{"id":46185,"date":"2022-03-09T09:48:37","date_gmt":"2022-03-09T09:48:37","guid":{"rendered":"https:\/\/softco.com\/glossary\/ebilling\/"},"modified":"2023-06-07T15:19:19","modified_gmt":"2023-06-07T14:19:19","slug":"ebilling","status":"publish","type":"glossary","link":"https:\/\/softco.com\/ie\/glossary\/ebilling\/","title":{"rendered":"eBilling"},"content":{"rendered":"\n
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Electronic Billing (e-Billing)<\/h1>\n<\/div><\/div>\n\n\n\n
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Electronic billing, also commonly known as e-Billing, is the process that companies often use to receive payments quickly and efficiently. <\/p>\n\n\n\n

Instead of sending paper-based bills, companies can send electronic bills and receive payments directly online. It\u2019s a fantastic way for businesses to save time when processing payments, while also reducing their operational expenditure. <\/p>\n\n\n\n

What Is e-Billing?<\/h2>\n\n\n\n

e-Billing is a process that companies use to receive bills from third parties. For instance, instead of sending a paper-based invoice, companies can send an electronic bill to their debtors, and receive payments online in their accounts.\u00a0<\/strong><\/p>\n\n\n\n

An e-bill can be sent through a portal, or through email. It can also be uploaded as an electronic document, often as a PDF file. This makes it easy for the company\u2019s debtors to first review the bill before they release payment. <\/p>\n\n\n\n

In most cases, e-bills are usually created by financial or accounting software. It is then sent to the payer. The process for e-Billing is fast and efficient, and helps companies save a considerable amount of money when compared with paper-based billing. <\/p>\n\n\n\n

Today, e-Billing is a key component used by accounts receivable as well as accounts payable departments. E-Billing and invoicing makes it easy for such departments to process payments and track receivables and payables.<\/p>\n\n\n\n

What are the Benefits of e-Billing?<\/h2>\n\n\n\n

E-Billing offers a plethora of advantages to businesses, including:<\/p>\n\n\n\n

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  • Faster payment processing through options such as ACH<\/li>\n\n\n\n
  • Options for setting up recurring payments<\/li>\n\n\n\n
  • Lower costs for delivering e-bills than paper-based delivery <\/li>\n\n\n\n
  • A system of record (SOR)<\/li>\n\n\n\n
  • Frees employees to focus on more high-value tasks instead of monotonous payment processing<\/li>\n\n\n\n
  • Reduced risk of errors<\/li>\n\n\n\n
  • Integration with financial systems <\/li>\n\n\n\n
  • Increased process efficiencies <\/li>\n\n\n\n
  • Greater cash flows<\/li>\n\n\n\n
  • Flexible and scalable <\/li>\n\n\n\n
  • Reduced ecological impact <\/li>\n<\/ul>\n\n\n\n

    Traditional billing was highly reliant on paper-based billing and the use of checks. This had its own problems, since there was no official system and storage or retrieval of bills. <\/p>\n\n\n\n

    With e-Billing and invoicing, companies can easily store bills in a centralized repository, and retrieve them whenever required. <\/p>\n\n\n\n

    Difference Between e-Billing and e-Invoicing<\/h2>\n\n\n\n

    While the two are often considered the same, there are some key differences that you should know about. E-Billing is the process of sending bills and offering customers the option to pay as well. <\/p>\n\n\n\n

    On the other hand, e-Invoicing simply refers to sending invoices digitally, but the payment feature isn\u2019t integrated within the system. There are all-in-one payment solutions available, such as AP automation software. <\/p>\n\n\n\n

    What Does an e-Bill Include?<\/h2>\n\n\n\n

    An average e-bill looks very similar to physical bills. In fact, it\u2019s simply a digital representation of a physical bill, often submitted in PDF format. They contain key information including:<\/p>\n\n\n\n

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    • Particulars of goods or services rendered<\/li>\n\n\n\n
    • Date of issue<\/li>\n\n\n\n
    • Amount<\/li>\n\n\n\n
    • Due date for payment<\/li>\n\n\n\n
    • Payment terms<\/li>\n<\/ul>\n\n\n\n

      In most cases, e-bills also contain a link that payers can use to quickly settle the bill. <\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

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