Traditional invoicing is a struggle to work with and it is not without its problems.
The manual handling and re-keying of data in this method lead to errors, delay the procedure, and puts you at risk of making mistakes or miscalculations.
Plus, this paper-based process is often lengthy and complicated — you have to create the invoice, print and post it (or email it out). The customer receives and sends it over to their accounts team. Then the invoice is downloaded, reviewed, and approved. Finally, the invoice is paid and manually archived.
It’s labour-intensive, expensive, and time-consuming (especially if you are processing multiple invoices), creating delays in payments and causing cash flow issues for organisations.
Given all of these issues, it’s no wonder that many businesses are now turning to digital invoicing.
Digital invoicing, also known as e-invoicing, is the process of creating, sending, and receiving invoices electronically. This can be done through software that automates and manages the process from start to finish.
E-invoicing has become increasingly popular in recent years as it offers a more efficient and streamlined way to manage invoices.
Benefits of E-Invoicing
There are many benefits of digital invoicing for businesses, including:
1. Reduced Costs
E-invoicing can help businesses to reduce their costs in a number of ways.
For one, it eliminates the need for paper, printing, and postage. This can save businesses a significant amount of money, particularly if they are processing a high volume of invoices.
E-invoicing also reduces the amount of time and labour required to create and send invoices. This can lead to significant cost savings, particularly for businesses that process a large number of invoices on a monthly or weekly basis.
2. Increased Efficiency
Digital invoicing is much more efficient than traditional invoicing.
This is because it eliminates the need for manual data entry, which can be time-consuming and prone to errors.
With e-invoicing, businesses can automatically generate invoices based on purchase orders or other data sources. This can save a considerable amount of time and ensure that invoices are accurate.
In addition, e-invoicing can help businesses to track and manage their invoices more effectively. This is because businesses can typically access real-time data and reports on their invoicing process.
This information can be used to identify any bottlenecks or areas for improvement.
3. Improved Cash Flow
Digital invoicing can also help businesses to improve their cash flow.
This is because e-invoicing can help to speed up the invoicing and payment process. This is due to the fact that businesses can send invoices electronically and track when they have been received and viewed.
In addition, the right e-invoicing platform offers features such as automatic payments, which can further streamline the process and reduce delays in payments.
4. Enhanced Customer Service
E-invoicing can also help businesses to enhance their customer service.
This is because businesses can send invoices directly to their customers through the platform. This eliminates the need for customers to search for invoices or contact businesses to request them.
Also, e-invoicing platforms typically offer features such as online bill payments, which can make it easier for customers to pay their invoices.
5. Increased Security
When it comes to security, digital invoicing is much more secure than traditional invoicing.
This is because businesses can take advantage of features such as encryption and password protection when sending invoices electronically. This helps to protect sensitive information and reduce the risk of fraud.
Automated invoicing platforms typically have robust security measures in place to protect businesses and their customers.
Choosing the Right Digital Invoicing Software: Sales Module for SunSystems
The SunSystems Sales Module is a simple invoicing module which allows users to generate invoices and send them out to customers in just a few clicks.
The request can, optionally, be initiated outside of the finance team. For example, the sales team can generate orders or invoices from their end based on sales they’ve made without necessarily going through the process of passing customer billing information to accounts. It can be passed via process automation for approval by accounts, saving the re-keying of data.
The solution comes with options for approval, which can be based on value, the customer, project, or other user-definable criteria.
Once approved the system automatically commits the posting and sends out the sales invoice document to the customer.
With the sales module for SunSystems, what used to be a long, paper-based process can now be automated and completed in minutes.
Sales Module Key Features
- Sales orders and invoices managed within a user-friendly workflow platform
- Convenient Excel upload for detailed orders or invoices
- Online reports for effective sales management
- Automate invoice approvals, if required, with user-defined variations
- Embedded notifications for each stage
- Set up order workflows and approval sequences
- Advanced searching through filters, drills, and reports
- Realtime update of the financial ledger for forecasts and debtors
- Full multi-currency functionality
- Mobile functionality including approvals and creation
- Automatic emailing of invoices direct to customer
Want to find out more about the sales module? Call us now on +44 (0) 20 3771 1590 or send us an email at firstname.lastname@example.org.