Business invoicing can be a time-consuming and costly processes. Many companies, especially small businesses, still create invoices by hand, printingthem, stuffing envelopes for mailing, and then waiting for either a check or a call for a credit card payment. Once a check is received from the customer, the business owner has to record the payment, reconcile the account, and then leave the business and deposit the checks or take the time to process credit card payments.Read More
Invoice presentment, also called e-invoicing or electronic billing, is essentially sending invoices to clients and vendors electronically to expedite the payment process. As simple as that sounds, there are many different processes by which an invoice can be presented to a customer or vendor, and many ways that an invoice may be paid.Read More
Today’s distribution companies are faced with a bevy of external pressures that are impacting growth and threatening profit margins. The 2013 KPMG Industry Outlook Survey showed the top issues industry executives believed were significant barriers to their growth were:
To offset some of these pressures, distribution companies are challenged with finding creative ways to eliminate cost and improve efficiency. One of the areas these companies can impact quickly and easily is through smart payments technology. The latest payments technology helps distribution companies improve their business models and enhance their value proposition to their customers, while easing payments administration, speeding cash flow and providing better insight into their organization.
For example, many distribution companies have multiple deliveries each week – and often even multiple daily deliveries. The sheer pace and volume of these transactions can be challenging for accounts receivables and collection departments to keep up with. By deploying an Electronic Invoice Presentment and Payment (EIPP) solution, invoices are available as soon as deliveries are made and alerts can be customized to notify customers that a new invoice from a recent delivery(s) is available for review and payment. With EIPP, companies can reduce the administration required from staff, eliminate manual errors and save significant costs of paper billing, as well as speed cash flow and payment timelines from customers. All of these combined add up to a significant, positive impact to the company’s bottom line.
Many other smart payment technologies are also available to help optimize your company and your competitiveness. To find out more about EIPP and additional technology and process improvements you can utilize to gain competitive advantage, download our free eBook, 8 Tips to Streamline Operations and Keep Business Moving Forward Faster for Distribution Companies.Read More