Power of PAYBOX®
AR Benefits of E-Invoicing Adoption
Across various industries, companies are embracing e-invoicing adoption to reduce billing costs, cut down on manual invoicing expenses and increase efficiency. Compared to the traditional method of paper-based invoicing, electronic and automated invoices can lead to up to 62 percent in cost savings.
Making The Case For E-Invoicing
While most companies’ accounts receivable departments have relied heavily on manual invoicing and payment processes, manual processes can increase the chance of human-related errors, such as inaccurate data keying or lost documents. This can then result in slower payments and an increase in the number of invoice disputes. E-invoicing adoption mitigates the risk of human error and enables your organization to benefit from more efficient AR processes and faster payment times.
Benefits of E-Invoicing Adoption from an AR Perspective
The push for electronic invoicing and payments technology is a high priority for growth-minded enterprises. By automating invoice presentment and payment, your organization can improve its ability to meet key financial and operational milestones through the optimization of the financial supply chain.
Direct Insite’s PAYBOX® solution is a logical next step for organizations interested in e-invoicing adoption. There are several ways that enterprises can leverage PAYBOX® for financial supply chain improvement, including:
- Eliminating Inefficiencies – Manual invoicing not only takes longer to process, but is also more likely to cause errors and handling issues. With e-invoicing, corporations can boost efficiency while simultaneously lowering the amount of time the AR department spends organizing and processing accounts.
- Lowering Operational Costs – Paper invoicing is more costly than electronic invoicing—the average cost of an invoice is just over $7. By embracing e-invoicing adoption, your company can reduce costs by more than 50 percent per invoice, and achieve a 5-10 percent decrease in cycle-time DSO (five days or more). Additionally, due to the lesser need of personnel to manually distribute invoices, your company can also reduce annual labor costs.
- Improving Cash Flow Management – With electronic invoices, corporate AR departments receive payments faster, and can then process the payments in a timelier fashion. By streamlining payment cycles, the organization benefits from increased cash flow and working capital, allowing you to take advantage of additional short-term investment opportunities.
- Increasing Customer Satisfaction – E-invoicing adoption also offers important benefits for your customers. Automated invoicing allows customers to easily view, maintain and pay active invoices through a convenient online portal. The result is more satisfied customers and stronger brand relationships for increased loyalty.
The PAYBOX® payment portal also supports global credit card and domestic ACH e-payments. PAYBOX® is a PCI complaint payment portal, ensuring the security of cardholder information and preventing sophisticated attempts at payment fraud.
Ready To Take The Next Step in E-Invoicing Adoption?
Direct Insite’s PAYBOX® platform equips enterprises with robust electronic invoicing technology. Designed to optimize the entire invoice lifecycle, the PAYBOX® platform is the right choice for enterprises moving toward e-invoicing adoption and AR performance improvement.