In this blog series we shall will explore the specifics of why automation matters and use invoicing as an example. But first let's go trough all the basics.
What is an invoice
An invoice is what the seller gives to the buyer in order to get payment for services rendered. Making and sending invoices to customers is a daily or weekly routine for a a lot of companies. Coffee shops and super markets get paid with cash or a credit card so instead of an invoice, the customer only receives a receipt as a proof of payment.
“An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.” -Wikipedia
What is recurring billing / invoicing?
A single invoice follows a single trade or deal. However, on many occasions services provided are not just one time only. Many companies provide services on a weekly, monthly or yearly basis. In these cases similar but recurring invoices are needed to get payment for the ongoing services. Recurring invoicing might request for the payment in advance or after the deliver of services once a month. Here are a couple of example where recurring billing comes in:
- Cleaning or IT-support
- Marketing (e.g. Google AdWords)
- Ad spots (e.g. on the side of a taxi or a billboard)
- Electronic services (e.g. Internet Connection)
- Security services
Companies with growing pains and even older midsized companies might have terrible processes in place. Re-creating the same invoice every time with the some content is time consuming.
With the correct invoicing automation software and processes these tedious tasks can be automated. Automation will have great benefits:
- Save up to 90% time spent
- Make way less mistakes and typos
- Speed up your ability to get invoices out
Why invoice automation matters?
The benefits from automation can be great. But looking at the bigger picture is that with the time that used to be spent on billing is now freed for other things. Improve other aspects of the business or spend more time with customers and increase your sales.