e-Invoicing is a very important development, especially for micro businesses and small businesses. As leaders in the micro business software & services sector we decided to join UK’s national forum to help shape the future of micro business in the UK.
Why is e-Invoicing important for micro business & small business? Some of the benefits are:
1. Electronic internet transmission of invoices between companies – this will allow for faster processing of invoices on the buyer side and this in turn will enable faster payment of invoices in the future helping your cash-flow.
2. Know when your invoice has been approved – as with email, where you can see when someone has opened and read your email, you will be able to see when your invoice has been approved for payment or if there is a problem. In which case you can intervene, resolve the issues and get paid.
3. Use your buyer as a form of finance – this is by far the most important part of this initiative – once your buyer has approved your invoice you can either offer extra discount to your buyer to get paid NOW or your bank can give you a lower interest overdraft on the strength of your buyers reputation. This could be a mayor source of future finance so urgently needed by many micro and small businesses.
We hope that we and the UK e-Invoicing Advocacy Group will be able to bring you these benefits ASAP, as we believe these to be of great help to you our customers in enabling much better cash-flow for your business in the future.