Many large companies are introducing new technologies to modernize their support departments. Accounting is just one of the departments that are seeing the transition. The push behind the new technologies is to lower costs by eliminating paperwork through online portals which will process, approve, and settle invoices.
Invoicing portals are gaining widespread acceptance across all industries. Oil companies, logistic services, and retailers are all implementing electronic invoicing portals. Some of the companies that have started using portals, still accept paper invoices from their suppliers. However, many of these same companies will soon require everyone to use their invoicing portals.
The idea of transitioning away from or eliminating paper invoices is a bit daunting. There is a familiar comfort with using paper invoices. However, there are many benefits to using an invoicing portal. The following information will help explain invoicing portals and how you can benefit from using one.
Portals are online tools or websites that allow for the submission of your invoices electronically to your customers.
Most companies that currently utilize a portal will mention so in the setup documents you receive from the customer. If a company transitions to a portal after you have started working for them, they will notify you and your factoring company.
Once a company takes the time and money to get set up, they will typically require that everyone utilizes the portal. Scale Funding is knowledgeable about what companies are using which invoicing portals. We would be happy to assist in figuring out if it is something that you should be using.
Set up is often very simple, and usually requires you to get in touch with the customer to provide their required documents. Once you fulfill all requirements, you’ll receive a login and password, as well as instructions on how to start submitting invoices. Many times, companies will offer tech support to walk you through as you learn the system and become familiar with it.
Over the last few years, we have seen more and more companies migrating their AR management over to portals. Scale Funding has found this has not only saved in costs but has also increased our efficiency both on the front and back ends. Any member of your Scale Funding team is always happy to assist with any questions that you may have.
Since 1994, Scale Funding has been a leading provider of invoice factoring services in the United States and Canada. Companies use invoice factoring to access the cash they need for fuel, payroll, and more.
If you are waiting too long for customer payments, then factoring will provide the cash you need. Scale Funding offers competitive advances and low factoring rates.
Call us at (800) 707-4845 for a free, no-obligation factoring consultation and quote.
Author: Danny K.