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When organizations embark on digital transformation projects, there are some business areas and functions that are top of the priority list. At the same time, there are often fundamental, day-to-day business processes that get overlooked as part of a company’s transformation strategy. For too long, and in almost all cases, the crucial role of invoicing has fallen into the latter of these camps. However, the tide could now be turning.
Businesses are beginning to grasp that implementing and upgrading to a state-of-the-art e-invoicing system can make a huge difference – not just to the state of a company’s financial accounts, but to the effective running of the business as a whole.
The Productivity Benefits
Adopting a modern, next-generation e-invoicing system plays a crucial role in streamlining the accounts receivable (AR) function. It rapidly speeds up the credit-to-cash process and allows businesses to be more proactive and on the front foot regarding the payment of debts.
Not only do these systems ensure that organizations can be paid more quickly and seamlessly, but they also provide businesses with enhanced data and insights from their customers, further improving the AR process and journey. This includes insights into payment behavior and a customer’s tendencies and habits. Having this data collected, cleaned, monitored, and presented automatically can alleviate the pressures on AR teams, with intelligent automation identifying missing information before sending the invoice and distributing new documentation to customers where needed.
Enhanced Client Satisfaction
antages gained extend beyond organizations to their clients and customers too. Traditional invoicing systems and methods, which are still used by many corporations, are typically time-consuming and labor-intensive. +It takes time to manually collate, distribute, and pursue invoices and other related documentation. This process is also at risk of data entry issues, with inevitable human errors leading to rejection of invoices, repetition of the same processes, and payment delays.
At the same time, these inefficiencies create delayed customer responses and inaccurate aging, as well as an increased workload passed onto customers’ Accounts Payable teams. These negative customer experiences can impact revenue in the long term.
A modern e-invoicing platform helps to resolve these issues. Payers can conveniently access and download invoices securely, enhancing self-service capabilities and allowing customers to work with you however they want to. Modern systems that have a self-serve option can free up time and resources – ensuring finance and accounting professionals can spend their time on more challenging areas.
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