Have you found yourself taking up too much time sending out invoices, keeping track of payments, and dealing with overdue balances? Truth is, we have all probably experienced this at some point, in fact, you’re not alone since 60% of small business owners feel they are not very knowledgeable about accounting and finance but the good news is you don’t need to be.
Would you be surprised to find that there are relatively inexpensive solutions available that can improve your cash flow and your workflow? These solutions have rapidly changed the way businesses operate, with 50% of accounting tasks able to be automated. Such technology has increased productivity and comes in the form of automated invoices.
Simply put, automated invoicing is the process by which you configure your invoice process to function automatically. Automated invoice processing is technology that offers time saving benefits to businesses of all sizes by taking care of the invoice processing, from creation to payment reconciliation. With more traditional invoice processing software, invoices must be sent to the recipient and then the information is entered electronically (or manually) into accounting software, or in some cases ledgers.
With automated invoicing, the invoices are digitized and can be sent and received within seconds, and stored safely in a server or in the cloud. Invoice automation is a powerful tool that when used correctly, can streamline billing operations. It automates time consuming aspects of operations, which can save your business time, money, and improve your cash flow.
Automated Invoicing Vs. Manual Invoicing
The manual invoicing process is cumbersome and lengthy when compared to automated invoice processing software. On average, it takes 6-10 days to process invoices manually, which can affect your cash flow. Manual invoicing is also more expensive than more modern options, with the average cost of processing an invoice manually ranging from $16 - $22. Would you be surprised to know that 42% of B2B payments are still made with checks? This number is declining due to the convenience and efficiency of automated invoice processing platforms.
Some of the best automated invoice processing software brings a suite of other features that can optimize a business’ invoicing process. For example, automated invoice technology can provide your business with the ability to process invoices electronically with the use of payment portals. Comparatively, instead of having to spend hours manually plugging in invoice information into your accounting software, sending out payment reminders, and reconciling payments, automated invoice software solutions can take care of the whole process from the moment you create invoices to when payments are received and reconciled. Many of these invoice solutions are based in the cloud, therefore you don’t have the traditional concerns of having to upgrade your software, or fear of data loss.
How Does Automated Invoicing Work?
The most advanced automated invoice processing software solutions are capable of integrating with your accounting software while providing superior invoice management. In other words, this technology can take the data from your accounting software and incorporate the data onto its platform, within seconds. This allows it to take care of time consuming tasks such as data entry, sending out invoices, payment reminders, and collection of payments. You would simply have to create an invoice and configure when you would like the invoice automation platform to send out invoices, reminders, and late payment notifications.
Meant for convenience and efficiency, when a customer receives an invoice they are able to pay it directly, with some innovative platforms even providing customers secure payment portals, where they have the ability to pay their invoice using multiple payment options. If a customer has recurring invoices, they can even store payment methods. Once payment is complete and the invoice is resolved, the information is automatically reconciled back into your accounting software, reflecting accurate and up to date balances in real time, for you and your customers.
Benefits of Automated Invoice Processing
- Save time and money: automated invoice solutions can reduce the time spent on administrative labor by 10 - 20 hours per week, reducing costs and getting you back precious time.
- Get paid on time: customers report getting paid up to 15 days faster on invoices and a reduction in overdue balances.
- Fewer Errors: invoice automation software reduces human error by eliminating duplicate entries and by automatically reconciling payments into your accounting software.
- Customer Satisfaction: seamless and easy invoice payment experience ensures a great customer interaction with every transaction.
- Personalize your invoicing (white label): modern solutions include a customer portal with your logo and branding where your customers can view their invoices, transaction history, and make payments while maintaining a secure, memorable, and professional environment.
Biller Genies Automated Invoicing Software
While there are numerous invoice automation solutions available, some are more complete than others. Biller Genie is a cloud-based solution that automates accounts receivable from bill presentment, follow up, collection, and reconciliation - without changing your current process. In minutes, the Genie integrates with your existing accounting software to supercharge your invoicing, with no new software to learn. Biller Genie provides you with your own branded customer portal where your customers can log in to view transaction history, store payment methods, and make payments. This provides a secure and familiar payment experience for your customers while maintaining a professional platform.
Apart from a secure payment, your customers can make payments at any time simply by logging in to the portal, using their preferred payment method. This is not only convenient and favorable for customers, but by providing various payment options you increase your chances of getting paid. As a result, our average subscriber sees a reduction in overdue balances by 40% and get paid on invoices up to 15 days faster. The Genie does all the heavy lifting for you with no new software to learn, and you get to keep your existing payment processor. We wish to take away the headaches involved in accounts receivable. Click here to learn more.