Late payment holding you back? Adopt e-billing to save time, money and effort
For companies of any size, not receiving payment when it’s due is an annoying and sometimes damaging problem.
For companies of any size, not receiving payment when it’s due is an annoying and sometimes damaging problem. In fact, a survey conducted by the Institute of Directors (IoD) revealed that 66 percent of businesses have experienced late payment, with half of those affected forced to alter strategic decisions because of it.
So what can businesses do to reduce the likelihood of late payment? They can turn to technology to help them bill more effectively. Indeed, key business processes, such as communication and inventory management, have been made more efficient, accurate and cheaper through digital alternatives, and billing can profit from the same.
Electronic billing (e-billing) is the digital transfer of invoicing information between a buyer and a seller. Often utilised by companies for B2C transactions (just think about how you receive your utility bills) it can have significant benefits for B2B and B2G deals as well.
E-billing centralises the billing process meaning businesses can manage the entire procedure, from creation to sending, using a single desktop in any location. One person can easily generate bills and enriche them further by pulling the relevant information from across the enterprise. Documents are then batched and sent electronically directly to the customer’s accounts payable department or representative.
This means document creation and sending no longer have to involve the manual inputting of data, a necessary but thankless task which is time consuming and vulnerable to error. Businesses can also be sure that their bills are being received by the intended recipient, removing the need to spend further resources on reissuing new invoices. Ultimately, by ensuring their side of the billing process is as efficient as possible, businesses can regain some control of the payment process and reduce the likelihood of late payment.
The benefits of e-billing don’t end there, of course. This approach will also have a positive impact on customer experience, leading to satisfaction and will reduce the amount of resources spent on printing, postage, storage and resolving queries.
To find out more information about how e-billing can help you, just visit www.neopost.co.uk/e-billing
Will You Be Ready When Tax Goes Digital?
Completing and submitting tax returns is a necessary but incredibly time consuming process. In the UK, businesses are required to submit forms annually within strict deadlines, and face heavy fines if they are not met. It’s a complex undertaking but, to make things more streamlined, the UK Government wants...
Enhancing Invoicing Processes to Make Payment More Convenient for Customers
An astonishing $825 billion sits in unpaid small business invoices in the U.S. and 81 percent of outstanding invoices are at least 30 days past due, according to Fundbox. Late payment is a challenge that all organisations face, and spending time chasing unpaid bills adds to the cost of serving clients....