Have you ever contemplated how your business can flourish if you stop using outdated methods for invoicing? Your business might be going great now, but in the long run, it won't survive. Don't put your business at stake by still using paper-based invoices. Creating invoices and maintaining positive cash flow is a crucial part. It requires accuracy and time, however, the digital invoice has eliminated the manual work by automating the invoice processing.
1) Less productivity:
It seems like manual-based work is directly proportional to decreased productivity. The time and energy of labor consumed on unnecessary tasks rather than some productive tasks. As a result, no place left for development and value-adding strategies.
2) High-security risk:
With manual processing, there is a high threat to data from being exposed. The invoices are confidential documents as it represents the accounts payable and financial operations of a business. If the data is stored manually on paper, then there is a chance someone might illegally access them.
3) Depletion of resources:
Operating manual invoices is no fun and, it also negatively affects the resources of your business. As it involves doing unnecessary tasks such as printing and all other processes required to make an invoice.
4) Workflow becomes slow:
It is not an easy task to control an AP system that has been functioning manually. It makes the stream of work slow. Keeping the records and monitoring them becomes difficult thus, jeopardizing accountability.
Are you still using outdated invoicing procedures? Well, it has become apparent that manual, outdated invoice processing leads to poor results. Digitalize now and optimize your business with our accounting solution. Take a step forward and subscribe to Ola Books.