Secure document storage platforms can radically simplify your accounts receivable processes, reducing the time and effort it takes to get your invoices paid. By centralising documents, automating workflows, scheduling reminders, and integrating with your CRM and accounting software, these tools eliminate much of the hassle of sending and chasing up payments from your customers.
Here are a few of the ways a document platform can make bill payments easier:
Invoicing
Document storage platforms can be used to automatically generate and store digital invoices using customised templates. These platforms can also be integrated with your CRM or accounting software to automatically send invoices to clients or customers, eliminating delays and errors associated with manually creating invoices or sending them via post. Invoices can be securely shared directly from the platform as a link in an email, rather than an email attachment, allowing you to manage who can access the invoice and when.
Payments
Some document storage platforms integrate with online payment gateways, allowing clients to pay via a link in the invoice. This makes payments more convenient for clients, reducing delays and eliminating the risk of incorrect payment details being used. Your platform can also be used to track the status of payments and monitor outstanding invoices, providing you with a real-time view of your outstanding payments due. Once a payment is made, the platform can generate receipts that can be shared with the payer, and stored for future tasks like financial analysis, tax returns and audits.
Reminders & notifications
By integrating your document storage platform with your accounting software and CRM, you can automatically create and send reminders to customers when invoices are due or overdue. The platform can also be used to flag unpaid invoices internally or identify customers that are consistently late with their payments.
Workflow automation
Custom workflows can be built into your platform to automate standardised internal sign-off processes. For example, if an invoice needs to be approved by a pre-defined set of stakeholders in a particular sequence, this can be set up as a custom workflow, with the invoice automatically sent to an approver once the previous step is complete. This ensures that your processes are being followed while minimising ad-hoc communications between approvers.
CRM integration
Integrating your document storage platform with your CRM allows your sales or customer service staff to view a complete set of historical correspondence between your business and a customer. Having this information readily available can be invaluable when chasing up unpaid invoices or dealing with disputed payments.
Relieving your accounting team of many of the repetitive tasks that a secure document storage platform can automate ensures your business is extracting maximum value from the expertise of those staff. You’re also likely to see improvements in cash flow when invoices are sent promptly, and clients are automatically reminded when payments are overdue. To learn how SecurDOCS can help make your life easier when it comes to payments, visit the IVE website.
