3 Steps to Getting Your Invoices Paid Faster
Is your business still relying on paper invoices? If so, you might want to think about making a change to a faster, easier, paperless and cloud-based system.
The truth is most companies today still rely on paper invoicing and payment systems, although that is changing. Think about it. These systems require you or an employee to generate and print invoices, stuff them into envelopes and send them via snail mail. This method requires a lot of time and labor both when you send the invoice AND when you receive and track the payment.
In addition to waiting on payments, this method is also fraught with possible errors and slippage as there are so steps. Just imagine what you could do for your business could if you were saving time and labor on invoicing – and getting your receivables paid faster!
A recent study conducted by AIM indicated that two-thirds of businesses that transitioned to paper-free invoicing reported seeing improved audit records, reduced costs, increased staff productivity, stronger cash flow, better response times and more efficient processes overall. Fortunately, the digital technology of today provides a myriad of effective ways to streamline your business invoicing and payment systems.
Here is what you need to do to get paid faster:
Step 1 – Get Started
The key to streamlining an outdated invoicing system is to automate your existing system via electronic invoicing. Changing systems will require a plan of action to ensure it is done right. It may seem daunting at first but keeping in mind the benefits will worth it. Companies like DataServ specialize in helping clients integrate to paperless systems by creating customized systems for your individual business needs.
Step 2 – Tell Your Clients
Some vendors won't readily embrace a paperless invoicing system and might even complain about not receiving paper invoices. You will want to be proactive here and let your customers know, before-hand, that you are switching to a paperless system. Depending on the client, if paperless really poses a problem for them, you may want to consider continuing to generate paper invoices for specific clients; if that is possible. Eventually, probably very soon, most companies will embrace paperless.
Step 3 – Prepare Your Staff
The automation will undoubtedly require some re-training of your staff members. As some current tasks become obsolete, others will be created. Employees may need to be redeployed into different ways. Be up front about it. Get them the training they need early - so everyone is on the same page from the get go.
Are There Other Benefits?
The biggest benefit of paperless invoicing system might just be your ability to get paid faster. When you send invoices automatically, clients are also able to pay you on the spot. No more paper invoices and cutting paper checks and waiting for the mail. Instead, you get your money instantly.
Imagine all the things you can do to grow your business with quicker cash flow and less times spent on accounting tasks overall. If you have been considering leaving paper invoicing behind, now may be just the time to do it.
About the Author
Katherine Morris loves to write about new and exciting technology advancements that help her clients to grow their business.