This includes things like purchasing the ink and paper to print the invoices the printer might need to be repaired in addition to many other expenses. You are also signing up for the costs that come with running, managing, and maintaining the printer over the course of its lifetime. When you buy a printer, the original purchase price is only a fraction of the cost you will have to pay in the long run. Going paperless will allow you to avoid all of these headaches and expenses while also reducing the carbon footprint caused by trucks, airplanes, and other mail delivery equipment. That means that for organizations that generate thousands of invoices a month, improving billing can translate into millions of dollars of impact for the bottom line. They also have one percent fewer invoices that are related to disputes and can cut process costs over $5 per order as compared to a typical company. However, according to a study by the Hackett Group, world-class organizations that deploy an automation solution have fewer errors and disputes and demonstrate a 10% difference in the percent of customer invoices generated and distributed electronically (80% vs. Therefore, not only do business owners have to deal with all of these delivery changes, but they also have to incur the costs of sending out these invoices and all of the time-consuming processes that come with it. We are also seeing similar delays in the UK and countries in the Eurozone. This is not a very good position to be in since 1 in 5 pieces of mail in the US arrives late. In addition to this, you need to keep in mind that when you send out paper invoices, you are basically at the mercy of the post office. This puts a lot of strain on the invoicing process since it’s less common to confirm the receipt of paper invoices and track their open rates. This means that if your invoice needs to be delivered by post, there’s a good chance that it won’t make it to the recipient on time, if at all. Gartner is expecting the remote work culture to continue into 2022 with 47% of knowledge workers doing their jobs from home next year. For example, recent studies show that, 1 in 4 Americans are expected to work remotely through 2021. We have learned a new way to work, and organizations need to capture the lessons of accommodating a more efficient workflow. Let’s explore the many benefits of paperless invoicing by comparing them with the physical invoice approach, starting with the challenges posed by postal delivery. Imagine not being dependent on postal delivery times or having the ability to reach customers wherever they may be in a time of a pandemic. If we think about all of the inefficiencies of having to print the invoice, deliver it, and manually track the receipt, we can see why e-invoicing is a much more attractive option. Such changes have been spurred not only by COVID restrictions but also by the automation of various time-consuming and inefficient processes such as sending out paper invoices. We are living in a time where business conditions are quickly evolving.
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