The global rise of e-invoicing adoption is shaping up to be one of the most transformative forces impacting the way organisations, including accounting firms, interact and conduct business.E-invoicing is the electronic exchange of invoices between businesses, and it offers a number of benefits for accountants.
The Rise of E-invoicing
Currently, over 50,000 organisations are part of the Peppol E-invoicing network (InvoiceNow), and this number is steadily growing. This widespread adoption of e-invoicing underscores its immense benefits and highlights its potential to revolutionise the accounting services industry.
Benefits of E-invoicing for Accounting firms
- Security: E-invoicing is a secure way to exchange invoices electronically through the Peppol network (InvoiceNow).
- Save time and cost: As per IMDA, e-invoicing can increase on-time payments from 45% to 92%, effectively reducing delays and improving cash flow. A single transcription error can cause delays in processing and payment, potentially costing up to $72 to correct. By eliminating the need for manual data entry, e-invoicing significantly reduces the risk of these costly errors.
- Accelerated payment cycles: E-invoicing can accelerate payment cycles by up to 3 times. Paper and PDF based invoicing methods frequently lead to delayed payments, further burdening already strained the workforce of accounting firms.
- Improved efficiency: E-invoicing streamlines the entire invoicing process, from creation to payment. This frees up accountants’ time to focus on more value-added tasks, such as analysis and reporting.
- Enhanced client experience: E-invoicing can improve client experience by making it easier for them to access, review and pay for their invoices.
- Scalability: E-invoicing can scale to handle large volumes of invoices with no delays.
Embracing the Digital Transformation
E-invoicing empowers accounting firms to embrace the digital era, transforming their traditional processes into an efficient, accurate and compliant system. By embracing e-invoicing, accountants can not only enhance their own productivity but also contribute to the success of their businesses. As the adoption of e-invoicing continues to expand, accountants who embrace this digital transformation will be well-positioned to thrive in the evolving business landscape.
Interested in Adopting E-invoicing at your Accounting Firm?
If you are in the market to discover the advantages of electronic invoicing (or otherwise e-invoicing) for your accounting firm, we are happy to help!
With a wealth of experience in InvoiceNow eInvoicing services within Singapore, LinkFor can provide your organisation a customised solution that aligns with your business needs. Discover more about LinkFor E-invoicing services at www.linkfor.asia.
Footnote: In this article, “e-invoicing” is used interchangeably to refer to electronic invoicing.
