According to a study, it was found that e-invoicing software can bring unbelievable positive changes to a company. It is because paper invoicing takes more time, money, and effort of accountants in comparison to generating electronic invoices using an invoicing system. Let’s know it clearly with stats given below:
Improvement in the areas Positive results
Billing processing cost 30-90% less
Invoice processing time 65% less
Accounts payable labor 25-40% less
On-time payment 15-59% more
Data source: https://bit.ly/348jXu3
Having such positive changes can help you take your business to the next level. Due to saving effort, time, energy, and money, your business management will be as easy as a walk in the park.
Now, you must be wondering how. So, keep reading this blog to know 10 ways e-payment and e-invoicing can help you scale your business.
10 ways e-payment and e-invoicing can help your business grow:
1. E-invoicing process takes less time
Your invoice processing will be reduced by 65%, as shown in the stats above. It means if you take 30 minutes to make a paper invoice, then you can generate an electronic invoice in 10.5 minutes.
And, your saved 19.5 minutes can be invested in something feasible like plans, meetings to create new ideas, advice from experts, learning new skills, looking for new clients, and the like for your business growth.
Apart from that, the more time your employees have, the better the market analysis they can do, which means you can take risks after a thorough and proper study of the market for your business growth.
2. Saves Money
Advanced e-invoicing solutions can help you save around 30 to 90 percent of the cost spent on the invoicing process as shown above. It is because you don’t need to spend on ink, paper, postage, and the like.
Let’s take an example: if a paper bill costs you $10, then an electronic invoice can be generated in $1, helping you save $9. So, if you spend $1000 per month in paper invoicing, then you can save $900 per month by spending only $100 per month.
The more you save money, the more you will have to invest in new technologies, hiring talented and experienced employees, and taking risks for your business growth.
3. Invoices are automatically saved in the cloud
Paper invoices are subject to destruction: they can be burnt, torn off, destroyed, changed if done by somebody for their own advantage, and so on. In short, it’s risky to bank on paper invoicing. On the other hand, every invoice payment details are saved in the cloud when you use an advanced custom invoicing billing system. You and your clients, if having any doubt, can check the details of a particular invoice just by logging in to their accounts to remove such doubts.
And, such problems or potential conflicts will be dissolved in a while, resulting in a healthy relationship with your clients.
4. Send invoices instantly and securely
Digital invoices can be sent to your customers at lightning speed, which means they will receive the bill quickly which, in turn, will make them pay quickly. As far as security is concerned, custom invoicing software like Invoicera comes with the three-layered advanced security system. It leaves no opportunity for hackers to access your account.
As a result, your clients’ details are safe, and their trust in you will become unshakable if you go for an online invoice payment system.
5. Convenience for your customers without any charge
No matter where your clients are and at what time they want to pay, they can pay you just using their fingertips. All they have to do is to access their account via cell phone device or desktop/laptop.
Moreover, they don’t have to pay any charge for that. In a nutshell, they are not charged for 24*7 service and online payment benefits.
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6. Easily managed
There is an increase in e-invoicing needs for the business not only because it is more secure, but it is also easily managed. Paper invoicing puts you in need of having some physical space to keep files, but all your business-related and clients’ data is saved in the cloud when you choose invoicing software for e-invoicing and e-payments.
And, you can manage all just by using your fingers, you don’t have to trouble yourself by finding a particular file from the bunch of innumerable files. Modern e-invoicing software allows you to have all your clients’ details on a dashboard, which means you can see everything related to the transaction with clients.
In a nutshell, you don’t have to spend much of your precious time preparing bills and checking payment and transaction details of clients.
7. Remind Customers to Pay You
E-invoicing software not only allows you to accept payments online but it also automatically sends payment reminders to your clients before the due date. Having a payment reminder makes possible for your clients to arrange money or be prepared to pay your bills on time to avoid late payment charges. This results in your healthier cash flow, and your business is never devoid of money.
8. Easily search a particular invoice
Modern invoicing software comes with a search bar in which you have to type the name of a client, and all their details will be available on the screen. It consumes very less time in comparison to paper invoicing in which we have to search a file from the pile of files and turn the pages to look for a particular detail.
In a nutshell, finding particular invoice details is no more a headache, as it is at fingertips when using such advanced systems.
9. Faster Payments
When you accept online payments, then your clients can pay you from anywhere just by having a cell phone or laptop. In a study, it was found that customers pay you two to three times faster due to mobile invoicing. Therefore, e-invoicing is the finest way to remind them to pay you and get paid.
So, sending them invoices on mobile is better for faster payments, resulting in healthy cash flow.
10. Regular payments
It is the fact that most people prefer to pay online by using a mobile phone, as mobile payments seem to grow at 23.2% compound annual growth rate by 2020. Therefore, it’s better to receive online payments to allow your customers to pay you with their mobiles. Due to this, they will pay you regularly, which will bring you regular payments from them.
Regular payments will give you an exact idea of your revenue, thus allowing you to brace up for any financial risk for the growth of your company by exactly knowing your company’s financial condition.
In this blog, we told you about the e-payments and e-invoicing benefits for your business growth.
Some of the benefits of using e-invoicing software are faster payments, regular payments, easily finding a particular invoice, time-saving, saving money, data safety, convenience to your clients without any charge, and so on.
We also told you that online invoicing software like Invoicera comes with 3-layered advanced security to assure you that your business and clients’ data is more secure.