E-Billing v/s E-Invoicing
Electronic invoicing is a form of electronic billing but there exists a thin line of difference between these two.
E-invoicing has a smaller role to play when it comes to business as compared to e-billing. E-invoicing methods are used by trading partners, such as customers and their suppliers, to present and monitor transactional documents between one another and ensure the terms of their trading agreements are being met. E-billing, short for electronic billing, is simply the process of paying and receiving bills online. Bills or invoices are generated digitally by computers and POS software applications. E-billing is not only the generation of e-bills but also the system that allows these bills to be paid electronically. An e-bill is usually generated by an accounting or financial software solution and then sent to the payer by email or a web-based portal. When one talks about e-billing he/she refers to sending of electronic bills, typically only found in a B2C context. It is also used as an umbrella term, into which e-invoices sits as a specific type of e-bill. e-invoicing is the sending or receiving of electronic invoices, primarily in a B2B smaller context.
WHAT IS E-BILLING?
E-billing, short for electronic billing, is simply the process of receiving bills online. E-billing is the generation of e-bills. An e-bill is usually generated by an accounting or financial software solution and then sent to the payer by email or a web-based portal. This e-Billing and e-payment portal usually allows the payer to access copies of their e-bills and manage or update information.
BENEFITS OF E-BILLING
Electronic billing improves efficiency and saves time while also reducing error rates. Historically, bills have been delivered through the mail. The process of data entry and bill-generation, putting bills in envelopes, mailing those envelopes, and then waiting for them to be received is a very time-consuming and labour-intensive process.
While time-saving is a major benefit, the reduction of manual labour on monotonous tasks allows finance employees to focus their time on more strategic activities. The shift from paper-based to electronic bills also inherently creates better organization and results in fewer errors.
E-bills are also very cost-effective and can easily save huge printing costs. When it comes to the integration part, the digital billing software gets integrated in less than 10 minutes. There is one such company which does this and is best at it. The company is BillMe.
WHAT IS E-INVOICING?
E-invoicing includes a number of different technologies and entry options and is used as an umbrella term to describe any method by which an invoice is electronically presented to a customer for payment.
The main objective of “Invoicing” is to ensure all outstanding invoices from its suppliers are approved, processed, and paid. Processing an invoice includes recording important data from the invoice and feeding it into the company’s financial or bookkeeping systems. After the feed is accomplished, the invoices must go through the company’s business process to be paid. To enable e-invoicing, there must be an existing method of viewing the transactions, typically an ERP (Enterprise Resource Planning) or accounting system. Routing and rules must be established in a project specification.
If we put the above perspectives into application, it resembles BillMe in many ways. BillMe obviously makes your life easier through electronic billing which saves both your time and money.
For a fact this is applicable to both B2B and B2C contexts. This is adjourned through better Consumer and billing analytics for businesses and simplified billing for the customers. Quite a bit of platform isn’t it? BillMe takes feedbacking seriously, thus helping the clients in a way that will enhance their capabilities. An electronic bill makes sure that the records are safely intact and can be easily accessible for both the parties customers and businesses for efficient business experience. BillMe creates a win-win situation for businesses and consumers through the following activities –
- Increased sales through analytics such as advertisements, promotional SMS, and feedback for businesses.
- Saving the usual rush of paper bills and providing all bills at one safe house — The BillMe app.
- Added value for clients’ businesses through partnering.
- Easing the billing/invoicing experience.
- Inculcating green business attributes to business as it can help them save almost 1660 trees every year and the paper that comes from that as well.