Do you know about the trends that came along with the online invoice payment processing app and its ensuing popularity? Electronic invoicing or e-invoicing is a revolutionary digital invoicing system that made managing a business company’s payment processes a breeze.
Apart from offering a comprehensive overview of a company’s payment history and automating several tasks, it allows business owners to track the time spent on each job and payments owed by clients. Particular sectors, such as the US government, process almost 19 million invoices every year. However, only 40% of invoices are electronic.
Despite being around for almost 30 years, e-invoicing didn’t get the recognition that tech experts expected. For instance, many business owners from the US were aware of the benefits that e-invoicing platforms had to offer. However, they didn’t acknowledge it in the beginning. Today, however, the scene is different.
Then again, the US is nowhere near the e-invoicing adoption rates that are visible in several Latina American, European, and Scandinavian countries. The governments of these regions mandated the use of web-based billing tools and strategies years ago.
Apart from helping the regulatory bodies from tracking to collecting sales taxes, ERP software solutions are helping businesses streamline their payment collection methods.
If the trends of e-invoicing attract you, then continue reading.
- Automation will be integral
Automation is the most significant feature of e-invoicing. The automated features of a receipt maker app will eliminate the need for businesses to track financial interactions with every client and reduce the chances of errors. Business companies can send reminders for late-payments and payment due dates automatically.
By using such a system, both parties of a transaction would be able to stay on track. Additionally, businesses can make payments automatically on specified dates. The staff members of the enterprise would be able to spend more time on core business tasks by automating all manual responsibilities.
- Invoicing systems will utilize the cloud
An online invoice payment processing app will make software as a service or SaaS a norm. Today, different technologies operate from the cloud, and invoicing won’t be an exception. SaaS allows companies to gain access to records and other pivotal pieces of information from anywhere in the world through the internet.
Addressing payment issues instantly will work in favor of the business companies as they strive towards building a strong reputation among clients and partners. Digital wallets can become part of a cloud-based receipt maker app as well.
- Implementing blockchain technology
The free timesheet of an invoicing software solution lets companies keep track of the amount of time spent on completing a project. So, how does it have anything to do with blockchain technology? Just as a free timesheet helps in keeping tabs on time spent on tasks, blockchain technology will streamline the billing procedure by maintaining transaction records.
It eliminates the need for additional resources and third-party interactions. The purpose of blockchain is to make cash flow management smoother at every phase of the invoicing process. Companies will be able to send invoices and allow customers to pay in both flat and digital currencies, such as Bitcoin.
- Rise of real-time economy
Upon implementing an invoicing software solution that operates on all platforms, including Android, iOS, Mac, and Windows, companies will receive timely payments. Getting paid on time will, in turn, allow them to set clear expectations of their income and expenses. Late payments affect business firms all over the world. Small businesses suffer from it the most.
However, e-invoicing can reduce the time of the invoicing process significantly. Those who send digital bills to their clients will receive their due within a day or two at most. Due to the enhancement in speed and accuracy, B2B payments and customer interactions will occur more frequently in real-time.
- Global popularity
Both small and large scale businesses can benefit from adopting e-invoicing. In doing so, they will be able to reduce 60% to 80% of the capital expenditure compared to paper-based billing. This incredibly high percentage of reduced cost without affecting efficiency caught the attention of business owners as well as governments.
Many countries in Latin America are leading the way regarding the use of e-invoicing platforms. For instance, Brazil is applying these solutions across various industries, including inventory management and accounting. On the other hand, Columbia introduced a new e-billing model that will help almost 800,000 businesses adopt the technology.
- Staying ahead of your competitors
By opting for electronic invoices and ditching paper-based methods, companies would be able to address all payment-related issues instantly. It would let them bolster professional relationships and increase workplace productivity.
E-invoicing is nothing less than a revolutionary system that altered the world of business entities significantly. The descriptions of the trends prove that adopting e-invoicing would become mandatory in the future. Instead of waiting for that day to arrive, business owners like you should implement e-invoicing strategies and systems as soon as possible.