Recently we talked about the perks of consolidated invoices for B2B buyers but B2B merchants would be amiss not to see the benefits of consolidated billing as well. If your customers are making repeat purchases, you could spend thousands of hours per year in manual work and experience delayed payments due to customer confusion. It’s one thing to provide 100 customers terms, and manage them purchase by purchase, but as your business grows you could easily see over 1,000. You’re accounts receivable team will feel it like a thousand paper cuts.
Consolidated Invoicing Pains
In a recent study, 94% of B2B financial department employees still manually input at least some invoice or billing information. Billing errors, a top 5 pain point of today’s A/R teams, are key contributors to decreased profits and late payments. Put simply, if you’re sending one invoice for every purchase it will lengthen the time it takes to get paid as well as open the door for errors and confusion when multiple purchases from the same buyer happen in a short amount of time.
Chronic reliance on manual processes will take a toll on your accounts receivable team too. A/R teams struggle to keep up with customer requests, unique invoice requirements and disputes that require attention. Consolidated and automated invoicing for your B2B buyers can save your team thousands of man hours and push your back-office team into the digital age. Considering selling on a marketplace? Ask if they offer consolidated invoicing, it should be standard.
Save Time with Consolidated Invoicing
At the end of the day, saving time and preventing headaches during the AP/AR cycles will also build loyalty. A seamless purchasing experience will outweigh any potential value your competition has to offer. A solution like TreviPay® (TreviPay) from TreviPay can help. TreviPay will automatically set period of time for invoice delivery, let’s say 30 days. Then the system will collect all purchases a buyer has made during that time period, before sending an invoice. Then the timer resets and voila, the customer receives one invoice for all purchases made in that 30-day window. Our technology will not only streamline the payment process for your buyers but also alleviate A/R inefficiencies and decrease billing error rates to less than two percent.
Request a demo today to see how TreviPay could improve your back-office processes.