From printing invoices to stuffing envelopes, this time-consuming activity
is costing your company both time and resources. Streamline your billing process with electronic
invoicing capabilities — and save a tree or two while you're at it.
You won't be alone. More companies — almost 60%1— prefer email for sending invoices. That's up from last year, when just about 41%2 of businesses were billing their customers via email.
1. 2016 B2B Billing & Collections Guide
2. 2015 B2B Billing & Collections Guide
Depending on how many customers you have, determining who owes you money, how much they owe and then
sending individual email reminders can take days or even weeks. Automating
payment reminder emails ensures that the right kind of messages are sent to all late-payers and frees up hours and hours of
It can also improve customer relations. Sending a friendly reminder early in the process can help to address questions before they become problems. Since almost half of companies — about 45%3 — don't follow up with customers until they are at least 20 days past due, odds are your attentiveness can be a competitive advantage.
Do you call the most overdue customers first — or the ones who owe the most? Just
figuring out the order of your call list can take time and may not be correct. Automated solutions can populate
this call listing for you based on your company's follow-up rules, so your staff can immediately get to work
collecting the money that's owed.
Here's something to think about: At companies that rely on manual collections processes, AR staff spend almost one-third of their time just prioritizing who to call.4 Imagine how much more effective they could be if that time was spent on the phone.
If you've ever engaged in a long round of "phone tag" to resolve a simple issue, you know
what a time-waster it can be. Instead, offer your customers a self-service portal and more options for
communication beyond phone support, giving customers the ability to solve their issues themselves or send
you a message at their own convenience. Gone are the days of withheld payments due to issues that could be
resolved with a simple click of a button.
Chances are, your customers will give you a big virtual hug if you offer them an online portal. According to a survey by Nuance Communications,5 two-thirds of customers prefer self-service options, such as an online portal, over speaking to a customer service rep.
You're probably expected to send reports to various groups or individuals throughout any given week/month/quarter — maybe even on-demand. As a result, your accounts receivable team is probably spending way too much time crunching numbers to create the reports. With an automated reporting tool, you can accelerate reporting and ensure that every stakeholder from sales to the CFO has the information they need, when they need it.
Interested in learning more about accounts receivable automation? Here's a great white paper that provides tips on how to tackle outdated AR processes and make your automation project a top priority: Building a Business Case for AR Automation.