Advantages of electronic invoicing and billing

Way back when, electronic invoicing, billing and indeed, all aspects of accounting, were often looked upon as something of an experimental fad, something which had the potential to work, but offered few real benefits over their in-house counterparts that could justify a disruptive switch.

“These days, however, online invoicing is fast becoming the go-to accounting solution for businesses, both big and small alike.”

Online invoicing has all manner of benefits, but really comes into its own where invoicing and billing are concerned, offering greater automation, efficiency and leaving behind a more streamlined, but no less detailed, record trail.

The advantages are many and varied, and take different forms depending on your relation to the business, so with that in mind, here are just some reasons you may consider switching to electronic invoicing and billing.

What are the benefits for you?

As mentioned, the benefits of electronic invoicing and billing will vary according to your relationship with a business and its accounting protocols.

From the perspective of someone working within a business, however, here are some of the advantages to be reaped from opting for electronic invoicing and billing.

• Reduction of costs: Many mistakenly believe that making any substantial change to a business will result in a net loss of financial resources. This is never the case with online processes, which reduce paper costs, server and IT infrastructure costs, time costs and in the long run, inefficiency due to error costs, among many others.
• Increased efficiency: Few things positively impact businesses more than improved efficiency, provided there’s no detrimental effect on the quality of processes. Automated systems mean increased efficiency, and increased efficiency means a more effective overall business.
• Immediate action: Online systems allow for 24/7 real time delivery of invoices and bills. This means you needn’t wait around for confirmation of receipts and can get on with other aspects of your business.

What are the benefits for consumers?

That’s you covered, then, but what about consumers? Why should electronic invoicing and billing affect them?

• Increased freedom and control: From the consumers perspective, systems which allow for greater payment options and flexibility are simply better systems, allowing them pay with minimal fuss and maximum efficiency.
• No more missed payments: Online billing and invoicing comes with the option of email reminders, which allow consumers to pay with minimal disruption and not run the risk of forgetting to follow through on said payment.

If you are thinking about making the switch to online accounting software, then contact eFolio Accounts Ireland.

eFolio Accounts is an online invoicing software designed specifically to make managing your finances and bookkeeping easy and to help you have better cash flow and a more profitable business.

Or, you can also join us for a free 30-day trial of our product! Absolutely no credit card required!

Get paid on time with easy invoicing and manage client accounts with efficient built in email for invoicing. eFolio Accounts is all your business need!