The Benefits of Mobile Invoicing
Paper-based invoice processing is quickly becoming a thing of the past, and with good reason. Mobile invoicing is fast, efficient, secure and convenient for both the supplier and customer. Here are the top benefits of going paperless:
Reduce Cash Gap
Cash flow improves significantly when a company transitions from archaic paper invoices to digital invoices using tools like the inSitu Sales app to generate, approve and receive payments for invoices. Mobile invoices eliminate the delays associated with creating, printing and mailing a paper copy to a customer and then waiting for customers to receive, route, sort, approve, process a check and send payment. This process can take weeks if not months depending on the sales terms which can range from due upon receipt to 60 or 90 days. The longer the days sales outstanding (DSO), the larger the cash gap which means that your company does not have the resources it needs to do things like pay vendors, make payroll, and purchase supplies.
Streamline digital information
It is becoming more common for data storage to be cloud-based. Email is solidly the preferred method of sending and receiving remittance information between buyers and suppliers. Mobile invoicing makes a lot more sense once all of your company’s other data becomes digitized. Collectively, a mobile-based information hub such as the inSitu Sales platform connects everything together in a secure, convenient integrated manner that makes it easy for management to access and share. The app and e-commerce portal sync seamlessly with accounting software like Quickbooks, avoiding potential errors from double entries and other costly and timely mistakes.
Reduce administrative costs
Administrative costs can be significantly reduced when the Accounts Receivable process is digitized. Going forward, there would be no need for purchasing massive amounts of copy paper, clunky file cabinets and other in-house storage containers, frequent updating and repairing commercial copiers due to high volume printing, expensive outsourced data storage and shredding. There is also the reduction in time, energy and funds related to mailing hard copies of invoices, estimates and catalogs such as postage and mailing materials. If additional copies of invoices are requested, they can be sent in seconds via email rather than days via snail mail.
The secure and fast electronic delivery of invoices in real time means that your accounting team and sales reps are assured of delivery, which allows them to spend their time doing things besides following up to confirm receipt and status of invoices. With inSitu Sales’ mobile payment processing, invoices can be paid for on the spot before a sales rep even has to return to the office. Less time chasing invoices means better capital management and more time generating sales.
Enhance customer experience
Customers appreciate improved visibility, reduced transaction time and less hassle conducting day to day operations. In general, the use of mobile devices is outpacing desktop computers so the convenience of mobile invoicing is a huge benefit to suppliers and buyers alike. Enhanced customer satisfaction strengthens the relationship which leads to increased customer loyalty, engagement and sales.