Power of PAYBOX®
The Top 3 Reasons to Use E-Invoicing Services
We live in a digital world where people rely on technology to make day-to-day tasks more efficient – and corporate accounts payable departments are no different. E-invoicing services are now helping AP departments process thousands of supplier and vendor invoices with greater efficiency and a higher level of accuracy.
In fact, in 2018 electronic invoicing will be a mandatory requirement. If you’re still relying on manual invoicing presentment and collection by then, you will have to add non-compliance fees to your growing list of expenses.
3 Reasons It’s Time For E-Invoicing Services
It’s no secret that invoice management is one the most pressing responsibilities for most accounts payable departments. While they would like it to be quick and simple to create and distribute invoices to their suppliers and vendors, many corporate AP departments have become accustomed to paper-based invoicing methods and their painful drawbacks:
- High invoice presentment fees
- Data entry errors and inaccuracies
- High volume of invoice disputes
E-invoicing services eliminate the common problems associated with manual processes, improving the following three major goals of organizational invoicing strategies:
- Improved Invoice Accuracy – People make mistakes. Unfortunately, when AP department personnel are responsible for invoice data entry, the errors and inaccuracies increase, which lead to more invoice disputes and unhappy clients. But when you use an electronic invoicing solution, supplier and vendor information is gathered from an online web portal, bringing the number of invoice errors down to almost none.
- Reduced Processing Costs – At $7 to $13 a piece, paper invoices can send your company’s operational costs through the roof. And that doesn’t include mailing and postage fees or reprinting costs in case of invoice errors. An e-invoicing service will use an automated invoicing platform to present, distribute and process invoices online, thereby reducing associated fees by about 50 percent.
- Strengthen Working Relationships –Lax invoicing strategies can be surprisingly detrimental to your relationships with clients and vendors. Invoices rife with errors and incorrect information are all but guaranteed to lead to more disputes with your partners, reducing the chance they’ll want to do business with your organization again. E-invoicing services make payment and settlement processes simple for all parties through a user-friendly web portal. Less time spent disputing invoices means more time building strong relationships with suppliers and vendors for years to come.
Ready for an electronic invoicing platform that is efficient, cost-effective and simple to use?
Say hello to PAYBOX® AP.
PAYBOX® AP is a transformative, end-to-end user platform that allows you to submit and track invoices, all through a cloud-based system. Suppliers and vendors can access the PAYBOX® AP portal to manage early payment discounts, submit invoice inquiries and more.
E-invoicing services have never been easier. To learn more about PAYBOX® AP, contact us today.