Common Challenges when raising invoices
- Manual creation of customer invoices can lead to billing errors, resulting in delays in the payment process. Also, the production of all invoices in paper format can be very resource intensive and incur high mail delivery and physical storage costs.
- Verifying the accuracy of invoices before sending to customers and including the correct payment terms are essential, in order to prevent queries and potential disputes. It can also be difficult to ensure that invoices have been sent to their recipients without being able to track and audit the entire invoice generation process.
Low productivity and inefficiency
- Manual creation and delivery of paper invoices are both time consuming and inefficient. Once created, invoices are then printed, placed in envelopes and mailed to customers for payment. Traditional postal delivery can also be slow and cause delays in the payment process.
- It is essential that invoice records are archived accurately for reporting and retention purposes, as well as for meeting regulatory demands. Also, only relevant staff should be allowed to access invoice information in order to prevent fraud.
“We can now not only send our invoices faster, more sustainably and cheaper, but we also have a tool that we can use flexibly for various document flows. That makes us ready for the future”
The benefits of automating invoice generation
- We can help reduce manual intervention and billing errors through automated invoice creation & distribution. Printing and postage costs can be significantly reduced through electronic delivery; also reducing your carbon footprint. Costs associated to storage of paper invoices can also be reduced through
electronic archiving of sent invoices.
- Achieve greater control by previewing and reviewing customer invoices prior to delivery, eliminating errors and potential payment delays. A complete end-to-end solution provides full visibility of every step in the invoice generation process, giving you improved customer service and cash-flow management.
Increased productivity and efficiency
- Customer invoices can be generated faster and accurately through automation. The speed of invoice delivery can also be improved through digital distribution, therefore speeding up the cash collection process and reducing your organisation’s bad debt.
- Managed digital archiving of sent customer invoices provides secure access to invoice information to the appropriate users through user rights management, whilst adhering to your retention and compliance policies.
‘49% of payments are late for the majority of companies’ – RS Consulting 2011