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How to drive up revenue
Sales revenue is the payment received for providing products and services. When sales revenue is low, businesses struggle with cash flow issues. This can force them to seek other expensive sources of finance like a bank loan – or they may miss out on opportunities..
Invoices are essential for collecting cash
Limited resources means invoicing is often deprioritised
Companies with dedicated accounts teams have the resources to invoice daily. However, some small business don't have a dedicated team. They may only have a few employees with a range of responsibilities and, consequently, invoicing can be deprioritised. On top of that, invoicing is incredibly time-consuming when completed manually. If documents have to be created individually from scratch before being printed, enveloped, franked and sent – businesses are therefore forced to extend the payment period before invoices have even left the door.
Speed up payment by simplifying document delivery down to a few clicks
Shortening the processes of unnecessary manual tasks can mean one person can effectively handle the responsibilities of an entire team. As such, small businesses should prioritise investment in web-based document management tools that simplify processes. Businesses upload critical documents to a web-based portal, and then the printing, enveloping, franking and distribution is handled by the provider. Documents can be sent digitally or physically, ensuring recipients receive them in the format requested.
Advanced barcode tracking means fewer late payments
Another issue many face is not being able to easily track invoices. Tools that have integrated barcode technology enable users to see via the web portal where documents have been sent and when. This makes it easier to identify which invoices are due and when to follow-up for payment. Ultimately, if the processes for creating and distributing invoices are streamlined – as well as in line with recipients’ requirements – businesses will receive payment faster and drive up revenue.