In theory one eInvoicing system may work much like another but in reality they differ enormously and the pandemic has served to highlight the weaknesses that are now glaringly apparent in some. These weaknesses affect how finance teams manage their workloads and impact how quickly they can bring cash into the business.
Older eInvoicing systems struggle to meet new demands
Conversations with our customers have also shown this is commonplace across organizations and, with the increase in digital traffic resulting from the pandemic, systems are struggling to cope. Regular problem areas may sound familiar. Systems that use old technology are a particular challenge. Usability reduces over time, meaning it’s not easy to make changes, and problems may exist with system security.
Systems can become inefficient and slow – perhaps because they are dealing with far greater volumes than they were originally designed for. Invoices can take hours to process, impacting system performance and leading to unacceptable response times for customers and business users.
Payment delays are the end result
There are also challenges around locating and communicating important information. Financial data may be kept in several different systems – so it’s harder to find customer information quickly. Customers do not receive reminders or notifications – so invoices are paid late. Customers query their documents – and information has to be sent to them again. The result is that customer queries take a long time to resolve and ultimately other tasks are neglected, leading to payment delays and less time to work on higher value activities.
Webinar: how to speed up finance processes
Our recent webinar looks at how a Macro 4 electronic invoicing system can address these issues and how to:
- Reduce invoice queries to your finance staff, freeing up their time for other important tasks
- Send customers automated reminders for unviewed or unpaid invoices, so credit controllers need to do less chasing
- Allow customers to access all their documents – for example invoices, statements and proof of delivery notes (PODs) – online quickly and easily and at a time that’s convenient to them
- Deliver invoices in a range of formats to suit your customers, making it easy for them to be imported into their own finance systems and enabling faster payment
- Make big savings on your printing and postage costs and reduce your carbon footprint by switching more to digital delivery
By automating and streamlining your processes, calls to your finance team can be reduced and customer queries can be resolved much quicker, leading to faster payment and less outstanding debt. This improves the experience your customers have with your company, too, and helps to build a better relationship with them. Making it easier for your customers to do business with your company will ultimately increase brand loyalty – and your bottom line.
Watch the webinar to find out more.