Do you use automation? If not, should you use automation? In 2023, companies all over the world are expected to deploy automation for various processes and operations. This includes invoice automation, which is a great way for small businesses to save time, money and resources. Let’s dip our toes into the automation water and learn more about what it can do for you.
1. Improve Efficiency – Automated invoicing systems can reduce manual data entry errors, eliminate double entries, and reduce paper waste. An invoice automation system can help small businesses create invoices faster, approve invoices quicker, and get them out to customers faster. Rather than printing invoices and getting them into the post, you can send an invoice to an email address within seconds. In many cases, you can receive payment before a traditional invoice even makes the postbox.
2. Streamline Accounts Receivable – Invoice automation makes it easy to follow up with delinquent accounts and quickly collect payments. Automated systems can send email reminders and payment requests, as well as process payments that are sent electronically. This reduces the need for manual follow-up, freeing up time and resources to focus on other important tasks.
3. Improved Accuracy – What’s more, automated systems reduce the risk of human errors, like typing mistakes and miscalculations. This increases accuracy, which can reduce time spent reconciling accounts or redoing work to correct mistakes. Automation also ensures that all invoices are formatted according to the same standards, allowing businesses to quickly recognize any discrepancies. Moreover, understanding the differences between data interchange formats like XML vs. EDI can help businesses select the most efficient methods for data transmission in their automated invoicing systems.
4. Customisable Invoices – Automated systems also make it easy for businesses to customise their invoices. Business owners can choose from a variety of templates and add custom information, including logos, payment terms and contact information. This ensures that each invoice is tailored to the customer’s needs. Plus, it allows small businesses to present a professional image to their customers.
5. Reduced Labor Costs – With the right tools, automation can significantly reduce the amount of time needed to complete invoicing tasks. Since manual processes are eliminated or significantly reduced, businesses can save time and money by reducing the number of labour hours needed to handle invoicing tasks. Suddenly, your team can focus on more important matters (like maintaining good relations with customers!).
6. Better Utilisation of Resources – All in all, automation allows small businesses to be better equipped with the resources they need. A single team member can take charge of all invoicing tasks instead of splitting them up among several employees. And because there’s no longer a need for manual processing, teams are free to allocate their time and energy more efficiently – allowing them to focus on more important tasks.
Of course, we should also mention the improved customer experience that comes with automation. With all the time and energy freed up by automation, businesses can now provide a faster, more streamlined experience to their customers. Automated invoices provide customers with the convenience of being able to pay electronically, reducing their wait time and improving customer satisfaction. Additionally, automation can also be used to send follow-up reminders and ensure that customers don’t miss a single payment.
If you want to save time with invoice automation, find a solution that suits your business this year!