Automated invoicing for revenue growth
Can you believe that 90% of businesses still invoice their customers using some kind of manual process? We couldn’t either! But it’s true. So, if that many businesses still do it, why change? Why fix what ain’t broken?
The straight and simple answer to this is: in today’s digitally disrupted fintech landscape, if it isn’t automated, it’s more than likely broken. Even if it may not seem that way.
Take, for example, the following statistic: multiple research firms indicate that the average cost of manually processing invoices ranges from $16 to $22. Now, it’s no secret that you have to spend money to make money but, in this example, you could actually be negatively impacting your bottom line each time you scale to the next threshold in your customer portfolio.
Not to mention, research also validates that the average company will witness savings anywhere between 60-80% just by automating their A/R processes. And it lowers the average cost per invoice to $5.
Now, if you knew you could be saving up to 80% towards your bottom line and reducing your cost to invoice your customers by more than half, wouldn’t you say that original process is probably broken?
Automation accelerates the growth of your business. That’s just a fact.
Cloud-Based Invoicing
Automate Your A/R
Okay, now that we’ve established the benefits of automation, let’s talk about how this improves you’re A/R initiatives specifically.
Let’s start with the process behind manual processing…
For any one invoice, there are several steps that need to be implemented to satisfy the debt and close the loop:
- Create
- Send
- Remind
- Collect
- Reconcile
And according to research, the average company employee sends out just over 8,000 invoices annually. Now, let’s assume that of these 8,000 customers, more than half of them do not pay on time. That means that of those 5 steps listed above, several of them will have to be repeated multiple times, over multiple customers.
And then there’s the human error factor that always needs to be accounted for. Mistakes are inevitable. There’s no getting around that. But let’s forget about the error part for now and just focus on the human factor. Now, you have the potential for sick time, vacation, sleep deprivation and general forgetfulness – none of which should be judged as all are a part of being human.
But each one of these factors contributes to time and money lost towards maintaining your bottom line.
So… what if you could automate it?
With the Genie, you can!
Features on The Wish List
The Net 30 Necessities
Biller Genie’s Invoice Messenger and Reminders are two features that make this process so very simple and not only error-proof, but future-proof.
With Invoice Messenger and Reminders, you can send customized invoices to your customers that reflects your brand, individualizes your messaging, and ensures consistency in the collection process.
The Reminders functionality available within the Invoice Messenger allows you to proactively turn on features that:
- Remind your customers when invoices are due
- Gently nudge them with customized escalation messaging when they’re overdue
- And even close the loop once they’ve been taken care of – consistently.
The ability to automate this process will save so much time, money and sanity.
Trust your Genie… this type of customizable functionality is on everyone’s wish list!