Why tech plays a pivotal role in raising invoices
Thursday 18th August 2022
The intervention of new technologies has changed the way that invoices in business are raised:
Electronic billing and invoicing
This is now common practice amongst most businesses as it has proved to be cost effective and time efficient, paper-based invoices are quickly becoming a thing of the past.
Some of the many reasons behind this are that electronic billing has the capability to invoice automatically, allowing invoices to be scheduled in advance. They can now be automatically issued to be sent at a specified date and time, removing all the manual processes that needed to be in place before electronic billing was a possibility.
Reduction in manual tasks
Software that is now available can recognise company names, invoice numbers and outstanding balances, automation with smart analysis systems now remove the need for manual data entry. Invoices can be matched automatically to purchase orders, saving enormous amounts of time - especially for companies who process hundreds and thousands of invoices each month. Human intervention is almost entirely removed, improving speed efficiency and accuracy as well as freeing staff to focus on the growth and development of the business.
Improved Tracking
Tracking invoices is now so much easier since technologies have developed. It is now possible to see where payments have been received, are pending or are overdue and this can help companies stay on track with billing and payments.
Invoices are now received immediately, leading to faster payment and improved cash flow for the company. Customers have access to many payment options, including mobile billing, made possible with the improving technologies available.
Cloud
Many billing technologies have started to operate from the cloud, giving a company access to its financial records and data from any device connected to the internet anywhere in the world. Cloud based allows for real time business updates, issues can be dealt with straight away with reputations maintained. Digital wallets are now also part of cloud invoicing.
Future
As technology develops into the future there will be further changes to the way invoices are raised that will be faster, more efficient and more useful.
With increase in legislation, companies are moving towards standardised software solutions for electronic billing making integration between accounts in different areas of their businesses easier.
Global businesses can use the new technology around digital systems to help them advance and grow. Digital technologies improve data exchange, creating space for new opportunities as they move beyond traditional billing systems.
Companies that are prepared to embrace new technologies to improve the experience for them and their clients are more likely to gain and maintain customers, maximising their chances to develop and grow.
