Digital transformation has taken over the higher education sector, government agencies, and the business world in most areas. However, accounting departments across all three segments are slow to adopt new technology. That means that both the accounts receivable department and accounts payable department could greatly benefit from automation. In essence, accounts receivable and accounts payable are linked together. Their ability to collaborate in an efficient manner let alone effectively communicate is the key to the success of every accounting department across the globe.
However, the process of invoicing and payments was conducted in the same exact way for a great deal of years. That process involves the exchange of paper documents, translated those documents by hand into the financial system, and files those documents for record keeping purposes. Although this old and outdated manual way of doing things is in great need of a modern update, many organizations are afraid to make the move. That being stated, paper is not only slowing you down, it’s also a major roadblock into your organization’s finances.
The good news is that accounting departments can actually learn from other departments across the organization about digital transformation. The bottom line is that electronic invoicing saves a significant amount of time, a considerable amount of money, and avoids a bunch of costly mistakes. For example, electronic invoicing occurs on an instant basis and secures the deliver of the invoices. That means the accounting staff no longer needs to process paper invoices, mail out those paper invoices, wait for paper checks to arrive in the mail, and then spend time depositing those paper checks at the bank.
Postage rates are going up on what seems like a daily basis. The price of paper envelopes is also at an all time high. Cutting these costs from the equation is good for your bottom line. When your invoices are delivered electronically they are sent securely to the customers email inbox with the simple click of a button. Your customer can then pay the invoices electronically with the press of a button. At that point, the payments are automatically entered into the accounting system.
Your accounting department can also sent email reminders to customers who have not paid their invoices within a specified amount of time. By offering a “pay now” link, it streamlines the billing process even further. It also improves cash flow since your customers are bound to pay faster.
Please contact us today for more information about how electronic invoicing has changed accounting departments across the globe, and how our digital solutions can help your organization. NeoLedge is a well established, yet fast growing electronic document Management Company that has a global reach. The business was founded in France over 25 years ago by a team of entrepreneurs that truly believe innovation is a living and breathing process that pushes us to find better ways to help organizations perform.
That principal has served us well through the years, as we are now a recognized throughout the world as a groundbreaking leader in the cloud based software industry. We are incredibly proud of the fact that we have guided and continue to guide hundreds of organizations through their digital transformation. Our company has also supported thousands of daily users, and millions of managed documents in both the public and private sectors.