In this technological day and age, where autonomous vans could be delivering your groceries and you can have a conversation with your smart speaker, it’s no surprise that businesses are increasingly making use of software to integrate with their customers and suppliers. Electronic data interchange provides a more secure and error-proof alternative to traditional means, ensuring consistency and accuracy. Just one example of this is e-invoicing – invoices sent electronically as flat data files between clients’ and suppliers’ accounting systems.
At CMT, an industry-leading program of digitisation is accelerating our journey of making procurement easy for every construction buyer. With solutions such as our unique online procurement portal, supplier-to-site tracking, and AI-based document scanning, e-invoicing is yet another step in streamlining our customers’ processes. Here’s our top five reasons to use e-invoicing:
1) Save time, money and the environment
In every accounts department, manual processing of documents is a strain on resources and can result in hours of work each day. E-invoicing removes this input entirely, and this proves a huge cost saving, by directly placing the data into your accounts payable application with no human intervention.2) Invoice compliance
With e-invoicing, as fields are mapped individually, the data can be easily checked against multiple rules for compliance. This means that for both ends of the transaction, invoice line and header detail will always be consistent and cleansed, and comply with accounting standards.3) Ensure data reliability
Manual input is not only time-consuming and expensive, but also prone to error. With financial transactions particularly, it’s crucial that the detail is correct – and that’s where the strength in e-invoicing lies. As soon as everything is mapped and tested, the data produced from the supplier is the exact figures and details required.4) Scalable and flexible
While the data produced is consistent, the formats it can be provided in are entirely customisable to suit any system requirements. Data can be exchanged in multiple EDI formats, TXT, CSV, XLSX or XML to name a few. CMT can provide any of these formats, and have also partnered with platforms including Tradex and COINS. E-invoicing is also 100% scalable as multiple invoices can be processed in one single transaction.5) It’s free!
There’s no cost to our clients to set up e-invoicing; we can implement the structure and liaise with your technical support team to organise the file transfers. To get started, get in touch with us!
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