E-invoicing is much more than switching your accounts payable department to a paperless system. It’s efficient, cost-effective, and the way of the future. From manufacturing industries to higher education and financial industries, everyone is switching to electronic billing and invoice management.
Transitioning to an Electronic Invoicing System
Despite the huge cost-savings and improved accuracy, some industries and many businesses have still not switched over to electronic billing systems. Some of the common barriers to e-invoicing and billing are:
- Comfort – Paper billing is familiar, it’s easy to understand, and people are used to the process. Aside from occasionally misplacing a check or invoice, there are relatively few hassles with traditional billing.
- Scared of Technology – Many traditionalists are wary of credit cards and the security issues that are raised with making payments via mobile or online.
- Lost Profits – Some businesses are concerned that a switch to paperless billing means they’ll lose out on profits from consumers and suppliers that still don’t have credit cards, computers, smartphones, or make use of online banking.
Cut Costs and Solve Inefficiencies with an E-Invoicing Solution for Business
According to a research report conducted by PayStream Advisors automated and electronic invoice processes can result in a savings between 60% and 80% when compared to traditional paper-based processing. While cost-savings is still the number one reason for most businesses and organizations to switch to paperless e-invoicing systems, it isn’t the only reason to make a change. When it comes to business, time is money too.
Move your company to an e-invoicing system with COR360 and watch your efficiency soar. With COR360’s powerful functionality and features, it’s easy to level the playing field and enjoy the same scalable automations as Fortune 200 companies. An electronic invoicing process can help your company:
- Cut invoice-processing time – in the time spent going to the post office and waiting for the mail, there can be countless electronic invoices and transactions completed.
- Ensure data accuracy by removing manual/keying errors – no matter how disciplined, human errors happen. With the help of an automated invoice system, these errors are eliminated.
- Eliminate the problem of lost or misplaced paper invoices, plus feel the flexibility to conduct business and send invoices from anywhere in the world.
- Foster supplier loyalty through predictable, on-time payments and encourage customers to switch to paperless with loyalty programs and discounts.
- Minimize inbound calls from suppliers and vendors asking what the status is on their current invoice – with invoice management software and supplier portals, they can log in and check their own invoice status.