Many businesses continue to issue paper invoices. But by 2024, it’s predicted that 47% will solely use digital channels. As such, many countries are mandating electronic invoicing for business-to-business (B2B) transactions, and more are likely to follow suit. This rapid transformation requires efficient and compliant electronic invoice presentment and payment solutions. 

Electronic invoice presentment and payment (EIPP) is a digital solution that allows accounts receivable (AR) teams to streamline their invoicing and payment processes. It involves the electronic creation, delivery, and management of invoices and the electronic processing of payments. These solutions are designed to replace traditional paper-based invoicing and payment methods.

All business owners know that managing operational costs is challenging. Since many smaller businesses don’t have dedicated billing departments, they often outsource this work, increasing operating costs.

Successful businesses need efficient operations and benefit from automating repetitive tasks. This is especially true in smaller companies, where staff wear multiple hats. This is where EIPP is a game-changer. Once you've set the parameters, regular customer invoices practically create themselves with little oversight.

Efficient account management is critical to customer satisfaction. In the business world, that means getting invoices to your customers swiftly. Handling invoices the old-fashioned way can lead to delays and result in unhappy customers.

Imagine going through a toll booth on a highway without stopping and fumbling for change. That's how electronic invoicing (e-invoicing) works for your payments. 

Here are some of its benefits:

1. Speedy payments: E-invoicing reduces the wait time. It's like receiving a text message instead of waiting for a letter in the mail. Digital invoices let customers pay right away using a secure platform. You get paid faster and can keep your business running smoothly.
2. Less paperwork: Think of e-invoicing as a digital filing cabinet—no more stacks of paper. Digital invoices can be generated in seconds without human intervention. This dramatically improves efficiency and employee productivity.
3. Fewer errors: Manual data entry often leads to mistakes. E-invoicing significantly reduces the chance of errors because the system automatically captures and extracts essential data.
4. Cost savings: Processing paper invoices can cost as much as $20 per transaction. Digital invoices save money on paper, postage, and administrative costs. 
5. Better tracking: E-invoicing is like having a GPS for your payments. You can easily track when your invoice was sent, received, and paid. No more guesswork or missed payments.
6. Enhanced compliance: Electronic billing is quickly becoming the standard. Modern EIPP solutions comply with current and future legislation, so businesses don't need to worry about regulatory changes.
7. Eco-friendly: Going digital with e-invoicing is like using a reusable water bottle. You're doing your part for the environment by reducing paper waste.
8. Improved relationships: EIPP systems make it easier for customers to access and pay their invoices. This seamless payment experience adds extra convenience for your customers, making their interaction with your company a breeze.

Awareness: Building blocks for change management

When you're considering digitalizing your receivables process, start by looking internally. Reviewing your departmental responsibilities, systems, and processes is a good starting point. Identify redundant or manual steps in the invoicing process. Dive deep into your data analytics to understand the systems, time, and effort required. 

This internal exploration uncovers risks, challenges, and pain points that form the foundation of your business goals. 

Consideration: Understanding your options

After your internal assessment, gather insights about tasks, people, time, and costs. Discover bottlenecks hindering optimization. Analyze the impact of automation on your process. This isn't about replacing people but finding ways to enhance results and customer experience. 

Consider your team's readiness for change. Will they adapt to digital processes? Focus on automating repetitive tasks. Align new workflows with existing skills and technology understanding. 

Conversion: Applying the right change

After awareness and consideration, it's time for conversion. Before implementing new technology or changing your ERP system, choose the right automation solution. 

Determine how you want to achieve your business goals. Consider ease of use, flexibility, and training needs. Security and compliance are essential, especially with sensitive invoice data. 

Look for GDPR-compliant solutions. Ensure the chosen option offers user-friendly training adaptable to various needs. Seek insights from industry peers on their digital invoicing journey.

Embrace process automation as part of your growth strategy. The global process automation market is expected to grow, highlighting its significance. Digital transformation is crucial for process excellence and customer satisfaction. 

To learn more, download our whitepaper: The Quadient Blueprint for e-invoicing best practices.

If your business has yet to switch to electronic invoicing presentment and delivery, now is the time. 

Quadient Impress Invoice is a user-friendly SaaS solution that simplifies small and medium-sized business's (SMBs) invoicing. It automates creating and delivering invoices through various digital channels based on your client's preferences. With Impress Invoice, you can:

• Reduce days sales outstanding (DSO) and accelerate cash flow
• Save time and reduce costs
• Facilitate the billing process
• Boost customer satisfaction

EIPP stands out as an express lane for your financial transactions, akin to a toll booth that keeps you moving smoothly. It tackles the challenges of traditional paper-based invoicing by streamlining processes and enhancing efficiency.

If you're looking to elevate your invoicing game, consider Quadient Impress Invoice. This user-friendly solution automates invoicing for small and medium-sized businesses, helping you save time, and enhance your customer’s experience. Now is the time to shift and embark on the digital expressway of EIPP.