Send invoices and receive invoices easily with Link4
Are you struggling with the sheer volume of invoices that flow into your business and struggle to enter them into your accounting software?
There are many ways we can send invoices and receive invoices but it can be a time consuming process. So we went on the journey to discover an easier way to do things and came across Link4.
eInvoicing streamlines this process – allowing invoices to be instantly transferred from one cloud accounting system to another. Link4 has the ability to seamlessly invoice clients as well as receive invoices. So you might use Xero for your Accounting system and your client uses MYOB AccountRight Live. When you send your invoice from Xero, it will appear in the MYOB file as a purchase. Everything happens in the cloud almost instantaneously in and out of most cloud accounting software programs like MYOB, Xero QBO and more.
eInvoicing is revolutionising the way we transmit invoices. By simplifying the invoicing process, a business can save time, money as well as the environment! Here are some of the most significant benefits that eInvoicing can offer your business.
Save Time & Money
Traditionally sending an invoice can be quite costly, especially if a mistake is made. It can cost around $40 to send an invoice in Australia and anywhere between $20-35 to receive one. These costs can quickly add up in a small business. With eInvoicing these costs can be significantly reduced by up to 90 per cent as the invoice is generated automatically on the receiving side.
Similarly, the time involved in sending a traditional invoice and then extracting the data, also adds up. Link4 utilises cloud accounting systems to transfer invoices automatically, there is no data entry involved and of course, no need to wait around for an invoice to come in the mail or email. This extra time and money that can be saved allows a business to focus more of their time and resources to what helps them grow.
Reduce Paper Waste
The average office worker consumes endless amounts of paper each year, it can be anywhere from10,000 sheets or more. Much of the paper used in the invoicing process can be easily reduced through the use of eInvoicing.
With invoices being transferred and stored electronically, there is no need to rely solely on paper. While the Australian Tax Office requires that invoices need to be stored for up to five years, they do accept electronic copies of invoices. So no more printing and filing of physical copies. Not only are you saving the environment, your business can also save one-two per cent of its’ turnover as you no longer need to spend money on paper, printers, ink and labour.
Most importantly, Get Paid Faster
Australians are infamous for making late payments. Invoices are currently being paid 26.5 days late on average. The Australian Government is aiming to reduce this figure through eInvoicing. They are hoping to get this number down to 14 days – from when the invoice is created, to when the payment is made. With money coming in faster and businesses being paid on time more regularly thus improving cash flow.
eInvoicing is now a reality and a business can easily benefit when adopting software like Link4 to help streamline their internal processes and create efficiencies which in turn save them time and above all makes them more money!