Did you know it takes the average small-to-mid-sized company an astonishing 25 days to process a single invoice manually? Unfortunately, the longer it takes to issue a customer with an invoice, the higher the chance you won’t be paid on time.
When clients consistently pay late, your cash flow suffers, preventing you from affording other operational expenses. In a post-pandemic world, companies need to shore up their supply chains and ensure they pay suppliers promptly, or else they risk severe financial and reputational damage.
Fortunately, modern invoicing and payment software solutions have made it easier than ever to keep your finances on track. Read on to discover how implementing innovative technology can help you get paid on time, every time.
How Invoicing and Payment Software Ensure Invoices Are Paid on Time
1. Digitising All Documents
There are many positives to adopting field service technology to manage your entire operation. Here are the top five benefits your business could enjoy by providing your technicians with a field service mobile application:
2. Live Tracking and Real-Time Updates
According to data from BlueSnap, businesses that use traditional invoicing and payment methods typically spend around 11 hours managing a single invoice across a range of five different systems.
Aside from being time-consuming, manual processes can be a morale-killer for your accounts receivable (AR) team. They not only have to complete arduous, repetitive tasks each day but also inevitably spend hours on the phone chasing up late payments. Sadly, when team morale begins to take a nosedive, so does productivity.
Fortunately, when you use cutting-edge invoicing and payment software can liberate your team from the monotony of dealing with endless paperwork.
For example, once your technicians have completed their jobs, they can simply fill out all essential paperwork instantly. Then, they can send electronic invoices to your customers directly from their mobile devices.
The most advanced platforms, such as BigChange, also include an online payment feature to make it even more straightforward for your customers to pay for goods and services. By making it possible for your clients to pay immediately, you won’t have the headache of chasing overdue invoices. Plus, when you eliminate unnecessary administration associated with invoicing, you free up more time for your AR team to focus on business-critical activities.
3. Reducing the Margin for Error
Around 88% of all spreadsheets contain at least one mistake. When you rely on people to manually input data over an extended period, errors are unavoidable.
However, minor inaccuracies cost your business dearly. If your AR team relies on spreadsheets and legacy systems to create invoices, chances are some details won’t be correct. As a result, the likelihood of a customer calling up to contest a payment undoubtedly increases.
When a customer has to take time out of their day to iron out mistakes, their impression of your company becomes less favourable, and they will be unwilling recommend you to others. At worst, they may decide to not use your services again in the future.
Additionally, incorrect invoices create excess work for your employees. AR teams have to raise a brand new invoice and start the entire process over again. Delays in invoice processing cause businesses to miss deadlines, hurting their professional reputation and destroying their cash flow.
That’s where invoicing and payment software comes in.
Pulling information directly from the integrated CRM (Customer Relationship Management) system, your technicians can instantly create an invoice with all the clients’ correct details. They can then send the digital invoices to your customers for same-day approval.
By providing people with their invoices more rapidly, you can ensure that they are satisfied with the details or, if not, mitigate any potential issues before they become problematic. As a result, you’ll find that your invoices are paid on time and you can keep your operations running smoothly.
4. Providing Modern Payment Methods
The UK is currently the largest digital payments market in Europe by valuation, currently worth a total of £157.7 billion. Today’s customers want smarter, simpler ways to pay and, therefore, field service businesses will need to get ahead of the curve to avoid becoming obsolete.
When it comes to invoicing using traditional methods, the entire process can take weeks. Let’s imagine your technician has just completed a job. The technician informs your AR team, who then waits for the next payment cycle before creating, printing out, and mailing the invoice. By the time the payment cycle has come around, it’s been several days since the engineer completed the job.
A few days later, your customer receives the invoice and puts it on their finance team’s desk. Their finance team is slowly making their way through the pile of existing invoices, and it takes another day before they get to yours.
Your customer’s finance team checks the invoice to ensure it’s correct and writes out a cheque. They then post it to you in the mail, and it arrives later in the week. Worse, the finance team could have inadvertently misplaced or thrown out the paper invoice, delaying the process even further.
Not a very efficient system, to say the least.
In contrast, businesses that use modern invoicing and payment software get paid the moment technicians complete their jobs. BigChange Pay enables your clients to pay from their mobile devices using the modern methods they’re accustomed to, such as Apple Pay.
In addition to swift, effortless payments, you can also benefit from the extra layer of security that online payments provide. Unlike cheques, which leave you vulnerable to fraud, payment software can detect criminal activity. As such, you can rest assured that all payments are legitimate and that you won’t have any unpleasant surprises further down the road.
Digital Invoices and Payments are the Future
With invoicing and payment software, you can wave goodbye to the inefficiencies that traditional methods create. When you arm your team with state-of-the-art technology, you can create a more productive work environment, reduce the margin for human error and guarantee that invoices are paid on time.
Guarantee Your Invoices are Paid on Time with BigChange
Get paid on time. Every time.
With BigChange, you can rapidly create financial documents based on pre-saved line items or automatically calculated job costs. Plus, you can generate and share invoices, quotes, estimates, purchase orders and credit notes in seconds.
Make payments simple for your customers with BigChange Pay by enabling them to send money straight from their mobile devices.
Want to find out more?
Discover how BigChange can make your business grow stronger, arrange a free demo today.