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Five Ways to Increase Efficiency Using Invoice Automation

Wadih Pazos June 1, 2015

5 Ways to increase efficiency using invoice automation
AP Automation
E-invoicing is a a great way to streamline your payment processes and increase ease of use for customers. However, simply employing a platform is not necessarily going to make your business run more smoothly. There are several ways to maximize the potential of your e-invoicing system that can be an asset for your company.

1. Simplify the process for the consumers’ sake and your own

Marketing Land noted that the signup process should be simple and intuitive for customers. The source warned that consumers are turned off by complicated systems, and are less likely to partake in e-invoicing when faced with a confusing initiation. What many companies that hope to use such a platform have elected to do is create a multi-step program to break down the process and simplify it. The source recommended tailoring the system to consumer needs and desires in order to build trust – For example, if you are offering a free trial period, do not ask for credit card or bank account information.  Simple things like this can help to convince skeptical newcomers.

2. Send invoices in a timely manner

After providing goods or services to a customer, it is imperative to send out an invoice promptly, NerdWallet said. This way, the recipient is likely to make a payment more quickly, and timeliness can assist in establishing a positive business relationship for the future. The source also stated that setting short response term limits can streamline the payment process, as customers usually feel more inclined to repay their outstanding invoice when a deadline is involved. By sending the bill immediately after the transaction is completed and offering an online payment option, you can cut down on response time.

3. Automate billing

NerdWallet said that the most simple way to streamline payments is to enact invoice automation. The use of such software can reduce mistakes and increase efficiency. It will also allow you to save money and make the payment process faster, opening up free time for your workers and, subsequently, new opportunities for advancement.

4. Adopt a monthly cycle 

If you provide a recurring service to your clients, Marketing Land said the most effective timeline for billing is a monthly plan. Receiving an invoice every week can be overwhelming for customers, but a yearly basis is too inconsistent and requires a substantial figure to be paid all at once. Instead, the source advised, billing on a monthly basis is the perfect medium. The cost of your product or service appears more amenable when broken down by month, as opposed to a full year. It also ensures that you will not be bothering your clients on a constant basis, but that you will remain frequently in touch with them about your relationship. The source attested that this option is beneficial from both the consumer’s and provider’s perspective.

5. Be flexible – accept various types of payment

Marketing Land reported that an issue companies which use e-invoicing run into is the dearth of payment options. People prefer to make payments in different ways, and you should be as inclusive to these preferences as possible. Credit card, bank transfers, secondary services and personal checks, among other methods, are all common ways to pay bills. If you limit your clients’ choices, you are inhibiting your own ability to profit. The most important part of the billing process is to be as comprehensive and welcoming to the customer as possible, and a significant component in achieving that kind of flexibility is to provide a variety of options from which your clients can choose. Being inclusive toward different payment methods is a major aspect of satisfying your customers.

Wadih Pazos

Wadih founded both PairSoft and PaperSave. He is an avid technologist who specializes in streamlining operations and maximizing productivity.

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