How much of the cost of running your Accounts Receivable function is associated with invoice queries and correcting errors? It’s a good question, isn’t it? If you use an eInvoicing platform like Corrivo you’ll find that the number of invoice errors drops and this has a knock-on effect on the number of queries and disputes raised by customers due to faulty invoices.
Many sources suggest that eInvoice automation – where the invoice is created directly from order data by an eInvoicing platform like Corrivo, reduces errors by 30-40%. This becomes evident right away to those whose time is usually taken up with answering queries. The queries and issues evaporate, and businesses win back the time to work on their all-important customer relationships and meeting their management reporting obligations without undue stress.
Errors do occur, but they are often down to how the order is input so if the ERP system or eCommerce system and its users are up to date and error-free, so will the invoices be.
What would it cost your business to be 40% less efficient than your industry peers?
The cost of not implementing eInvoicing could be causing your business to fall behind its competitors in terms of profitability. Manual and error-prone processes and repetitive tasks are demotivating to employees and if your operating costs are higher than the eInvoicing savvy competitors, this will likely show up in your balance sheet and will be detectable to shareholders and potential shareholders.
The time and cost savings of eInvoicing automation stretch beyond the specific, per-document costs. They extend to office floorspace, staffing, machines and the highest cost of all – the cost of losing customers.
Build back better
If you operate in the Retail, Public Sector or Oil and Gas, you will already be sending some invoices by EDI. Creating all your invoices accurately and efficiently with automation using Corrivo can provide your business with the long term reduction in operating costs it needs to build its way back from the uncertainties and market challenges of the last year and build back better.
Click here to watch a 2-minute video about one of our clients that saw the wide-reaching benefits of eInvoicing improve their international operations. Like most of our customers, the return on investment is faster, stronger and more sustainable than expected.