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Does your business collect invoices on paper or through one-off texts? Do you or your team members take the time to manually scan through the details of each invoice to look for errors, verify them, and release payments? This might work if you have a few invoices to process every month. But what if you are trying to scale and have a large number of payment requests from vendors, employees, bills, among other invoices?
Manual invoicing requires you or your team members that handle accounts payable to spend hours of intensive labour to manually check for errors, which inevitably creates delays and results in wasted time and effort. Extensive customer details are copied and pasted from one sheet to another. Creating bulk invoices manually becomes unnecessarily labour intensive – switching between orders, matching contact details and agreeing on credit terms and finally, ensuring the final invoice is received by the right person at the right time – since missing an invoice isn’t an option. Though many businesses have tried-and-tested manual methods of invoicing organisation-wide, there is no denying that each year our world becomes increasingly digital to make our lives easier. Automated invoicing is a process in which invoices are generated and sent automatically, without the need for manual intervention. This typically involves the use of software or other technology to automate the creation, sending, and tracking of invoices.
Switching from manual practice of invoicing to automated invoicing offers a number of benefits for fast growing businesses.
Streamlining and simplifying the invoicing process: Automated invoicing systems can help businesses to streamline and simplify the creation, sending, and tracking of invoices, which can save time and reduce the risk of errors.Improving the accuracy and consistency of invoices: By automating the creation and sending of invoices, businesses can ensure that their invoices are accurate and consistent, which can improve trust and communication with customers.
Tracking and managing invoices more effectively: Automated invoicing systems can provide real-time updates on the status of invoices, which can help businesses to stay on top of their accounts receivable and ensure that they receive payment in a timely manner.
Reducing the need for manual intervention: Automated invoicing systems can take care of many of the tasks involved in the invoicing process, which can reduce the need for manual intervention and free up time for other important tasks.
Providing real-time updates on the status of invoices: Many automated invoicing systems can provide real-time updates on the status of invoices, including whether they have been received, opened, and paid, which can help businesses to stay informed about their accounts receivable.
Gaining A competitive edge
Overall, automated invoicing can provide a number of benefits for businesses, including streamlining and simplifying the invoicing process, improving the accuracy and consistency of invoices, and providing real-time updates on the status of invoices. Businesses can gain a competitive edge with automated invoicing by using the technology to streamline and improve their invoicing process. Automated invoicing systems can help businesses to create and send invoices more quickly and accurately, which can improve trust and communication with customers. This can help businesses to stand out from their competitors and gain a competitive advantage.
Loop Invoicing Tool
Currently in beta, Loop’s free invoicing tool is a holistic end to end invoice processing and management tool that is ideal for fast growing businesses. Our invoicing tool provides API integration and can seamlessly connect with native applications that you are already familiar with, and also enables your customers to pay you in multiple ways, including cash.