Power of PAYBOX®
How Online Invoicing Improves AR Department Performance
Online invoicing has become a necessity for banks and corporations that oversee accounts receivables. As companies ramp up their AR department strategies, organizations have to be considerably more strategic in reducing costs, mitigating invoicing errors and increasing operational efficiency to remain competitive.
4 Ways Online Invoicing Improves AR Department Performance
Corporate accounts receivables departments that are completely reliant on manual, paper-based invoice processing are subject to slow and potentially inaccurate invoicing. Inefficient invoicing processes also negatively affect the financial supply chain, limit organizations’ ability to reinvest earned profits and can lead to a host of compliance issues.
Electronic invoice creation and presentment solves several challenges associated with invoicing and leads to an improvement in accounts receivables department performance. Here’s how:
- Online invoicing eliminates departmental inefficiencies. Invoices created manually by employees are more likely to contain keying errors, incorrect information and are highly labor-intensive. E-invoicing improves employee and departmental efficiency, reducing the amount of time spent on creating and presenting invoices. Employees can work through the invoicing process faster, allowing them to focus on additional AR responsibilities.
- Electronic invoicing reduces yearly operational costs. Paper-based invoices can cost organizations around $7 per invoice, not including postage fees. For banks and corporations that regularly distribute thousands of invoices, operational costs can quickly skyrocket. Online invoicing eliminates these high costs, leveraging electronic generation and presentment. And since invoicing is automated and doesn’t require constant hands-on work from employees, companies can also reduce annual labor costs.
- E-invoicing can help organizations improve cash flow management. Since electronic invoices are made immediately available to customers through an online portal, users are able to log in and immediately settle bills. This enables organizations to collect on accounts receivables faster, reducing the amount of late payments and allowing companies to experience greater cash flow.
- Online invoices boost overall customer satisfaction. Customers want simplicity, something they can’t get with paper invoices. An electronic system allows customers and clients to view, manage and pay invoices online at their discretion – and with a form of payment most convenient to them.
PAYBOX®: Your Comprehensive Solution to Online Invoicing
At Direct Insite, we understand the need for a robust, reliable e-invoicing system. That’s why we’ve developed PAYBOX® Core for large corporations and PAYBOX® Integrated Receivables for banks and financial institutions.
Before PAYBOX®, companies were subject to an invoicing cycle that could take over 45 days to complete, from distribution to settlement. Now, with PAYBOX®, invoicing takes less than 10 days and costs nearly 50 percent less than traditional methods.
The numbers are there. Don’t wait to leverage online invoicing. Contact Direct Insite today to get started.