Electronic invoicing is changing the game
What it means for your business
Paper invoices have traditionally dominated the business landscape, despite the rise of the internet, computers and email resulting in most other written communication now being electronic.
The UK tax body, HMRC, is now advocating the use of electronic invoicing, too, and it's easy to see why.
What is it and why you should use it
HMRC defines electronic invoicing (EI) as "the transmission and/or storage of invoices in an electronic format without duplicate paper documents." This may be in a structured format such as XML or unstructured, such as PDF.
Here are just some of the benefits:
- Improved traceability of orders – reduces possibility of disputes
- Decreased reliance on paper – reducing storage and handling costs
- Rapid access/retrieval – saves time searching for paper invoices, which may have been lost or misplaced
- Improved cashflow – invoices can be paid quicker
- Security/easier dispute handling – better customer service for and from you
HMRC recognizes the benefits of EI, but many small/medium-sized businesses still don't and rely heavily on paper. There are many possible reasons for this: inertia, unawareness of EI options or fear of change. But the benefits listed above are available to you and your organization, if you know where to look.
Electronic Invoicing with Zetadocs for NAV is one potential solution. Zetadocs allows you to send and capture documents electronically, all from within Microsoft Dynamics NAV. You can schedule and deliver personalized batches of invoices, while incoming orders, related files and emails can be dragged and dropped into appropriate NAV records and archived into a secure, centralized location. This can be accessed instantly by anyone with permission within your organization.
This archiving allows your customer service team to access invoices which may have been queried or in dispute, speeding up payment and improving credit control. In addition, direct costs such as paper, consumables and postage are significantly reduced, while time is saved through reduced reliance on printing, collating, packaging, posting and filing invoices.
Zetadocs complies with HMRC’s requirements for issuing, receiving and/or storage of electronic invoices. If you would like to learn more about our EI solution to discover how it could specifically benefit your business, why not get in touch with us. You can email firstname.lastname@example.org or call us on +44 (0)207 203 4001.
Don't get left behind – improve your invoicing processes and follow HMRC's advice by switching to electronic invoicing.