Many company leaders find that when they need to make important decisions for their business, they often place the financial potentialities at the top of their considerations. Sure, selling a completely new product might be advantageous for a niche segment of consumers, but if manufacturing costs are projected to greatly eclipse sales, it's probably not the smartest idea in business terms.
Weighing the financial pros and cons is something that is essential to ensure the continuity of a company. As such, this must be done even when considering implementing new technology that has overwhelmingly been seen as advantageous at a number of other businesses, like electronic workflow.
However, company leaders will find that, in the long, implementing tools that allow the office to go paperless is largely beneficial and will definitely pay off. Invoice automation tools, in particular, are notably cost-effective, and as such should be considered by departments and businesses that want to reap the benefits of all the technology the 21st Century has to offer.
How do we know it's worth it?
E-Invoicing Platform recently published a case study from Poland which proved that companies and other organizations can save a lot of money by going digital with invoices. The retail chain in the study was able to not only see benefits in the realms of security and lowering error rates, but was also able to save money by going digital.
The source noted that the main advantage was the ability to verify that all account and other financial information was correct. By placing such documents on the computer, there was little room for error - something that can waste a lot of time and money if such records have to be physically sent to employees and business partners.
Plus, this can save money in terms of payroll - E-Invoicing Platforms reported that manually verifying that all information is correct takes a lot of time, because of the length of account numbers.
Skipping e-invoicing might lose money
If companies avoid electronic invoicing, they might comparatively lose money. According to Shared Services Link, the United Kingdom's public sector wastes nearly $3.3 billion because numerous organizations have been slow to leverage these tools. In particular, buyers can save about $15 per invoice by digitizing, while suppliers save approximately $8 on each.
The source equated this to a significant missed opportunity to save capital and turn a profit, something businesses shouldn't experience. By using digital forms while invoicing, the company can save a lot of time, money and effort, which is sure to benefit the business over the long run.