The main goal of any business account receivable sequence is the process of invoicing and receiving payment in return. The creation of the invoice represents the first step in the task: assemble and attachment of delivery and billing documents to support the invoice. It’s a bulky, time-consuming task but in many cases, required to get paid. Many customers decline payment of invoices pending the receipt of proof of delivery or other billing documents. The variety of documents includes purchase order, proof of delivery and pick list.
The methodology used to alleviate this road block for payment is to utilize electronic storage to retain proof of delivery and other sensitive billing documents. By retaining these documents electronically, businesses are able to attach copies to invoices and improve cash flow which will avoid payment delays.
Manual invoice processes pose a variety of hurdles for businesses today. The multiple steps required in billing increases the amount of manual time and cost. These steps include everything from document printing and sorting to photocopying to folding and stuffing documents into envelopes for mailing. When customers do not pay because they claim orders did not arrive or were incorrect, create delays that cost resources to resolve and delay the cash flow expected. Locating, copying and mailing of documents to prove the invoice is payable further increases the cost of billing. The cost of manual processing of billing documents is an expense that increases your cost of doing business and one that your competitor no longer incurs. Hence the electronic attaching of proof of delivery to invoices electronically is necessary.
CTP Solutions recommends an all-inclusive system that automates billing document processing. This solution can integrates with any enterprise resource to provide business access to order, billing and proof of delivery information and enable them to send that information electronically to the customers. Businesses can archive billing documents from a full range of sources and in multiple formats, and electronically send a package of billing documents through a selected source of each customer including snail mail, email or other electronic channels, or a combination. By automating document processes instead of relying on manual methods, businesses reduce the cost, increase the speed and improve the quality of information exchange with customers as part of the cash cycle. These outcomes result in greater efficiency in billing and collections, ultimately contributing to overall profitability and improved bottom line.
CTP electronic solutions encompass document capture, document management and document delivery. This optimizes the gathering and assembly of billing documents into the enterprise systems, while enabling users to assign proof of delivery and other documents with corresponding purchase orders and invoices at any point in the billing process, sort, archive, send and track documents electronically. With CTP Solutions, customers can receive documents in whichever format they choose, including fax, email or USPS mail with the click of a button.