Many companies experience a range of obstacles to business growth, yet one that repeatedly creates a barrier to success is the weight of administrative burdens, such as compliance processes and cashflow headaches. Affecting business output, an organisation’s efficiency and speed of operation can be severely hampered by complicated processes and delayed payments.
This is where technology can step in. Leveraging intelligent systems to improve business adaptability and efficiency helps companies drive forward their growth ambitions and create an efficient and effective workplace. Invoicing is a critical ongoing process. Technology can be applied to make mailed invoice runs much more efficient. Software manages invoice production and automated envelope filling, ensuring speed and 100% accuracy. However, many businesses are moving to a completely digital invoicing payment process.
Driving efficiency with e-invoicing
Transitioning from paper-based invoice processes to an electronic system is a key way to rapidly improve efficiency. The outcome for businesses is a wide range of benefits from reduced costs to data accuracy to business productivity.
Costs and cashflow
Eradicating paper from the invoice process and replacing with automation immediately reduces costs by removing the need to spend money on printing, postage and filing. An electronic process also saves employee costs by reducing the manpower requirement behind the invoice operation.
While costs are reduced, payment speed is increased. By using an electronic process, an organisation can create and distribute invoices at a fast pace, meaning that they’ll be paid quicker – ideal for any business wanting to improve their working capital and cashflow management.
Additionally, e-invoicing goes a long way to improving supplier relations by ensuring that suppliers are paid on time.
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Manual data entry always runs the risk of data errors, leaving a company open to financial losses and disputes. E-invoicing provides data accuracy and allows a business to keep a digital store of all invoices and documents, easily accessible for future reference. Furthermore, electronic systems provide notification of when emails have been received and opened so that businesses can be assured that their invoices have been received.
Are your employees spending too much time on administrative invoicing tasks? E-invoicing leaves employees with time to focus on other key areas of their role, driving productivity and allowing for more focus on achieving company targets and growth. Businesses can also cut their compliance concerns, knowing that compliance with HMRC requirements have been carried out.
Furthermore, end-to-end automation ensures a simplified and streamlined process for the business and its customers, improving the customer experience.
Outside of the invoice process, automation has environmental advantages, ensuring that businesses demonstrate environmentally-friendly practices by cutting down on the paper cost to the planet.
Technical challenges and solutions
While some business may not be “digital ready”, the advantages of using developed technology to save costs, time and improve efficiency should spur organisations into investing in systems that allow them to thrive in the digital age. Training schemes are readily available and plans can be made to integrate systems into the business workflow without disrupting operations.
It seems that now is the time to leverage technology to support business ambitions and spearhead future growth and success.