The current lockdown has put excessive restrictions on the movement of goods and their corresponding bills. This has been the major cause why economies around the globe have come to a virtual standstill. The digital mode of payment is extending its roots, but remember that cash still rules the roost. This is why digital transactions are gaining wide credence in the business world. This article discusses 5 reasons why invoices through emails will revolutionize the payments industry and garner massive growth in the post COVID-19 world too.
Here are the top 7 invoice problems that companies often face:
- Strong reliance on manual data entry due to customary reasons
- Human errors in the data entry process
- Invoices often get misplaced
- On-time payments are a myth
- Mismatch in the procedure of issuance, processing, and payment of invoices followed by different companies
- Lack of an efficient system for accounts payable and accounts receivable
- Lack of training in dealing with online payments
Also Read: How AI is creating smarter email journeys?
Are you facing one or more problems stated above? Are you looking to incorporate e-invoicing in your company? If yes, then you should pay deep attention to the points discussed below.
- Invoices through emails cut down the unnecessary steps that are rampant in manual invoices thereby saving time for both – you and your customer.
- Online invoices are paperless documents that save postal fees.
- Online invoices are free from human errors.
- According to the report, invoices through emails can save up to 90% on processing costs and cause on-time payments to rise up to 59%.
- It takes less time and demands less effort to pay an e-invoice, which is why in most cases the customers pay instantly.
- Online payments help reduce the consumption of paper and thus save trees.
- Online payment software automatically alerts about the sending, receiving, and payment of the e-invoices.
- Invoices through emails are easy to keep a note of since the advanced analytics keep track of account payable and receivables all at one place from where they can be accessed anytime.
- Digital invoices are highly secure and data-theft is next to impossible
- Digital invoices can be easily customized according to your customer’s requirements.
The COVID-19 pandemic has brought the entire supply chain to a standstill. Customers are facing order delays, payment delays, and have to wait for long periods to receive their products. This can be a major cause of sour relations between producers and final consumers. Digital invoicing does its bit in mending the hard-hit supply chain industry by increasing the speed of payments.
At Sage, we are home to world-class CRM, ERP and HRMS software that will make remote working a piece of cake, boost employee productivity, synchronize inter-departmental activities, and generate more profits. To know more about it, SMS SAGE to 56767. You can also write to us at email@example.com.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.