-specific requirements, diferences in languages and often currencies,
the e-Invoicing process in Europe is highly complex. The regulations ensure that invoices are appropriately processed and properly
stored for future access.
Through Compliant B2B Electronic Invoicing services, companies can become compliant with global regulations quickly and easily, without having to
undertake a costly compliance process themselves, potentially giving subscribers a competitive edge. This enables B2B customers to easily adjust to
changing regulatory environments, while also bringing them one step closer to global business process
automation. Companies around the world are able to reduce errors in the order-to-cash process and speed payment cycles.
