Whether you own a big business or a startup, one thing that you will always worry about is how you’re going to process your transactions efficiently and accurately. These are the two most important adjectives that should define a proper business that is sure to grow.
One of the most basic systems that a business should have in place is an invoice processing system.
First of all, an invoice processing system is defined as a utility that is used to create invoices for each transaction that transpires between a buyer and a seller. This utility is intended to provide buyers with a record of what they are obliged to pay and to also help sellers keep track of their inventory out and cash in.
Processing an invoice can either be done manually or automatically (or electronically). Most modern businesses have opted to adopt an automatic invoice processing system because it eliminates the chance for human error entirely.
Not only that, but by automating this process, sellers then gain the ability to process a much larger number of transactions; sometimes these transactions are even processed simultaneously.
One great example of how an automated invoice processing system can boost your sales significantly is how Amazon.com was able to process an average of 636 transactions per second during their Amazon Prime Day 2016 event. Not even the largest malls can ever hope to hold a candle to this level of efficiency.
This easily translates to 636 invoices created per second. And 636 items deducted from the recorded inventory, and 636 payments to receive. The sheer weight of this workload would definitely drive any team, even the best of us, insane. And obviously, no business owner in his right mind would ever want to deal with such a Herculean task.
This also works in a reverse scenario where we take the seller’s perspective. Every business has operating fees to take care of. These fees often include utility bills, payroll, subscriptions, and so many more. Some eCommerce platforms even charge transaction fees to sellers who make use of their platform to sell their goods. This transaction fee can easily become a major accounting nightmare to process manually, especially for top-rated merchants who do not have an automated invoicing system in place yet.
Now, I simply cannot stress enough the importance of being able to automate as many processes that you can afford to. One such process is – you’ve guessed it – invoicing.
Because really, let’s face it. The main purpose of technology is to help users become more efficient and more productive with their time and resources. With a good invoice management software, one can easily redirect valuable resources toward more important ventures.
This time can easily be used to focus on building relationships and nurturing these relationships with your customers. You can focus on creating ad copy that not only boosts traffic to your site, but also boosts sales.
A loyal customer base is one of the best things that a business can gain. All kinds of influencers are aware of this, and they are aware of the power of having a community that is active and engaged with your company.
In retrospect, technology should be used not only to simply our lives, but to also help us get in touch better with our human side.