There’s been an ongoing trend in the business world with going green and up in the clouds. And it seems to be more beneficial than just being a eco-friendly company. Have you taken a recent moment to assess your business’ operations and the kinks in them? How much are those kinks costing you? In the particular issue of invoicing, it could be costing your business much more than you think.
“The average company with a low level of automation spent almost 250% more to process an invoice.”“
1. Mishandling Invoices
Depending on an employee for generating invoices leaves a lot of margin for overseen mistakes. Oftentimes, invoices and payment reminders aren’t being created, double invoices are sent, and miscellaneous charges occur. Customers with specific situations can be misbilled, and that leads to unsatisfied customers. These are just a few common hiccups that cost more damage and monetary compensation for your business. If you are a company owner and wondering when to adopt rpa (Robotic Process Automation), consider leveraging it soon because the human errors pertaining to invoice processing can be easily rectified with such technology.
2. Should I Give Up, Or Should I Just Keep Chasing Payments?
Ok, maybe those weren’t the exact words of Adele, but late payments and worse, non-payment are huge frustrations and intense financial burdens on a business. Handlr Founder, Britt Alwerud recalls a time where she had over $10,000 worth of back-payments over the course of a year from her first business (DogZenergy) due to neglectful clients. No longer are those days existent!
3. Time and Money Wasted
Outdated methods of maintaining invoices lead to much wasted time that a business owner could be putting towards finding new clients and growing the business. After all, it is the era of digital payments, and mobile payments (see the data suggested with respect to growth of mobile payment technology based on the study brought to you by Pay By Phone Casino) are sought by customers. When customers are adopting modern solutions for payment, businesses should be able to abide by their requirements, whatever it is. With many business owners that we work with, there have been countless stories of a whole working day being allocated for dealing with invoices. An outstanding statistic from Billtrust.com revealed that, “the average company with a low level of automation spent almost 250% more to process an invoice vs. an average company with a high level of automation – $15.70 vs. $6.31 ($9.39 savings per invoice!).”
Why e-voicing isn’t the solution
According to evoicingbasics.com, “Implementing an e-invoicing solution can be a complex process. It will involve a number of people in different parts of your business and potentially will extend to include your supplier/customer community.” Who has time for this type of integration when you just need to get back to managing a business? Going the e-route seems like a temporary solution, but it doesn’t solve all the major kinks. There’s got to be a better way, and there is.
The real solution: Automation
Change your billing practices. Use invoice templates to make your invoicing consistent and simple to read. This will make it easier to fill in your invoices, saving you time and frustration. You can also get the process automated, making it even more effortless. Find a solution that makes it possible for your business to accept payments online and let customers make a purchase with one touch. Reduce the amount of friction it takes for customers to take out their checkbook, write it, mail it, and the business days waiting for it to post. It’s time to ditch it all. Our Handlr Partners get to experience the process of automated payments and there’s no awkward conversation to take place, they simply get paid. Our payment processing partner, Braintree allows all of this to happen seamlessly so you can move on to dealing with bigger issues at hand. No if’s, no but’s, just coconuts!
