Power of PAYBOX®
4 Ways Electronic Invoicing Improves Order to Cash Cycles
The hype over electronic invoicing distribution has continued to grow, and with good reason. Organizations that choose e-invoicing over traditional, paper-based processing are seeing significant financial and operational improvements, including improvements in order to cash cycles.
If you still rely on paper-based routines, you’re accepting the inefficiencies that come with manual invoicing and payment processing, when you could be experiencing the benefits of electronic invoicing.
How Electronic Invoicing Improves Order to Cash Cycles
Since order to cash is the process for receiving and processing customer sales, it’s directly tied to your company’s financial performance. So why are you stuck using antiquated invoice processing methods that provide no benefits at all?
According to a study conducted by Aberdeen Group, 72 percent of large, best-in-class companies switched to electronic invoicing to speed up the order to cash cycle. Here’s why:
- Faster Invoice Delivery – Sending invoicing via “snail mail” is slow. When you use electronic invoicing, a days-long process is complete within a matter of minutes. For even faster delivery, use an online portal that notifies customers when invoices are ready to view.
- Fewer Invoice Disputes – When AR team members are responsible for manually entering customer information, the chance of invoicing errors greatly increases – and so do the number of invoice disputes. Electronic invoicing helps eliminate invoice errors by automatically pulling information from a secure database.
- Increased Productivity – Your department personnel spends hours creating and distributing invoices by hand. Not only is electronic invoicing faster, but it mitigates the need for employee intervention, freeing department staff to focus on more important tasks.
- Reduced Operational and Material Costs – Manual invoicing can run up to $7 per invoice, not including mailing and postage fees. Electronic invoicing reduces material and operating costs by more than 50 percent. That means you can take the money saved and invest it in other areas of the business.
How does this tie in to order to cash cycles? Ultimately, electronic invoicing enables you to get invoices to your customer faster, allowing them to pay and settle those invoices quicker.
Meet PAYBOX® AR, Your Solution for Improving Order to Cash Cycles
At Direct Insite, we wanted to give corporate accounts receivables departments a viable solution to address their order to cash challenges. So we created PAYBOX® AR, a cloud-based, end-to-end solution for companies ready to take on automated AR processes. In addition to distributing electronic invoices, PAYBOX AR can be configured to accept online invoice payments from customers, improving cash flow and order to cash cycles.
You know what we can provide. Now we want to hear what you need. To learn more about PAYBOX® AR, contact Direct Insite today.