Small and medium sized businesses who use automated invoicing and build close working relationships with their clients will be more successful and have significant savings. That’s a bold claim, but consider the 90-95% reduction in paperwork and 25% improvement in productivity that happens when you use e-invoicing, and you will begin to understand how outsourcing your accounts receivable is the way forward. Invoice processing technologies are paving the way forward, substituting old and outdated accounting solutions and revitalizing them. Don’t let your business fall behind.
If your company has been reluctant to use electronic invoicing, let’s bust some of the automation myths that still abound.
Invoices are complicated to fill out. One of the common misperceptions is that invoicing software will add unnecessary and time-consuming complications to an already difficult task. Software can seem overly complex and not just for the business owner or the employers–you may wonder how your customers will cope with an electronic service. Luckily, accounting software has been streamlined that its ease of use is remarkable. Creators of these apps take into account your business and customer needs when it comes to crafting the features, as well as making each step simple to complete. There’s no longer any need to find your own template, or mess with formatting. Now you can just pop in customer details and invoice numbers, amounts owed and due, and create your invoice in seconds. And once your customer information is stored, it will be saved for each progressive invoice, meaning you only have to take that step one time. Invoicing setup online couldn’t be faster, easier, or less expensive, and you can start sending your invoices from the moment you sign up.
Automation negatively affects customer relationships. If you’re worried that your clients will find an online platform difficult or frustrating to navigate, think again. There’s no need to worry about how your customers’ perceptions of your business will be affected when they have access to constant online help and advanced, instant invoicing options. They can pay any time and from anywhere, and they will not need any specific skills other than knowing how to press a few buttons on their computer, tablet, or mobile. Consider that your company is providing an extra service by allowing the integration and streamlining of money management for your valued customers. Who wouldn’t appreciate this extra service? If it’s the automation of overdue reminders you’re worried about, remember that most customers with overdue accounts have simply forgotten their due date. So if you have a service which can send automated reminders to them at times you’ve deemed appropriate, there’s no need for worry. A professional, polite reminder, specifically timed, will allow you to retain those important relationships and get paid faster.
E-Invoicing is expensive. There is certainly a prevailing perception that e-invoicing tools are expensive. The assumption is that software which allows for faster payments, flexible options, and ease of use must come with a big price tag. But today’s market has changed, and the increased use of online accounting tools has led to increased competition. Values have increased, and outsourcing your accounts receivable means that you will save on paper, printing, labor, and supply costs. Certainly the importance of careful data entry can’t be overlooked, but inputting these details into an electronic service means less human error. Instead of putting forth so much energy into tracking and analysis, let your software do these tasks for you so that you can focus on your operations. Lose the time spent on billing and collections when it can be taken up precisely and accurately with an online service, and stop losing time and money. Stop spending your money on mailing costs, and utilize online invoicing and bill processing to accelerate your profit growth.
It’s not secure. Understandably, you may worry that trusting your and your customers’ confidential information to an online platform may be unsafe. But rest assured that nothing is more important in the creation of these platforms. The very highest and most up-to-date security measures and technologies are employed and embedded within the software itself, ensuring safeguards for private billing and credit information, as well as your confidential corporate data. Constant testing for bugs and security breaches are built-in features which are constantly surveilling for intruders. And don’t worry about any potential data loss–backups are online so that your information can easily and quickly be retrieved if there is an issue.
If you want to see immediate cost savings and the immense efficiencies gained by automation, including invoice reminders, add-on Invoice Tracker to your QuickBooks, Xero or Time Tracker + Billing accounting software. Each of our plans comes with a free 30- day trial no credit card required. And with different plans congruent with the size of your own business, you’ll find the right one for your needs.