Cloud accounting allows the invoice process to be much quicker, easier and more accurate. Invoices can now be sent from one cloud accounting system to another. So how does this benefit both sides of the equation?
Today the process is as simple as clicking save in your accounting system, and the invoice is delivered directly to your customers accounting system. How does this help CUSTOMERS who receive the invoices?
- No data entry
No need to type in details to accounting systems, or importing PDFs or using apps to photograph an invoice
With no data entry of reliance on scanning software, the details of the invoice are the same as what the supplier sent
- Time Saving
Time is money, whether you are paying a bookkeeper to upload these details or if you spend the time to do it yourself everyday, it is a chore that can be avoided
The processing of invoices is made so much easier for you, your staff or your bookkeeper/accountant
- No storage of Invoices
If an invoice delivered directly comes with a PDF version of it, this can be saved in an electronic format, which meets the requirements of many tax agencies around the world, including the ATO
There are 5 reasons a customer would want to have invoices delivered directly to their cloud solution, but what about SUPPLIERS (those sending invoices)?
- Time Savings
When an invoice is created, it is saved and that’s it. No PDFing or emailing required and huge time savings are made if a supplier still prints invoices.
- Cost Savings
Once again, if you are still printing those invoices the costs savings are obvious, but time is money and reduction of any manual process is a saving to any business.
- Cash Flow
Having your invoice processed faster by your customer means you are likely to be paid quicker with much fewer overdue invoices due to them not being processed on time.
Sending an invoice directly allows you to track whether the invoice has been received, processed, paid or even rejected – in real time.
Intelligence is gathered, dashboards are populated and reports are generated to track current and historical activities to help organisations be a lot smarter with their finance activities.
Free trials exist for solutions like Link4, so try one and see if sending invoices directly can benefit your business in one or more ways.