When thinking about rolling-out new AR invoice software, many of the reasons are base on internal benefits. There can also be an improvement with customer satisfaction with better AR invoice software. Increasing customer retention by 5% can increase profitability by 25% to 95%. Picking the right AR invoice software could have a big impact on your customer satisfaction. Here are a few of the benefits that better invoice software can bring:
Accurate invoices: Most AR invoice software systems have functionality built in to identify when an invoice may be inaccurate before it is sent out. This could be an error or even missing information. The issues could range from a missing PO number to incorrect tax. The benefit for your customer with accurate invoices is less work for them. In most cases they want to pay you on time, make it easy for them.
Delivered electronically: For the finance team paper is often the sign of a poor process. This is especially true right now as we are still dealing with then affects of Covid-19. Many finance team members are working remotely and someone having to go to the office and deal with paper is not ideal. Delivering information electronically provides an option for that information to be digitally passed to your customers systems. If your customer has a more manual process, dealing with a URL link and a downloadable PDF is significantly better than a paper invoice and a scan.
Protection against fraud: Businesses lose millions a year from invoice fraud . It is becoming more sophisticated and harder to spot. Giving your clients the ability to log into a portal and get the invoice details versus opening a PDF can reduce the opportunity significantly.
Better customer support: Customer support can big determination in their satisfaction with your organization. By selecting a better AR invoice software solution, you can allow your customer access to all of your invoices and supporting documentation through a self serve portal. This means if they have questions, they can get the information they need quickly. The other benefit to your organization is that you should received fewer inbound requests for this back-up information.
If you would like to understand how OnePosting can help improve your customer satisfaction book a meeting with a team member.