New business plans, constant upgradations, continuous improvements, product launches, stringent deadlines, etc., form just a small part of the business framework. This list is endless and amidst all this, generating and sending invoices is perhaps the most unwieldy process. In the never ending list of business activities, invoicing drops down the rankings (one can only wonder why?). There is a need to keep the finances intact and without efficient invoicing this is just not possible.
I am sure that the above mentioned list of frenzy activities is familiar to you. If so, it’s high time you invest in online invoicing application that integrates with your business requirements. Don’t expect it to be a magic wand or a miracle drug but will certainly help you get more organized. Be rest assured that managing accounts will be least of your worries.
To support this argument, I have listed down various surveys and reports which suggest that electronic invoicing is increasingly becoming indispensable for businesses of all sizes.
TowerGroup, a market research company, have said, “…the rise of digital invoicing during the economy’s decline may not be mere coincidence. It fits into the business climate that we are in…”
The benefits of sending and receiving digital invoices are many and have been practically witnessed. Not only does it slash invoice processing costs, it helps companies mitigate billing errors, increase cash flow, bolster customer service and reduces the debt collection turnaround time.
Another survey conducted by MasterCard, Ariba Survey reports – “Two out of three companies with annual revenues in excess of $500 million have implemented some form of electronic invoicing.”
An analyst at research firm Celent Communications believes that electronic B2B payments will grow from 20% today to almost 50% by 2010.
The results based on a comparative study by Finland post’s Itella group on e-invoicing shows: majority of consumers in Finland, Sweden and Norway are ready to implement electronic invoices and believe this is the best invoicing channel. Also, SMEs take a positive view of electronic invoicing. Most Finnish and Swedish SMEs are ready to implement it even if they have never tried it.
E-invoicing can dramatically reduce invoicing costs compared to manual or traditional invoicing. On a national scale, savings represent some EUR 2.7 billion a year. E-invoicing also addresses environmental issues because it is a practically paperless system and thereby eco-friendly as well.