When it comes to managing a business, most prioritize working to increase profit, ROI, and saving money. Despite that, many businesses still rely on out-of-date means to physically organize their invoices, which results in wasted time and money.
However, moving to electronic invoicing can actually work to preserve internal resources, which can then be invested right back into the company. When utilized for mobile B2B payments, electronic invoicing also provides many other valuable benefits as outlined below.
Surprisingly, some companies still choose to operate their businesses on a cash-only basis. While this method has its advantages, there are many drawbacks, specifically when it comes to invoicing. There are recurring, unpredictable issues with managing physical cash-only invoices, including misplaced or lost cash and paper documents. An electronic invoicing system, however, significantly reduces this occurrence.
One way to incorporate an electronic system is by implementing a B2B mobile payment solution. These solutions work to aid both distributors and retailers, allowing them to access invoices via an online portal, eliminating the missing invoice issue altogether.
Electronic invoicing is a corporate and a consumer time saver. Management can relax, knowing that any invoice can be accessed with ease. When data's required for reporting, invoices can be pulled up electronically, saving time spent rifling through paper piles to find the proper information.
Rather than tasking an employee (or several employees) with sorting and mailing invoices, they can be sent electronically or accessed by the customer with a username and password. This also eliminates security concerns that come with paper invoicing.
Additionally, electronic invoicing makes it more convenient and cost-effective to collect on outstanding accounts. Customers can access their invoices with ease, which leads to faster payment. Improved collection activity leads to a better bottom line.
Problems arise when invoice payments require a manager's approval. Spare time is a rare commodity in most organizations, and managers are often unavailable to approve invoices and deliveries on-demand.
A mobile B2B payment solution is the perfect way to streamline this process, allowing suppliers to submit invoices that retailers can quickly approve and pay electronically. This is especially useful in businesses where the mobile payment technology is deployed throughout an entire enterprise.
The electronic payment solutions offered by iControl can bring better profits to your business while providing improved efficiency and access to valuable real-time data. If you’re ready to bring these benefits to your business, contact us and let our experts do a demo! Click the link below to get started!