Going paperless is the need of the hour for businesses of today. Paperless invoicing helps in saving paper costs involved in large amounts of paper used in the process. Going paperless is the way forward, and most organisations are seeing it as a method to go green and save the environment. Many businesses are also looking to do away with redundant practices, to gain competitive advantage in business. A business can improve its process efficiency, many times over, with paperless invoicing. Here are the key advantages of adapting paperless invoicing, using a tool like Invoicera.
Faster Invoice Approvals and Payments
Sending paper-based invoices, is a long process, involving, a lot of time and resources. Online invoicing helps in automated sending and approval of invoices. Paper-based invoicing is usually dependent on specific people for approvals and payments. This is not the case while using an online invoicing solution. One can easily schedule the invoices to be sent and they can be sent to multiple contacts, so whoever is available, can process the payments on-time. In a paper based invoicing process, regular reminder calls are necessary for timely processing of payments. This gets completely changed in a paperless system, where automatic reminders are sent, making the process much more efficient.
Simplified Management Of Invoices
Tracking and managing a large number of invoices, is a cumbersome process in a paper based system. In a paper-based system, the chances of an invoice getting lost in transit, are huge. Simplified invoice reports from an online solution like Invoicera, helps in ensuring that the status of payments and outstanding is tracked easily and timely action is taken.
Easy Invoice Storage
Manual storage of invoices, entails huge costs in terms of both paper and space. Large spaces have to be dedicated for storing of paper-based invoices. Archived invoices have to be constantly managed, requiring additional time and resources. Online invoicing, helps invoices to be shared in PDF formats and can be accessed anytime, anywhere. This saves time and resources, otherwise used in paper-based systems.
Search-ability of Online Invoices
Historical invoices are difficult to search, in a paper based system. If one has to search for a paper invoice which is 3-4 years old and you know the client name, it can be quickly searched for, using an online invoicing solution. One can make use of multiple search options like invoice number, client name and outstanding amount etc.
Simplified Audit Process
Chances of an employee fraud and other such practices are high, when it comes to paper based invoices, where the process is complicated and involves different people signing and approving the invoices. Tracking approvals online and the date on which the invoice was sent, approved and paid, can be easily found. This makes the audit process, less time consuming and simple, with an online solution.
Besides using a paperless system, online solutions like Invoicera provide self serving portals to help clients get access to information and support with ease. Here are some key advantages of client portals for businesses.
- Complete access to billing statements, on the go
- Clients can track their accounts and get necessary support for their queries
- No need for resources to exchange information with the clients
- Secure online reporting that is accessible 24/7
- Easy upload of important documents on the designated portal
- Simplified B2B communication
- Lesser meetings and calls, leading to higher efficiency in client management