All you have to do is enter the appropriate details such as the customer name and address and order details, and you will be prompted by the online invoicing software to enter all the required and optional fields in a step by step manner. Costumer and product information can be stored online so that the data can be retrieved immediately when needed. Simply put, online invoicing is a much easier, less time_consuming way to keep track of your business cash flow and to maximize its earning potential!
After the purchasing company receives full payment for the invoice, you'll receive the remaining value minus a 'factoring' fee. This fee is based on a number of factors, including your customer's credit worthiness, the average terms, and the invoice number and size. However, generally, the invoice factoring fee is up to five percent of the invoice value.
The decision to automate Accounts Payable _ Their Accounts Payable (AP) department consisted of 13 people processing in the region of 180ꯠ invoices per year from suppliers across Europe. Invoices need to be approved by 250 individuals from 3 offices in the UK, 11 depots and 2 manufacturing plants, in addition to users in mainland Europe.