The introduction of e-invoicing is a topic being discussed since 2000, but even today, a significant number of invoices are still issued in printed format. It is important to convince businesses of the main advantages that render e-invoicing a necessary strategic choice and an undisputed competitive advantage in today’s digital era.
Time and cost savings
It has been estimated that sending a printed invoice bears an average cost of 4 euros. Although it may sound somewhat excessive, if you take into account the process of preparing, printing and mailing every single invoice, you’ll come to realize that this figure is actually realistic.
On the other hand, an electronic invoice costs significantly less, leading (based on relevant studies) to a 60-80% cost reduction, on top of which you should also consider the time you’ll be saving, since you will no longer have to prepare, organize and manage the vast number of invoices that you’re sending to customers. For example, unlike printed invoices that need to be printed and archived, electronic invoices can be automatically uploaded to the cloud.
A win-win solution
E-invoicing offers many advantages both for vendors and customers.
Financial control: By sending electronic invoices, you timely inform your customers to proceed with payments, thus have a complete overview of their activity.
Reminders: Now, you can avoid delayed payments and penalties even easier, as invoices are instantly and successfully delivered, eliminating delays and overdue payments.
It is important to keep your customers happy by improving their overall experience, and ensuring that the payment process is as… painless as possible, will have a significant impact to this effect. Furthermore, a seamless and less stressful customer experience will enable you to build long-term relationships.
Eliminating redundant tasks
E-invoicing automates customer invoice processing, thus it enables your accounting department to focus on critical tasks such as expense management, credit control, and so on. In other words, you’ll be able to shift the focus on tasks that can actually improve your business operations, such as enhancing your products and services, networking and developing high-quality content.
Comprehensive business insights
Unlike printed invoices, e-invoicing offers you greater transparency. You can actually see where your money is going, your revenues and expenses, so that you can stop any potential financial bleeding before it actually becomes a problem for your business.