Research carried out by Billentis in 2014 showed that switching from traditional paper invoices to electronic invoices made businesses a saving of 59%.
Both the seller and the buyer should check that the information included in the invoice is correct. The letters E&OE are often included at the end of an invoice. This means ‘errors and omissions excepted’ and gives the seller the right to correct any errors found on the document.
Example
Zone Fitness did not pay cash with order (CWO) or cash on delivery (COD). It receives an invoice for the goods. The invoice includes the discount terms, VAT and the total price of the goods purchased. Zone Fitness checks the invoice to make sure the correct goods and prices are listed and all calculations are correct. The finance manager of Zone Fitness organises a bank transfer payment of €20,172 to Gym Supply.
