What is e-Invoicing?
Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format. Traditionally, invoicing, like any heavily paper-based process, is manually intensive and is prone to human error resulting in increased costs and processing lifecycles for companies.
Since this allows for a number of formats to be employed, it is useful to apply the following guidelines:
- Structured invoice data issued in Electronic Data Interchange (EDI) or XML formats
- Structured invoice data issued using standard Internet-based web forms
Not a true e-Invoice
The following can be considered to be not a true invoice.
- Unstructured invoice data issued in PDF or Word formats
- Paper invoices sent via fax machines
- Scanned paper invoices
The above article from Business lines suggests that e-invoices could become a medium for bank loans.