How Can I Use e-Invoices?
How Can I Use e-Invoices?
Here are the basic steps of implementing an e-Invoicing system into your business process:
1. Notify Everyone
The first step in the e-Invoicing process is to communicate with everyone about the changes you will make – including your suppliers, vendors, clients, and other partners. Ensure that they are willing to accept invoices through this method and validate the contact details for each stakeholder. This is important because the system relies on accurate information to issue e-Invoices.
2. Set-Up e-Invoicing
Now, you must verify that the selected e-Invoice format has all the essential information that you need. Here is what you need to look for:
- Transaction details;
- Identification of both buyer and seller;
- Accepted payment method;
- Relevant information regarding taxes and discounts.
3. Create e-Invoices
The entire Accounts Payable process becomes much easier. Now, you must only introduce the details about the recipient, sender, information regarding the item or service, invoice number, and date. The only difference is that all this information eliminates the need for manual paperwork on the other side of the transaction.
4. Delivery
Now, you can finally send your invoice through the means agreed upon with your buyer – which could involve either email or a secure online portal.
Note: The details of creating an e-Invoice might differ depending on your chosen invoicing system.