How Can CFOs Digitalize, Streamline, & Archive AR Processes Online?

How Can CFOs Digitalize, Streamline, & Archive AR Processes Online?

By CFO Tech Outlook | Wednesday, September 18, 2019

Accounts receivable process is tedious and time-consuming. If the process is digitalized, can the CFOs save more time? 

FREMONT, CA: Using paper customer invoices is a critically common problem that is manually intensive and tedious with increased costs and lower efficiencies. Ubiquitous mistakes and delays cause bottlenecks in the organizational workflow and result in mismanagement of payments. The most simple and abundantly found solution in companies and government organizations is the e-invoice sending solution. The e-invoice sender will automate, digitize, and streamline the Accounts Receivable (AR) process by transforming the invoices from a sheet of paper into the form of a data. This process efficiently works for both the organization and the customer. The digitized method guarantees a quick customer invoice delivery that curbs the extra processing charges while also enabling speedier attainment of payments. 

• Increased Visibility, Control, and Compliance Over Accounts Receivable (AR):

Better oversight is provided by the e-invoice sending solution in addition to the enhanced visibility and control over the AR processes. The most convenient feature is the speeding up of the receiving payments process. The e-invoice sender can digitally connect the user with the client both locally and globally by automatically converting the customer invoices. Internationally trading companies or businesses with clientele from all over the globe can exploit this feature to ensure a compatible format to all the customers. It is primarily to satisfy the clients in their relevant markets while considering the tax inclusion as well as support. 

• Fulfill Customer Requirements and Still Send PDF Invoices:

When a specific customer requests the company for an e-invoice with structured data, the request can be fulfilled by the e-invoice sending solution. No changes to the internal processes need to be made, and the e-invoice can be sent in PDF also. 

The PDF invoices are uploaded into the solution’s network. The software will convert the invoices into e-invoices keeping in mind the customer’s preferences of the document and data format along with transmission channel. With this process, the existing routines can be maintained while still expediting the customer invoicing according to the preferences. The system also ensures quick receiving of the payments and cuts down the cost massively when compared to the printed paper invoices. 

• Search, Access, and Archive The Documents Easily:

Halt the extra effort applied to sift through mountains of paperwork and automate the storage of customer invoice documents by using the e-invoice archiving solution. It guarantees optimal management and filtering of the documents according to the rules and regulations set. The tool can be used for identification, searching, and retrieval of the customer invoices in the most simple and quick method whenever the documents are required. 

• Digitalize the Documents Archiving and Implement Local Requirements:

By digitalizing the documents, the collection and storage of the paperwork are eliminated. The tedious movements of documents from one file to another are avoided. The manually checking can be stopped, and e-archiving can be implemented to handle the documents in the most organized fashion. The securing of all the customer invoices by e-archiving electronically will save them in a centralized repository. The centralized storage can be accessed by professionals from anywhere with access to the internet. Physical storage any be avoided as it requires regular maintenance and check. 

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