CTP Solutions has demonstrated that the average business in the USA can save substantially by sending invoices electronically. While working with companies to implement electronic AR invoicing, we have found that elimination of manual processes can substantially cut invoicing costs 60-80%. Sending invoices in real time can significantly reduce DSO (Days Sales Outstanding) because electronic delivery of invoices is faster, more accurate and more efficient. Since electronic invoicing increases speed and accuracy, the organizations can collect cash faster.
These elements combine to help you provide higher customer satisfaction. Additionally, electronic invoicing addresses may account for receivables issues, such as administrative cost, scheduling limitations, mailroom difficulties, and billing dispute management.
To gain the advantages of electronic invoicing, the business needs a practical way to resolve various customer preferences for receiving invoices. Most businesses understand the benefits of electronic invoicing: moving money faster, reducing accounts payable overhead and eliminating manual handling of supplier invoices. If your business is contemplating changes to your billing process, CTP offers these suggestions.
- Doing nothing while your competitors cut cost with electronic invoicing is not an alternative.
- Seek expert industry advice, planning your move into electronic invoicing, by contacting CTP Solutions professionals. Our assistance will save money, time and greatly reduce the potential client kick back.
It is important to notes that many of your customers are simply not ready to change processes established to handle paper invoices. CTP Solutions’ recommendation is to prepare all invoices electronically while enabling customers to receive those invoices by postal mail, email, another electronic channel, or a combination. This solution would enable delivery of invoices electronically in customer-preferred formats ranging from paper to electronic, minimize internal support for electronic invoice delivery, archive invoices and associated documents, couple electronic invoicing with backup storage, educate customers to adopt electronic invoicing, convince customers to go paperless, support green initiatives, and integrate seamlessly with other computer networks.
The concern of many businesses is if customers are ready for electronic delivery of invoices. In many cases, they are not. But to protect your business–bottom line–you must take a positive step. The cost of creating, printing and snail mailing invoices will continue to escalate. The US government has the same problems and they have automated many functions, including tax reporting, SS payments and electronic review. The US government realizes that not every citizen can utilize electronic delivery, but that does not stop them from automating. Businesses must understand and adopt electronic delivery knowing that not 100% of their clients will not always accept electronic delivery. Remember that the acceptance of electronic delivery is growing, but you must take steps today to protect your competitiveness. We can help.