Bits & Pieces That May Interest You

Category: Business

Benefits of E-Invoicing

Electronic invoicing is one of those things you should really consider if not done so already. In a nutshell, it is an easy and very affordable way to improve your entire invoicing process considerably.

e-invoicingIf you are still using traditional invoicing you will likely create your invoices using some type of software, then print them out and mail them to your supplier.

Obviously this takes time. Not only does it take time until the invoice is received. On the other end, once the invoice had been received, your supplier will need to manually transfer your invoice data into their system. In addition to the time it takes to transfer the data, this is also a process prone to errors.

With E-Invoicing you won’t have any of those problems. Let me explain.

First, your invoices are converted into an electronic format (hence the name). This may sound more complicated than it is since this conversion is usually done by a third-party provider. All you need to do is send your invoices to them. Once the invoice is converted into an E invoice it can immediately be dispatched as well. Your supplier receives the invoice immediately into their system without the need to transfer anything from paper invoice.

In addition to the time savings from cutting out the postal mailing process and with the reduced rate for mistakes from manually transferring the data, E invoicing makes the management of your invoice data easier since all information can be kept centrally.

Basically, all the time consuming and error prone steps in the invoicing process can be eliminated if you use electronic invoicing.

Electronic invoicing is attractive for businesses since it comes at minimal costs and doesn’t require any major changes in your existing process. It is in fact the recommended alternative even for those businesses who only use a small or moderate amounts of invoices on a regular basis. For larger businesses, the benefits are of course even more pronounced.

Cutting out all the time-consuming aspects of your invoicing process means that payments can be processed quicker. Consider all those advantages of electronic invoicing. It can make a significant change for business, that is why I highly recommend it.

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UK: More Self-Employed People Than Ever

According to the¬†Office for National Statistics(ONS), the UK’s self-employment is at a 40 year high.

As per the new ONS numbers, today there are 4.6m people in the UK who work for themselves, which is 15% of the total number of employed.

Back in 2008, this number was slightly lower with 13% self-employed in the UK. On the other hand, the average income of self-employed workers had gone down a whopping 22%.

The ONS study also revealed that 1.1m extra people have found employment in the past six years. About two thirds of those people consider themselves as self-employed.

For some experts, the high number of self employed in the UK is a positive sign while others consider it the result of a still weak economy with people forced into “self-employment” due to a lack of jobs.

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