You will soon discover that web_based invoicing offers numerous benefits that greatly surpass any possible benefits that the traditional invoicing processes may have. Once you start using online invoicing, you will never look back! Your business will look more professional when using online invoicing software with its standardized invoice templates. Web_based invoicing software is so intuitive to use that you can easily learn to customize it to fit any specific needs you business might have. You can choose from an assortment of professionally designed invoice templates. The invoices you send will have your company logo on them, which will brand your business and give you a more professional appearance.
Another outcome is an increase in efficiency; the AP department can instantly find an invoice without having to waste time chasing the business users. With approximately 70% of the invoices now matching the PO immediately, a considerable amount of invoices only require scanning, after which the process is entirely automated. This efficiency has directly resulted in a reduction in the number of people required in the Accounts Payable department; before the system was installed the team consisted of 13 people and there have been reductions in headcount, as the AP manager substantiates: "The IMS system has increased efficiency in our Accounts Payable department to such an extent that on full implementation we expect to reduce our headcount by 4."
Another significant benefit of invoice factoring is the professional debt collection service provided by the factoring company. The factoring company is equipped to handle debt collections professionally and efficiently, leaving your staff to focus on core activities such as creating more sales. In addition, this will reduce your costs associated with processing invoices and handling collections costs. How Invoice Factoring Works Invoice factoring is a transaction in which you sell outstanding invoices for immediate cash, instead of waiting the typical 30 days for the invoices to be paid. You receive an up_front, lump_sum payment for your invoices that's slightly less than face value. The advance payment which can be provided within as little as 24 hours is typically 70 to 90 percent of the total invoice value.