Transitioning Your Invoicing From Paper to Electronic
Remote working brings about many challenges for organizations and the AR department is no exception. For businesses that rely heavily on manual and paper-based processes, the current situation will be especially tough. With economic uncertainty the only certainty at the moment, it’s important for finance leaders to make the necessary changes now, in order to position their company for survival in the months ahead, and an eventual return to growth. One change that can help is to make the move to electronic billing.
You’re not at your office to print and stuff envelopes. Your customers aren’t at their offices to receive invoices in the mail. Making your invoicing process fully digital enables you to deliver invoices from your at-home office and ensures your customers can receive those invoices from wherever they are working. Beyond the usual arguments for going digital – time savings, eliminate mistakes caused by manual entry, and save envelope, printing and postage costs – digital invoicing can help ensure business continuity in today’s rapidly changing market.
Once you’ve recognized the need to switch from paper to digital, you need to put together a strategic plan. When putting together your plan, there are 4 key elements to consider:
Once you’ve established a strategic plan of action, it’s now time to execute. Execution is important for businesses to get right, especially when trying to migrate customers who are also facing new and changing challenges. There are, however, ways for you to make this transition smoother.
Implementing a fully digital invoicing process is a great step in establishing business continuity in today’s climate – but it’s only one aspect of accounts receivable. Enabling customers to easily pay, communicate, and collaborate online are all important aspects of managing cash flow and delivering customers a consistent experience.
If you would like further advice on how to implement a digital invoicing solution or about anything else we’ve discussed in this blog, please reach out to us directly and we’ll be happy to answer any questions.
Katie Canton has been helping companies develop and implement successful social media, content marketing, and marketing communications strategies for more than 10 years. Since joining VersaPay in 2018, she writes on topics such accounts receivables automation, Customer-Centric AR, collections management, and fintech.
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