Key Business Value Findings (Forrester Research, Forbes & Gartner Group)
It is estimated that the average cost of generating and managing invoice is USD 10.98 or SGD 13.73 and takes on average around 34 minutes each. And that’s before any dispute management.
There’s the effort of handling the data several times. Once manually on the door step and again later into the accounting system. There’s the follow- up with the debtor. And further away from the completion of the job the less valuable the job appears. Asking for payment well after the completion is sure to bring out any germ of resentment. Being paid quickly has to be the mantra on the lips of every business man.
There’s the issue of record keeping. How many invoice books are misplaced each year with the risk of relying on memory and a manual diary to recreate a weeks; worth of data? And how many manual invoices miss making it to the accounting system or make it with incorrect data?
Finally, Manual Invoices are increasingly seen as a little less than Professional too. Perception of your customer to the way you present your business paper work is part of the overall impression about the company image or brand or the value of your product/service.