By Rowan Lemley
Here at Basware we’ve got a pretty good understanding of how e-invoicing can revolutionize the finance function, and which companies are benefitting from it most.
Basware’s 2012 Global E-Invoicing Research shows that small businesses are significantly more likely to see customer demand as a driver for e-invoicing – 61% of businesses with under 100 employees cited it as the main driver compared to just 34% of businesses with 1000+ employees. SMBs appear to be reluctant to make the transition, and in some cases are denying themselves a more fluid, measured and accurate finance function. E-invoicing is accessible for SMBs too, in many cases without enterprise-level investment and complex integration.
Outlined below are four major advantages of e-invoicing for small businesses to consider:
1. Admin costs drop dramatically: Simply clicking ‘send’ vs. printing, stuffing envelopes, filing paper copies, taking post to the mailroom, chasing to see if invoices have arrived, re-issuing lost invoices...
2. You get paid faster: A paper invoice takes days to get into your customer’s finance system. E-invoicing gets it there instantly
3. More business: Customers love working with suppliers who can e-invoice
4. Cashflow management improves: You can keep track of your invoices and plan with added certainty on when they will be paid
Organizations do business with lots of other companies, which can lead to transaction chaos when so much documentation builds up. Chaos can lead to inefficiency, unnecessary payment delays and costly process errors, which means businesses need to be looking at ways to address these threats.
With the B2B Cloud, organizations can prosper from an open, electronic, compliant document exchange for all trading parties in the new era of B2B commerce. It provides an open, secure and global ecommerce ecosystem for buyers and sellers that streamlines transaction collaboration.
So if that doesn’t convince you, here are a few more factors businesses should be aware of:
1. Best-in-class B2B processes are available with out-of-the-box process templates that enable adoption of P2P and OTC processes
2. It doesn’t cost the earth – any size business can adopt e-invoicing instantly and can scale the services up and doing according to their business needs
3. Intelligent Cloud Collaboration – offering easy to deploy connectors to the B2B Cloud enabling companies of all sizes, shapes and locations to leave paper behind
4. The Open Network, the world’s largest open business transaction network bringing millions of B2B buyers and sellers together, globally
Together, these elements deliver savings in terms of costs and processes, and deliver better and more collaborative relationships between buyer and supplier.
Like I said, e-invoicing is easy invoicing!