TAKE PAPER OUT OF THE EQUATION
WITH WEB3 eINVOICING
The cost of manually processing a single paper invoice is estimated at anywhere between £30 and £50, with 25% of accounts payable (AP) time lost to resolving problems related to manual invoice handling. For organisations still relying on paper invoices and processing, that’s a lot of time and money wasted. With web3 eInvoicing your AP team can be freed from manual error-prone invoice handling, releasing bandwidth and allowing you to truly leverage the power of your finance team.
The Wax Digital Difference
e INVOICING BENEFITS AT A GLANCE
What is eInvoicing
New to the term eInvoicing, also known as electronic invoicing, or need to refresh your memory? Here’s our explanation of how it system works.
eInvoicing, also known as electronic invoicing, is a business to business practice that refers to the automation of invoicing processes. There are a variety of ways to perform this including direct integration into the buyer’s finance system, with commonly used formats such as Electronic Data Interchange (EDI), XML and CSV, or alternatively via a dedicated portal where suppliers can key in or upload invoice data directly. Some eInvoicing systems can also read information from email attachments. Whilst these processes have obvious environmental benefits, they also provide a rapid return on investment by streamlining the invoice management process. It eliminates paper invoices and the associated error prone, inefficient manual tasks such as manually re-keying data from the invoice into the buying organisation’s purchasing or finance system.
eInvoicing system – how it works
P2P processing accounts for nearly one third of the overall cost of finance and procurement operations, and we can help you improve administrative efficiencies and reduce such cost by as much as 80%.
More ways we can help
Integrated Source to Pay
Maximise efficiencies, savings and spend compliance throughout the entire procurement lifecycle while integrating seamlessly with back-office, finance and ERP systems.
Source to Contract
Our powerful platform that’s built to deliver strategic sourcing success, including eTenders and eAuctions, Contract Management and Savings Tracker.
Supplier Information Management
Our online hub allows suppliers to self-serve with onboarding information, and submit mandatory certifications and documentation. Supported by automated milestone and alert management.