Is invoice management creating obstacles for your business? If you’re like most companies, the answer is a resounding yes. Most likely invoice management started to become an issue when your customer base began growing. The good news is that you now have a thriving business! The not so good news is that invoice management has become a daunting task where errors can result in significant monetary loss. If you overcharge a customer, you run the risk that they’ll leave you for a competitor, miss a charge and your bottom line will be affected. Luckily there’s a solution that will streamline invoicing, enabling you to manage thousands of invoices across different financial periods and eliminate profit-draining exposure. The answer can be found in an invoice automation software solution that allows you to automate any process – billing, invoicing, payments, collections, provisioning, dunning, approvals, notifications, and more.
Before exploring the benefits of invoice automation software, let’s look at the most likely scenarios and potential setbacks that can occur at the different stages of manual invoice processing.
Why Legacy Invoice Processing is Becoming Obsolete
Let’s say you have a large company that has tens of thousands of customers. At financial closing time, your finance team is likely reviewing and verifying thousands of customer invoices – possibly across several different regions or countries. Managing invoices at this volume and orchestrating the process across multiple geographical locations and business units is not only time-consuming, but prone to errors.
Even though invoicing customers is one of the most important processes your company undertakes, many businesses are still using spreadsheets and manual processes. The inefficiencies of traditional methods can, and do, result in delays in getting the invoice into the hands of customers. Ultimately this impedes your ability to receive payment and recognize revenue. You want and need to get paid as soon as possible, and the best way to do that is through automation and moving invoice management to the cloud.
Optimize Invoice Processing
Regardless of whether you run a small and medium-sized business, large enterprise or anything in between, your finance team needs tools that provide visibility into financial periods. Not only a high level but ones that will also allow users to drill down into transaction details. This level of scrutiny ensures that they’re able to quickly spot anomalies and resolve errors, which if left undetected can result in customer dissatisfaction and financially impact your business.
To ensure accurate closing in a timely manner, companies require a single system that supports the entire invoice management process – end-to-end. The billing system needs to be all-inclusive and allow for segregation of invoices across relevant time and business boundaries. Understandably, selecting a comprehensive billing solution that supports your specific rating and automation needs can be time-consuming and challenging.
Eliminate Bottlenecks with Invoice Automation Software
In a world where companies conduct highly diverse operations in multiple locations, having convenient, accurate, and highly adaptive revenue management systems can be the difference between order and chaos. Your business needs accurate invoice management that provides the visibility and controls to bring order to a complex, evolving financial ecosystem.BillingPlatform’s invoice automation software enables your finance teams to take action across large batches of invoices. As a specialist in cloud-based billing software solutions, we can help bring your financial period to close faster and more accurately, reopen and revise invoices, and bulk approve invoices for specific regions or business units. With BillingPlatform, you’re able to monitor the entire process, so that you know exactly how many invoices have been approved, remain open, or are still processing. Request a test drive of BillingPlatform to see more today.
Watch this video to learn how BillingPlatform enables the management of thousands of invoices and more. You’ll discover:
- Best practices for scaling customer invoices
- Accurate invoice strategies that adapt to your business
- Tools for enterprise-level invoice management