Posted By Ash Conversions International
Businesses of all sizes use invoicing systems. Whether it is to transfer payment to a supplier, or vice versa, B2B invoicing has changed in the last decade to allow for better, faster and more secure solutions.
From paperless solutions, to the demise of the fax machine, here’s how invoicing has changed for businesses:
Turning To Paperless Solutions
Electronic storage saves space, which is why many companies are turning to paperless options when it comes to their invoicing systems. Instead of having your accounts payable/receivable and accounting departments drowning in paperwork, switch to a cloud-based system to ensure that invoices are easy to track, send and process. Furthermore, paperless solutions increase efficiency and allow for a more centralized AP process.
Email As The Ultimate Delivery System
The days of delivering invoices via the post or dropping them off in person are gone. Email is quickly becoming the preferred delivery system for invoices. You can easily send an invoice to your supplier and vice versa through email eliminating the headache of mailing or dropping it off. The only issue with the email delivery system is that the invoice still needs to be processed and filed once received. However, e-invoicing software will allow the receiver to upload the invoice (usually in PDF format) onto the program where its structured data will be processed and entered.
Automated DSO Streamlines The AR Process
Days sales outstanding (DSO), can now be automatically captured with AR software. This software gives you the opportunity to automate the entire process. Payments will be immediately applied to their matching invoices, allowing for the reduction of DSO and month-end volume. This will help streamline the AR process and create an intelligent accounting method that saves time and money.
The End Of The Fax Machine
As with the dodo bird and dinosaurs, fax machines will soon be extinct. Most companies still have fax machines but they are slowly falling out of favour. With email being the technology of choice to send and receive invoices, the amount of fax submissions decrease every year as people embrace faster and newer solutions. If your company still employs fax machines to send and receive invoices, perhaps it’s time to move into the future?
Invoicing will continue to change for businesses over the next few years. Through the assimilation of data, capture technology and automated workflows, processing costs will be greatly reduced along with invoice approval and payment time.