Misconceptions Faced by Businesses Regarding Online Invoicing
Most of us today whole heartedly welcome any new technological innovation and development taking place in the business world around us, but it is sad to know that the response to online invoicing has been subdued. The companies today are still skeptical and cautious about allowing the machines to take care of their accounting procedures. There are some very common invoicing misconceptions that businesses should overcome before joining the list of growing companies.
My business can do without online invoicing and billing
There has been a rapid increase in the number of companies switching to online invoicing and there are enough evidences to prove it. A study in the year 2002 reveals, payment of more than 500 invoices was made online and in 2007 the figure made a high jump with the number increased to 3.6 billion, an increase of 620%. With such a stupendous growth of online invoicing, the companies which are still adamant to follow the traditional practice of business and refuse to follow the online business are certain to suffer a heavy set-back.
Little or no impact on invoicing cost of online invoicing
Today, a large number of companies are also opting for online invoicing because it saves a lot of time and money. If you compare online invoice with a paper invoice then the companies spend $14 to $15 on an average on the preparation, sending and processing of invoices. However, this cost is reduced to almost half or 50% with the advent of online invoicing. These savings are helpful for any business venture to thrive and online invoicing is the only way to achieve it.
Customers do not prefer invoices online
With the modernization of time, the commerce has also been transformed and the advent of e-commerce has completely changed the outlook of business world and the customers. Today, customers require fast and advanced services than in the past. They have multiple options which give them an opportunity to switch from a poor service to a better service. They are quick and more conscious now. Hence, it is just a misconception that customers do not entertain invoice online but nearly 44% of the users showed their interest in online invoicing.
Online invoicing software and application are complicated
Most of the companies also believe this misconception that online invoice software would unnecessarily invite lot of hassles since it is complicated. However, it is just the other way round. Online software is simpler, faster and also cheaper than manual bills and invoices which are time consuming and cost you hefty. As far as online invoice is concerned, you can begin sending invoices immediately after you have signed up in any invoicing application.
Online invoicing will do no good to improve ROI
This is another myth that implanting online invoicing would be futile to improve ROI. In fact, your clients can enjoy accessing billing history and details at any hour (24*7) and you are more likely to get your payment on time with no delays.