Electronic invoicing (e-invoicing) is essentially the sharing of digital version of the invoice document between a seller or a supplier and a buyer in an electronic billing format. E-invoicing reduces invoice processing cycle time and boosts supplier participation while improving spend visibility. It also optimizes cash flow.
Advanced invoice management systems drastically cut down complexity by automating invoice handling processes such as validation, matching and reconciliation. These systems enable enterprises to digitize existing paper invoices and feed them into the system. These systems also enable suppliers to submit invoices intelligent supplier portals.
However, the best-in-class invoice management system is not a standalone entity but is unified. GEP SMART™ is a unified source-to-pay platform has the capability to store all the data – from contracts to purchase orders to invoices and payments – in one place. The unified system can automatically capture payment terms, thereby improving cash flow and open additional savings opportunities.