Though most of us today are prepared to embrace almost every technological development in any sphere of business, the response to online invoicing has been somewhat subdued. The companies are still circumspect about letting the machine handle their accounting procedures, one wonders why?
When businesses start to think about joining the exponentially growing list of companies shifting their billing and invoicing on-line there are certain misconceptions that need to be addressed.
1) My business does not require online invoicing and billing – There is enough evidence to show that more and more companies are ready to switch to online invoicing. A study reveals back in 2002 the payment for over 500 invoices was made online. This number increased to 3.6 billion in the year 2007, an increase of whooping 620%. Considering this growth, businesses that would still refuse to accept online business are sure to fall in an endless pit.
2) Online invoicing will have little or no impact on invoicing cost – Contrary to this, one reason why companies are more than willing to integrate online invoicing is because it saves staggering amount of time and money. The average cost that businesses spend in preparing, sending and processing payments for invoices is close to $14 – $15. This cost can be reduced by almost 50% with the use of online invoicing. These are important savings that can be achieved only through online invoicing.
3) Customers will not accept invoices online – Today customers are demanding fast and efficient service, as e-commerce continues its growth. Customers are quick to leave a company or supplier if the service is poor and at the same time 44% of the users expressed their preference for receiving bills online.
4) It is difficult to integrate online invoicing software – One of the biggest myths associated with implementing any online application is that it is complicated. In fact, it is much simpler, faster and cheaper than preparing manual bills and invoices. All you are required to do is sign-up for any invoicing application and start sending invoices almost immediately.
5) Implementing online invoicing won’t improve ROI – Your return on investment will be impacted dramatically through less time and resources that are used to track your payments. Your clients have the option to access to their billing history and details 24×7. Therefore, they are more like to pay you instantly without any delay.
We hope these less known facts about online invoicing propel businesses large or small to harness the advantages rendered by e-invoicing practice.
