This article is the second in a series where we cover the whole factoring invoicing process and how to design it using smart tech. You will learn how to automate manual repetitive tasks, gain deeper insights and increase control. Give your employees, customers, and their debtors a smooth user experience.
Five main steps
We’ve divided the invoicing process into five main steps. Each step has its own quirks and technical demands. We will go through each one of them and describe how to handle the subprocess optimally.
In this article we will focus on the second step: Distribution of invoices. If you haven’t already read our first article in the series, you will find it here: Financing Requests – Generating and approving invoices.
Continue reading the factoring series:
Step 3 Reminders & Collection
Step 4 Payments
Distribution – Channels for Invoicing
Once the invoice is approved and generated, it’s time to distribute it. The best customer and debtor service is achieved if you can offer a wide range
of distribution channels. The most common ones are Letter, E-invoice, Email and different Digital Mailboxes. The invoice can also be accompanied by SMS and in-app push messages.
To achieve maximum efficiency, the system where your invoices are generated, must be connected with all the distribution channels/suppliers. The more suppliers, the more complex the setup becomes.
A better way is to look for hybrid-distributors which can handle several distribution channels under one roof. Some of the also support international/domestic distribution. E-invoices alone, comes with a high level of complexity because of different formats and standards, as well as differences between B2B and B2C debtors.
Bonus tip: If possible, fetch information from the distributors regarding delivery confirmations of invoices. Then present the information to your clients.
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This article only touch one part of the whole factoring process. The get the whole picture, download our free white paper on how to create an optimal Factoring Invoicing Process.
Assemble your own Factoring platform
At Quiddly we develop and license complete cloud based systems for Factoring, Invoicing and Debt Collection. Our concept is simple, but the solutions are advanced.