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.
Mar 26th, 2020
Should You Use Electronic Invoices? Everything You Need to Know About EIPP
Nov 19th, 2020
If you’re still sending out paper invoices, it’s well past time to update your processes. In this blog, we delve into what Electronic Invoice Presentment and Payment (EIPP) is and whether it’s the right move for you.
New Findings from IOFM: Why Your Customers’ Billing and Payment Experience Matters for Cashflow
Nov 12th, 2020
Prioritizing customers’ experience across the order-to-cash lifecycle doesn’t just make customers happy—it helps you improve cashflow. Learn about IOFM’s findings from their latest report.
How to Prepare Your Accounts Receivable for the Death of the Check
Nov 5th, 2020
Checks have all but disappeared from consumer payments, so why do so many businesses still accept them? In this blog we break down the issues around checks, the alternative payment methods replacing them, and how to prepare your AR for the inevitable death of the check.