At this point, the idea of the ‘paperless office’ is nothing new. Most companies have been implementing electrical systems in place of filing cabinets for over a decade now. So why are we bringing the whole thing up again?
Well, unfortunately, paper is still hanging around, perhaps not in your office itself, but certainly in your invoicing processes. While exact numbers are hard to come by, experts predict that as many as 70% of companies are still using paper invoicing, even after everything!
Unfortunately, just because paper invoices don’t hang around your office doesn’t mean they don’t still need to go. And we’re going to consider why.
Issue # 1: Paper Invoices Take Longer
On average, companies wait between 30-90 days to receive payment after an invoice date. Why? Because posting that paper invoice takes time! Not only do you need to wait for someone to actually post that envelope, but you also need to wait until it arrives with your customer, and probably a week or so after that. All the while, your company will remain out of pocket for work you’ve already completed.
This is a clear problem on top of an escalating trend in unpaid invoices, and it’s entirely unnecessary considering there are plenty of quicker solutions on offer. Far from moving at a postal snail’s pace, businesses that invest in bulk invoicing software from companies like North can both speed their invoice generation processes and send those invoices directly to consumers via SMS or QR code. This immediacy is guaranteed to cut the time you spend waiting for payment in half. And that’s got to be good news for your company’s financial health.
Issue # 2 – Paper Invoices Invite Confusion
Paper invoices that sit outside of your computer systems can be problematic for everything from keeping track of payments to filing invoice follow-ups. In fact, if a member of your team forgets to manually input an invoice before they send it, you’ll have no record of that payment at all!
By comparison, digitized invoices are easier to store and will often go straight into the right systems automatically as soon as you click send. That halves your workload and doubles your efficiency, meaning you don’t need to be a genius to work out the benefits of making this switch.
Issue # 3 – Sustainability is Increasingly Important
Ultimately, companies didn’t switch to paperless just to save time and effort. Paperless offices are also essential from a sustainability standpoint, and paperless invoices are no exception. In fact, for large or mid-size enterprises, clinging to paper invoices could be entirely undoing your sustainability efforts.
That’s a serious problem in an age where over 50% of consumers are willing to boycott companies that engage in sustainability greenwashing, such as claiming paperless practices when they’re still using paperless invoices. And it’s a risk you can overcome by simply taking your invoices digital at last!
Old habits are hard to break, but trust us when we say that you’ll be better off without paperless invoices in your life.
Other articles from totimes.ca – otttimes.ca – mtltimes.ca
