Published at Monday, March 04th, 2019 - 00:22:21 AM. Invoice. By Ivonne Louis.
Many AP departments receive thousands and thousands of paper invoices per year, which will need to be manually keyed into a finance system. This process is very slow, inefficient and costly. It is very easy to lose or misplace important paper documents when handling them manually, but with an automated invoice processing solution all documents can be stored electronically. The AP team will be able to retrieve invoices instantly, meaning no more time will be wasted searching for invoices in filing cabinets or folders.
Just about any company that generates commercial invoices can take advantage of invoice factoring. But is invoice factoring right for your business? It could be if your business is struggling to make ends meet because of long billing cycles, you’re wasting time collecting down payments from slow paying clients, you’re unable to take advantage of business opportunities due to lack of funds, or your business isn’t financially strong enough to obtain traditional bank financing.
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