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Spendworks Definitions
 
Definitions to Keep You Up to Date on the Latest Spendworks Technologies

ePayables
ePayables is a form of electronic invoice presentment and payment (EIPP), Accounts Payable automation that addresses elements of invoice workflow by streamlining the routing, coding, approval, and validation processes. ePayable systems create efficient invoice processes that improves worker accuracy and productivity and leads to a reduction in process costs.

To derive the most value from an ePayable system, it should be integrated with an ERP application or other back-office system such as accounting, purchasing, or order management program.

eInvoice
An eInvoice is an electronic transaction document that contains billing information in an electronic format. An eInvoice may be processed within an electronic invoice presentment and payment (EIPP) workflow system or may be uploaded directly into a user’s ERP or accounting system. Standard types of workflow performed on an eInvoice include verification, coding, routing, and approval. By using eInvoices companies eliminate manual data entry, facilitate faster payments to their vendors, and track invoices more easily.

          The eInvoicing Process
          eInvoicing provides sellers with a method to submit           invoices electronically to their customers. The most           effective eInvoice programs connect the seller’s           accounts receivable operations with their           customer’s accounts payable operations. In a           typical scenario, the buyer purchases goods or           services and the seller submits an eInvoice to the           buyer's EIPP system. The buyer then examines and           verifies the accuracy of the invoice, codes, and           routes it for payment approval.

          eInvoicing Types
          EDI - Also known as Electronic Data Interchange,           is an electronic transfer of data from computer to           computer using an agreed structured format that           can be generated and read by a computer and           processed automatically.

          XML - Also known as extensible mark-up language,           XML is a widely accepted way of sharing           information over the Internet in a way that           computers can use, regardless of their operating           system.

          Webforms - Allow users to enter data that is           typically sent to a web server for processing.

EIPP
EIPP is also known as Electronic Invoice Presentment and Payment. It is a digital form of business-to-business billing and payment.

Click here for more information on how you can improve your invoicing process with Spendworks, or email us at info@transzap.com.