Most companies put an emphasis on using electronic invoice presentment for the convenience of their clients and for better cash flow. But electronic invoicing can easily translate beyond the customer: it can work beautifully for B2B relationships, too. Instead of relying on using a print and mail service to deliver billing statements to other businesses, electronic invoices can make the entire process much more streamlined. Here are just a few reasons why your company should start delivering invoices electronically in lieu of print mail versions:
Electronic invoicing can improve your already mutually beneficial business relationships
Generally, e-billing fosters better communication between parties. When you use electronic invoices for customers, this provides an easier and quicker way for them to interact with you. But when you use them for B2B relationships, both companies stand to benefit. Your collaboration will grow stronger because your communication will be more accurate. When you use a print and mail service, you can’t always know when bills will be received. But with an electronic billing system, you can be assured your bills will be received and paid in a timely manner, which means business relationships will be improved overall.
Electronic billing can improve your cash flow
Just like when you utilize e-billing with customers, you’ll experience a much steadier cash flow when you use these systems with other businesses. Bills will be received at a faster rate and will usually be paid much earlier. And because payment is instantaneous with an electronic system, you won’t have to wait to receive and deposit a check. That way, your suppliers can be paid more quickly, outstanding bills will decrease, and you can easily identify partnerships that may not be working out financially.
E-billing shows your company embraces technology
Innovators attract other innovators. If you show that your business is ahead of the curve by embracing cutting-edge technologies, you’ll attract other like-minded companies who may want to do business with you. Using electronic invoices shows that you have a clear strategy for your growth and that you’re a leader within your industry. In addition, it shows that you’re eager to implement tactics that will allow you to provide your products or services more efficiently and that you take security and accuracy seriously.
In today’s saturated market, your company needs to stand out for all the right reasons. Want to find out more about how electronic invoice processing can help your business grow? Contact us today!