According to Yougov, 85 percent of UK SMEs are affected by late or non-payment of invoices, with each owed on average £6,142. With their often limited budgets, smaller organisations are forced to find alternatives to cover the shortfall – often overdrafts and loans – and have to pass on investment opportunities, stunting growth.
While invoice recipients have a duty to pay on time, and the Government is taking steps to ensure that they do, some of the causes of long payment times are self-inflicting. Many SMEs continue to rely on outdated manual processes when creating and distributing invoices, adding days to the process before the documents have even left the building.
Invoicing Smart Thinking Leads to Increased Sales and Growth
When businesses adopt modern processes to manage their invoicing, they experience enhanced cashflow, customer satisfaction and compliance. Neopost’s range of invoicing tools can manage the entire process, providing a range of benefits:
- Automates preparation and creation, with invoices generated directly from sales orders and recurring bills
- Automates distribution, ensuring customers are receiving bills in the format and via the channel that best suits them
- Reduces unnecessary postage costs by utilising digital channels
- Ensures the right mail goes to the right recipient without fail with address accuracy capabilities
- Invoices are digitally archived for easy retrieval
- Many others…!
If you don’t think that your invoicing processes are up to scratch, why not try our free audit? We can identify where you’re being held back and show you how to become Invoicing Smart! Just visit www.neopost.co.uk/invoicingfd