We do a lot of things here at IntroBills that we hope will help you come to terms with the fact that online invoicing is a better way how to do business. Something that we've discovered after switching completely to online invoicing is a late payment reduction which improved our business effectiveness. It doesn't come as that big of a surprise that we've experienced a reduction in the amount of time it takes to get paid, because we have considerable sped up the time that it takes to process, create and send invoices to our clients.
Late payment reduction using online invoicing
A late payment reduction is something that a lot of companies would be interested in. It comes as no surprise that people have problems processing payments in these problematic economic times that we're in. Cash flow isn't so much a problem of having old and outdated invoice processing methods, as it is of not actually having any cash at hand to pay all the expenses that have to be paid. In some situations though a late payment could just very well be caused by relying on mail for invoice delivery, or other similar methods that have been overrun by time for quite some time now.
Some companies which have been in the business for a long time have had a hard time moving to e-invoicing, and that very well be something that slows down their business. A lot of companies are still entrenched in the old and outdated methods of invoice processing without realizing that new methods of invoicing can help them achieve late payment reduction.
Imagine a situation like this, a company has funds at hand and is prepared to process incoming invoices. The company will most likely first process those invoices that have came in the earliest, fastest. If you send in your invoice using regular mail, you can't be sure when your invoice is gonna be received, and let alone when it's gonna be read. e-invoicing will at least make sure that your invoice is delivered to your clients as fast as humanly possible (if it's via email, it's instantaneously).
By making sure that the invoices which you send are delivered to other parties involved almost instantaneously you have a much better chances for getting paid fast, and that way you have a late payment reduction in place that's cheap and very efficient at what it does. Online invoicing is of course that something that can help you send out your invoices almost instantaneously.
Like we already mentioned, e-invoicing like IntroBills isn't always a good idea. Sometimes for a small company it's better to just stick to what the accounts payable has been using since the company started operating, but there's also those that can benefit a lot using hosted invoice management software. If you're not sure which ones you, contact us and we'll chat to see if IntroBills might be the thing that you need.