Automate Invoicing to Improve Business Cash Flow
Invoicing can be a hassle, but it must be done efficiently, accurately and often to maintain good cash flow. This isn’t always easy when invoicing is done manually. Instead, businesses can save time and improve cash flow with a document delivery solution that processes and sends invoices swiftly and securely.
The Way You Handle Invoicing Impacts Cash Flow
Many small businesses invoice once a month, create documents manually and send them by postal mail. This works, but it may not optimize cash flow because:
- Invoices could be sent out sooner – Why wait until the same time each month? The sooner invoices go out, the sooner payments can come in.
- Creating invoices manually takes time and mistakes can be made – Invoicing is essential but anything that can be done to speed it up means more available time to concentrate on activities that generate revenue. Meanwhile, invoicing errors can be costly, not only in the time spent correcting the mistake but they could potentially damage the relationship with the customer.
- Postal mail doesn’t suit everyone – Customers want to choose how they receive information. Some may prefer a digital invoice so they can upload it to their accounting system and process payment electronically. That can also mean funds coming into your business more quickly - it’s a win-win.
Five Simple Steps to Send Invoices from your Computer in Minutes
Instead of preparing and printing invoices and taking them to the Post Office to be mailed, or sending individual emails, you could upload your documents to a web-based portal. Simply create your documents in your usual way, then:
- Upload them to the online document delivery solution
- Select the delivery method, e.g. postal mail or email
- Sit back while the production facility prepares the invoices, prints the ones for postal mail, puts them in envelopes and adds postage
- Track progress through the simple online interface
- Reallocate the time you would have spent preparing mail for posting and creating emails
Save Time, Get Paid Sooner and Satisfy Customer Preferences
No matter how many invoices you issue, and whether you send them out altogether or a few at a time, businesses can benefit from a simpler, more efficient way of handling invoicing. Sending invoices out as soon as they are ready can accelerate accounts receivable by generating payments to the business sooner thereby boosting cash flow. What’s more, it can satisfy customers by invoicing them in the way they most prefer.
Does Technology Require a Human Touch?
Automation is becoming more and more prevalent. Its influence is everywhere, helping enterprises reduce costs, improve efficiency and provide smooth customer experiences. Automation helps to create the right conditions for growth and expansion because manual processes are harder to scale ...