1. v i e w p o i n t
Three Benefits of EDI Invoicing
Speed
One of the most tangible and readily evident benefits of
EDI invoicing is the speed with which transactions are sent
and received, specifically when compared to alternate
invoicing methods. Paper invoices require the carrier or
vendor to generate or manually key data, print and mail
invoices. Invoices then spend a minimum of one business
day in transit before reaching their intended location, where
they require sorting, scanning, uploading and re-keying.
Email submission is a more expeditious process than paper
invoicing but still requires manual entry upon receipt. Once
submitted, EDI invoices require no manual intervention and
are more readily visible to all parties.
An increase of speed in the invoice submission method
initiates greater efficiency in subsequent processes. Because
EDI invoices are more readily visible, they can be analyzed
and processed in a timelier manner. Streamlining the audit
practice results in quicker access to invoice status by all
parties as well as expedited payment to the billing party.
Accuracy
Electronic invoicing ensures greater accuracy from the
onset of invoicing activity. This accuracy is achieved through
automation, standardization and confirmation. The reduction
of human intervention is the first measure toward ensuring
greater accuracy in the invoicing process. The automation
of EDI invoicing eliminates the need for a second round of
data entry, drastically reducing the potential for human error.
The preservation of the integrity of the invoice data results in
greater accuracy for both auditing and payment purposes.
Standardization in EDI is an additional measure toward
increasing invoice accuracy. With defined criteria for both
content and format, the margin for erroneous records is
diminished. Unique segments are assigned for individual
fields, removing any need for data interpretation. EDI charge
codes are uniform, which ensures consistency in even the
highest of invoice volume.
While automation and standardization increase the accuracy
of the content of an individual or group of invoices, the most
basic element for assurance that a bill is processed for timely
payment is receipt by the responsible party. An invoice sent
via mail or email has the potential to be lost in transit, with
Optimizing efficiency is a fundamental objective within any company’s supply chain. The automation of standard processes
through electronic commerce is a proven method for the achievement of this goal. Electronic Data Interchange (EDI), the
transfer of standardized electronic documents between businesses, is a viable, value-adding solution for streamlining invoicing
practices. The most significant benefits of EDI invoicing for your business include speed, accuracy and cost reduction.
ThreeBenefitsofEDIInvoicing
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2. v i e w p o i n t
Three Benefits of EDI Invoicing
the billing party unaware of the failure of
receipt. EDI invoicing provides a confirmation
of receipt. This confirmation is automatically
generated and sent for both successful
and failed submissions, allowing for timely
resubmission, when necessary.
Cost Reduction
Cost efficiency is a benefit of EDI, which is
interlaced with the advantages of speed and
accuracy. When invoices are received and
processed in a timely manner, additional fees
and late charges are avoided. The minimization
of the risk of human error, afforded by the
automation of EDI invoicing, is directly tied
to a reduction in labor costs. Funds no longer
have to be dedicated to the time-consuming
manual process of keying invoices.
In addition to savings in both billed charges,
fees and labor costs, EDI fosters a paperless
environment, which results in a reduction
of money spent on office supplies. The
implementation of electronic invoicing allows
for the elimination of paper, printing, physical
storage space and postage, which aggregates
to significant savings for your business.
Conclusion
EDI is a process designed to promote
efficiency. Through standardization and
automation, it ensures that organizations
operate with greater speed and accuracy.
Such advancements in speed and accuracy
lend themselves to cost reduction. The
improvements in procedure and price are
proof that EDI can be a beneficial invoicing
practice for your company.
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For more information, please contact
877-684-7700 or info@envistacorp.com.
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