E-Invoicing has been a reality for some years now, but that doesn’t mean it has been as well-established as it should have. In practice, the majority of transactions are performed by traditional methods, such as printed documents or fax. Here are some very important and practical reasons why e-invoicing is a success strategy for your business.
Time and cost efficiency
Regardless of whether you are a private person, a small business or an enterprise, your concern is saving time and money. e-Invoicing can guarantee that. It has been estimated that the expense of sending out a printed invoice on a monthly or annual basis, amounts to a significant cost. To be more specific, according to research, e-invoicing can save up to 80% on invoice processing costs.
In addition, you will save money by reducing the time spent on all the required tasks, including the time required to prepare, print, send and receive all the invoices you need. For example, instead of scanning paid invoices and updating your records, electronic invoices can automatically be uploaded to the cloud.
e-Invoicing is not only beneficial to you. It also offers significant benefits to your customers:
- Easy and flexible payments: Your customers now have multiple payment options, such as by credit or debit card, and they can choose when, where and how to pay.
- Financial control: Accepting electronic payments allows customers to pay at the last minute and track their activity.
- Email reminders: Avoiding late payments and fines is clearly easier if a reminder is sent before the final payment date. By adding a “Pay Now” link, you can streamline the payment process even more efficiently.
Facilitating your customers by simplifying these processes and improving their overall experience with your business, should be an essential part of your strategy. The same holds for invoicing, which should be as simple and effortless as possible. Less stress for customers leads to even longer-lasting relationships.
No more repetitive tasks
e-Invoicing can automate the invoicing processes handled by your accounting department, enabling your employees to focus on more important tasks such as cost management, credit control, and overall financial procedures.
Unlike printed invoices, e-invoicing offers more transparency to your business. You can track capital flows more efficiently, so as to detect any signs of financial “hemorrhaging” early on, before it leads to major problems.
Finally, e-invoicing is environmentally friendly. It is estimated that an e-invoicing solution can reduce paper usage by at least 80% in most accounting departments. Consequently, it significantly reduces the carbon footprint, with positive effects on the environment, while at the same time it attracts socially sensitive customers.