Have you ever had a supplier let you down?

Did you ever have that bitter thought that the supplier was one of those companies that would take your money would not take your business seriously?  Prepared to sell, but not prepared to care?

If you have, then you’ll know it is not a pleasant experience. It causes you more than a little inconvenience in how you follow up on the issue, push for a resolution and deliver the unhappy news internally about a supplier that has let you down in some way. One issue, somewhere along the line, can cause you and a whole range of other business stakeholders considerable disruption.

All the more reason to ensure that your team, in Accounts Receivable, is not the cause of the issue for a customer. One wrong move from an AR team could lose you the customer’s business and be disastrous for your own career.

Cautionary tales from our clients

This may sound like an extreme example, but we have clients who come to us with an AR team so overwhelmed that they make mistakes and that cause serious issues that take a great deal of effort to put right, or simply cause the customer to take their business elsewhere. When the customer in question represents 30% of your income  – being a big player and a prestigious customer to have, the business is forced to take action. We don’t often have clients motivated to adopt eInvoicing because of one incident.

Normally, there have been warning signs of a team under pressure, systems unfit for purpose and buyer dissatisfaction for a while. When these situations come up, the key scenario is that the company has to improve without adding headcount or budget.  eInvoicing with Corrivo eBilling solves a range of problems in one fell swoop. Namely it:

  • Improves accuracy, so there are fewer queries and complaints about incorrect invoices
  • Improves efficiency to the extent that headcount can be reduced, not increased
  • Improves productivity, so the AR team remain focused and motivated
  • Allows other stakeholders in the business to self-serve information so that the AR team spend less time answering internal requests for information on invoice status
  • Delivers a return on investment quickly, paying back the initial implementation cost in less than three months
  • Allows the superstars of AR to shine by removing the repetitive and stressful tasks that divert them from their core purpose.
  • Flushes out root cause issues – which are often elsewhere in the business, but which become apparent during the ‘drains up’ process of integrating client systems and data to Corrivo.

Career defining moments

As mentioned, there have been occasions when the loss to the business is so significant that an employee is redeployed. Conversely, though, we find that the people who advocate for change and introduce Corrivo eInvoicing to the business gain recognition and make good progress in their own career due to the scale of the contribution Corrivo makes to the company’s finances and its investability or investor loyalty.  We even have customers who used Corrivo before and who recommend it when they move jobs and join another company that is not switched on to the benefits of eInvoicing.

Corrivo helps you sell to bigger, better customers

We have also found that clients who tell their prospective customers that they can deliver invoicing over mobile-friendly portals or can easily support the customer’s plan to introduce PEPPOL based EDI for payables become more attractive to their buyer markets. Since there is currently a major trend towards adopting EDI and XML as invoicing standards amongst buyers across Europe, being able to say you’re ready for your customer to change invoicing standards and still provide continuity will mark your business out from the less techno-savvy competitors who may even have better products at a more attractive price.

Being technologically compatible with your customer is part of the proposition that can flip a sale or tender in your favour. Luckily, we are universally compatible, so if you use Corrivo, you will be too.

 

David Harris

Author David Harris

David Harris is the Business Development Executive at Data Interconnect. Dave works with companies planning the implementation of Corrivo, the cloud-based credit control software which improves cashflow, minimises aged debt and streamlines processes for finance departments. If you would like to know more, contact Dave on: Davidh@datainterconnect.co.uk

More posts by David Harris

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