From Accounts Receivable to Your Client in Two Tenths of a Second
Posted by Pamela S. on Friday, March 22nd, 2013
How fast does email travel? No one can say for sure, but if you need to send a document to a co-worker one floor down, it would get there faster than the time it would take you to walk there, even if you are in good shape. Imagine what you can do with your accounts receivable! This is no Pony Express.
You know this. There have been many times you have been on the phone with a colleague or a client and sent them an email while you were talking to them. These are the days of instant gratification, where we are so impatient we can’t even wait for email to offer us bargains, we want to scoop up coupon savings on the go from apps such as Groupon. Now. Likewise, we expect the companies we work with to react quickly and provide almost instantaneous service, whether we are shopping online or waiting for a document.
Craig Hayne, of Cables and Kits, figured out that sending an email form Georgia to Australia would cross 10,200 miles in less than two tenths of a second. This is all just fun speculation, but it gives you an idea of how quickly you can get information out to your client electronically.
If you are still sending invoices by snail mail, it’s time to make a change. Most people and companies are opting out of paper bills and going digital. They are also paying their bills online using electronic money transfer, either through their bank or a system such as PayPal.
In fact, people now have so much confidence in online banking that they are even using mobile apps to pay bills, something that most of us were sceptical about a few years ago.
There are many advantages to billing your customers digitally.
The U.S. Healthcare Efficiency Index (USHEI), which raises awareness and monitors business efficiency in healthcare, is measuring the move from a paper-based healthcare system to an electronic one. According to the USHEI, the healthcare industry has currently saved, $23,605.387,500 by moving from paper to electronic claim submission, eligibility, claim status, payment and remittance transactions. They see a potential annual savings of $53,323,890,000. That is 468,214 trees save annually.
Many other industries are realizing the benefits of electronic transactions.
Switching from paper to electronic invoicing saves money on printing, paper, envelopes, postage and wages. It is a lot easier to prepare electronic invoices. Printing and stuffing envelopes takes time. Banks and other institutions that went digital a number of years ago found that they also received payments faster.
Electronic communication is also a form of good public relations and marketing. You are reaching your customers in a way that has added value. This is a new opportunity to provide additional information, such as a newsletter or advertising. When people open paper bills they have a tendency to overlook the brochures or flyers in the envelope.
By transitioning to a paperless office and sending bills and other correspondence electronically, you are also helping your clients to achieve their paperless goals. Some of the money you and your clients save can be used to plant trees!
One of the reasons that organizations are reluctant to make this move is because they are worried about security. By using a secure email and document delivery service using a cloud-based system, you can be sure that your electronic correspondence is being opened by the intended recipient. Your documents will be encrypted, and your clients will receive them in record time. By saving the mail carrier steps, you’ll be reducing your carbon footprint, and that is a saving that can’t be calculated in dollar signs.