Owning a business is a 24-7 job. Business owners need all the help they can get. This includes help from talented employees and business partners. It also means getting help from technology to make certain business tasks easier.
One thing that can make doing business far simpler is the use of an electronic invoice presentment and payment system. Below are seven benefits such a system can provide to your company.
1. It Saves Paper
According to the Paperless Project, the average office worker uses over 10,000 sheets of paper a year. This is certainly wasteful both in environmental terms as well as financial terms for businesses. Electronic invoicing, however, requires no paper whatsoever. Electronic invoices only exist as digital information that does not directly require the consumption of natural resources.
2. It’s Timely
One of the great things about electronic invoice presentment and payment is how quick the entire process is. Numerous invoices can be distributed in only a fraction of the time it would take to distribute paper invoices. The process is almost instantaneous.
3. It Saves Manpower
Handling paper or e-mail invoices requires a lot of work for accounts payable. With paper invoices received through mail, the invoices must be sorted, opened, routed and either scanned of typed into an accounts payable software program to digitally record the information. E-mail invoices also require work and may even need to be printed out and keyed in manually. Electronic invoices, however, greatly simplify this process and remove most of the work.
4. It Provides Greater Security
According to Forbes, fraud costs companies $190 billion a year. Unfortunately, with inefficient and hard to track paper invoicing, fraud is rather easy to pull off. Alternatively, electronic invoicing can be more easily monitored. The software is also designed to detect fraud and irregularities in invoices and payments to help protect your company from internal theft, human error and other problems.
5. Electronic Invoices are More Easily Searched Through
Electronic invoices can be searched through almost automatically with simple to use accounts payable software. This can be very useful for many different situations such as an audit. Alternatively, searching through stored paper invoices can take hours.