Despite the fact that electronic invoicing has been steadily growing over the last couple of years, paper invoices still dominate. Bruno Koch notes in the Billentis Report 2016 that it’s expected the 2016 volume for e-bills/e-invoices will be around 30 billion worldwide with annual growth rates of 10-20 percent.
While that’s promising, it’s a shame that the figure isn’t higher considering cloud-based invoicing comes with the following benefits:
Cloud-based online invoicing gets you paid faster.
The main advantage of cloud-based online invoicing is that you get paid quickly. That’s because you don’t have to deal with snail mail. Thanks to Due’s Digital Wallet, funds are available immediately.
When you’re getting paid that quickly it improves your cash flow. That’s a big considering 66 percent of small and medium businesses face working capital issues. Since payment delays are a leading culprit of working capital woes, this ensures that your cash flow is healthy.
On average, paper invoices are between $12 to $30 each. That’s because each paper invoice comes with direct costs like paper and postage. There are also indirect costs (paying someone to input data) and hidden costs (waiting and watching for payment, errors).
Compare that to around $3.50 per electronic invoice. In most cases, businesses can end-up saving anywhere between 60-80 percent over manual processing. That’s because you’re eliminating those costs that were listed above.
When you use cloud-based technology, you also get the perks of automation. Cloud-based technology is ideal especially when you’re running a subscription-based business or you have recurring invoices.
Instead of creating and sending an invoice each month the money is withdrawn automatically from the client’s credit card or bank account.
Besides saving you time, it ensures that you don’t get stiffed on a payment. Additionally, with automation invoices send upcoming and late-payment reminders. Essentially, auto-cloud based invoicing puts your billing on autopilot.
Cloud-based is secure.
Security should be a top priority for you and your clients. Thankfully, cloud-based invoicing can put everyone’s minds at ease.
Every reputable online invoicing platform must adhere to PCI Security Standards. Furthermore, companies like Due encrypts all transactions and use anti-fraud algorithms that employ machine-learning technology. There’s also a security staff that monitors its servers 24/7/365.
It r4educes errors and disputes.
Because creating a paper invoice involves multiple steps, there’s bound to be some mistakes along the way. This could be an honest mathematical error or sending the invoice to the wrong individual.
It may not appear like a big deal initially, but these cause payment delays. Even more detrimental, it can damage the relationship with your clients. After all, would they trust you as a professional if you can’t even bill them correctly?
As if that weren’t enough, errors and disputes may cost you thousands of dollars to rectify.
Because online invoicing does the math for you, you don’t have to be concerned about these potential errors and disputes.
Cloud-based online invoicing enhances brand identity and improves customer relationships.
With a cloud-based invoicing solution you can add your logo, color scheme, and fonts …read more
Read more here:: B2CMarketingInsider