Why Convert Paper Invoices to Electronic Invoices in Uncertain Economic Times?

Paper invoices have been at the core of financial transactions for as long as sellers and buyers have existed. Manually preparing an invoice and mailing it to a customer is second nature to most companies and the business world has been moving along for centuries using paper invoices and account ledgers. But in the last few decades as business operations have spread out to cross geographical borders and time zones, companies have begun to realize that manual operations – particularly in regard to financial transactions – are slowing down success and growth. Here are some of the problems with using paper invoices:

1. Slow paper processing may prevent receiving early payment discounts
2. Postage costs
3. Mail room sorting and handling costs
4. Data entry of paper invoices into accounting systems costs
5. Data entry from paper invoices introduces errors that cause invoice disputes
6. Invoice disputes cause supply chain friction
7. Lack of visibility into real time accounts payable liabilities
8. Paper storage costs
9. More...

In these challenging economic times more and more companies are making the conversion of paper invoices to electronic invoices a higher priority.

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Paul Diegelman
http://www.linkedin.com/in/pauldiegelman
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Kevin Benedict
http://www.linkedin.com/in/kevinbenedict
http://b2b-bpo.blogspot.com/