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Some businesses might cling to old practices with their payment processing, even if their vendors are doing everything they can to nudge them to the future whenever they send invoices in. Why to Receive Electronic Invoices Digitally

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data breaches increasing 17% overall to 1,473 that year, according to the San Diego non-profit Identity Theft Resource Center.įor this reason, any business that accepts electronic invoices will want to have controls in place, the kind that can come from having invoice processing software designed with maximum controls and security features in mind. On the down side, electronic invoices can present security concerns with “287 data breaches in 2019 involving payment card and other types of data such as email addresses and other personal information” and U.S. And the invoice is also likely to process quicker, not needing to be scanned once it arrives. There isn’t any tedious wait for an invoice to arrive via snail mail. The electronic invoice and payment process can move quicker, though, for multiple reasons. It can cost as much as $40 to process a single invoice, with weeks and sometimes months needed for approval with paper invoices.

That said, AP departments with good accounts payable automation software needn’t worry how an electronic invoice reaches them, because best-in-breed AP automation software can adapt. It’s also better for accounts payable departments on the receiving end. The advantage of using paid software to send invoices, rather than just crunching out something through Google Drive, is that it can integrate with bookkeeping and bill payment, offering greater functionality in general. Of course, free solutions have their limitations, so some vendors might look to different paid solutions, with the right one depending on whether they’re a freelancer, small business, or major corporation. Vendors can simply email invoices to their customers.

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The invoice can then be emailed over, still within Google Drive, as a PDF attachment. It doesn’t even have to cost your vendor anything to do it.Ĭreating an electronic invoice can be as simple as opening a blank spreadsheet in Google Drive, filling in a few data fields to signify goods or services provided, the amount owed for them, and when payment is due. These days, sending an electronic invoice doesn’t have to be anything too sophisticated.

Having a good plan from the start and knowing what to expect before an electronic invoice arrives can help ensure that AP’s work goes smoothly. Not every business has a detailed workflow on what to do every time an invoice arrives in the email inbox of one of its accounts payable representatives.

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With the number of electronic invoices only logical to increase as business gradually continues to trend toward eventual paperless operations, it’s as good a point as any for any business representative who’s held out on learning how to receive, process, and pay electronic invoices to get up to speed.