Close this search box.
Blog » Business Tips » 5 Reasons E-Invoicing is a Winning Strategy

5 Reasons E-Invoicing is a Winning Strategy

Updated on January 17th, 2022
mobile e-invoicing tips

The advent of electronic invoicing has been around since the early 2000’s. But, it still has yet to completely catch-on. In fact roughly, 70 percent of invoices are still done by paper, fax and paper checks!

We’ll help convince you to ditch the antiquated paper-based invoicing system. Here’s five reasons e-invoicing is a winning strategy for your business.

1. Saves You Time and Money

Regardless if you’re a solopreneur or enterprise-level business, you’re probably most concerned about saving both time and money. Thankfully, e-invoicing is able to achieve both.

It’s been estimated that the average cost to send a paper invoice is $4 a pop. That may sound inflated, but consider the costs. Preparing, printing, and mailing the invoices will show that the figure isn’t so far-fetched.

Electronic Invoicing

An electronic invoice, however, costs on average $2.25. For accounts payable, that figure is even greater since a paper invoice costs a staggering $30, compared to $3.50 for an electronic invoice.

Overall, according to Billentis, electronic invoicing can lead to savings of 60-80%.

You’ll also save money by reducing the amount of time it takes. No more creating, organizing, and managing the sheer amount of invoices you send and receive. For example, instead of scanning paid invoices and filing them, electronic invoices can be automatically uploaded onto the cloud.

2. Your Customers Will Love It, I Guarantee This

Electronic invoicing isn’t just beneficial for you. It also has the following advantages for your clients or customers:

  • Convenience and Payment flexibility: Your customers now have a variety of payment options, such as credit card, debit, ACH, or even bitcoin so that they can choose when, where, and how to pay.
  • Control of finances: Accepting payments electronically allows customers to pay at the last minute and monitor their activity.
  • Email reminders: Avoiding late payments and fees is a whole lost easier when a reminder is sent before the due date of a payment. Including a “Pay Now” link will streamline the billing process even more effectively.

You shouldn’t have to be reminded that you need to keep your customers happy by improving their experience with you. Making invoicing as painless as possible to pay you helps a lot. Less stress for the customer is more likely to help build a long-term relationship with them.

3. Avoids Repetitive Tasks

Electronic invoicing can automate most of the invoicing work that you or your accounting department were previously responsible. This allows your accounts staff to focus on tasks like spend management, credit control, and support for procurement decisions.

For you, this means that you can focus on more tasks that can grow your business.  Time strategies such as strengthening your products/services, networking, and creating quality content.

4. Provides Clearer Insights Into Your Business

Unlike paper-based invoices, e-invoicing provides greater visibility into your business. You’ll be able to see where your cash is being held-up. You’ll see where your cash is flowing in-and-out. This gives you a chance to stop any hemorrhaging before if becomes detrimental to your business.

5. It’s Better For The Environment

Finally, e-invoicing is a eco-friendly. It’s been estimated an e-invoice solution can remove at least 80% of paper from most accounting departments. As a result it reduces your carbon footprint. This helps the environment feel better and it can attract clients or customers who are also socially responsible.

You will find that e-invoicing is also good for your bottom line. One observation is that e-invoicing drastically reduces the amount of paper cluttering an office leading to a higher level of peace.

Angela Ruth

Angela Ruth

Angela Ruth is a financial writer at Due. She has a passion for helping people get out of debt and live a better life.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More