More businesses are going paperless by implementing electronic document management systems to reduce costs and time associated with manual billing processes.
Isle News reported that the cable and wireless provider Sure reduced paper usage by approximately 3,500 sheets every month by switching to an e-billing system. More than 1,700 of Sure's Guernsey customers have already opted to take advantage of the option for electronic billing. Mike Fawkner Corbett, the company's head of mobile, told Isle News that the paperless initiative has had immense advantages for both the business and its clients.
"E-billing provides customers with easy and secure online access to their bills, and importantly has significant benefits for the environment as it reduces the amount of paper that is used and the amount that needs to be recycled or is sent to landfill," he said.
Corbett further stated that while 20 percent of the company's total customers have eliminated paper bills, he hopes that percentage will increase.
Accelerated payment processing
Other companies are implementing electronic systems to gain greater control over billing and payments at a lower cost. According to The Metropolitan Corporate Counsel, Kennametal, a supplier of tooling and industrial materials, made the transition to electronic payment automation to resolve productivity and legal compliance challenges in the face of growing paperwork volumes. The e-billing system supplied a more streamlined process that allowed the company to eliminate wasted resources while realizing greater efficiency. Automation features of the electronic system reduced administrative burdens on staff from manual data entry, filing and other processes. Additionally, security features ensure that only legal professionals have access to sensitive information for review and approval.
Larry Meenan, the company's chief counsel for intellectual property, told The Metropolitan Corporate Counsel that previously, attorneys were required to handle a monthly paperwork trail of up to 400 invoices. With the new system, an automatic report is generated and emailed to Accounts Payable for quicker vendor payment. Workflow improves the allocation of paperwork to the appropriate attorney, ensuring more efficient review of spending. He further stated that there has been a positive reaction from all staff members to the electronic transition. He estimated that e-billing has saved the company four-and-a-half work days every month, and additionally, that combined soft and hard savings will exceed $93,000 annually.
By converting from paper billing to an electronic system, companies not only reduce waste and resource-related costs, but can also speed business process automation for faster payments.
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