Ever wondered what benefits would happen, if you automated the production of your invoices (cf invoice automation). Here are 10 possible ones:-
1. Imagine the time you’d save
Have you ever worked out the time you waste on generating invoices by hand ? I had a customer who gained an extra 15 working days a year by no longer producing his invoices by hand..
2. Better Branding
By implementing invoice automation, invoices will have exactly the same look and feel – making you and your organisation look much more professional.
3. Enhanced cashflow
Most people hate repetitive tasks such as invoicing – if you simplify a task then you will do it earlier. The earlier you dispatch your invoices, the faster you should get paid.
4. Lower overheads
A manual invoicing system will involve either your time or your staff’s time (with you double checking everything). If you automate your invoicing, then you save this cost.
5. Sequential invoice numbering
How many of us leave gaps in our invoice numbering ? i.e going from invoice no. 182 to 184? In the UK, HMRC (Her Majesty’s Revenue & Customs) take a suspicious view of gaps in invoice numbering. By automating the production of your invoicing,you eliminate this risk.
6. Improved payment profile
By generating your invoices automatically, you can generate the payment due date automatically. This means you can track those invoices that have not been paid on time.
7. Determine your best and worst customers
If you have a system that creates your invoices automatically then you can analyse who are your worst and best customers. This can be used to identify better sales opportunities.
8. Identify your best sellers
A well built automated invoicing system will allow you to determine which products you are selling and who to. Hence you can use this to determine possible further sales opportunities.
9. Reduced accountancy & book-keeping costs
If you generate our invoices manually then you probably provide your accountant and book-keeper a stack of paper. However if you automate your invoicing then you can provide them with the summary information that they need – saving you money.
10. Have a break
Well if you save yourself 15 working days a year and your cashflow improves through better payments…then I’d say you deserve a holiday!