Faster, Cheaper, Safer Invoicing

Dublin, Ireland, 19th March 2010

OnePosting debunks some common misconceptions about Electronic Invoicing and demonstrates how it is the smart option for accountancy departments keen to reduce costs and improve cashflow.

With an estimated volume growth of 37% for 2010¹, many thousands of companies are enjoying the multiple benefits associated with Electronic Invoicing, such as reduced debtor days, customer retention, improved processes and reduced costs. However, many businesses still process, route and pay paper invoices by hand, leading to extreme inefficiencies and unnecessary expenses. OnePosting, a leading provider of integrated online invoicing solutions, lays to rest three of the most common myths about Electronic Invoicing.

Myth 1: An Electronic Invoicing Solution costs thousands of Euro upfront and won't see any Return on Investment for months. Also, paper invoices only cost the price of a stamp.

Sending an invoice electronically is a fraction of the cost of sending it by post. Although the most obvious costs of a paper invoice include the cost of ink, paper, printing and the stamp, it is estimated that these outbound costs often represent just 10% of the full costs of sending out an invoice². By far the largest single cost is labour – just consider the time spent by personnel entering data for the invoices, then preparing and printing the invoices. On top of this, when customers receive invoices there are normally phone calls for clarification or dispute, then there is the time involved in retrieving invoices and chasing mislaid invoices. And this doesn't even take into account the time involved in data errors.

Electronic Invoicing removes the vast majority of outbound and labour costs from the invoicing process from day one. An e–Invoicing Solution, such as OnePosting's is a Pay As You Go service that is free to install, so there are no upfront costs. Its uses cloud technology, meaning that it is hosted on the Internet and does not require any IT investment. Cost savings are achieved from the start, so there is no waiting for an ROI. Once registered, customers can immediately access statements, invoices, delivery documents and orders and other account activity.

Myth 2: E–Invoices are not as secure as their postal counterparts.

OnePosting's electronic invoicing system is more secure and robust than any other method of transmitting, presenting and storing business transactions, whether paper or electronic based. OnePosting is hosted on secure servers and uses advanced technologies to prevent interference or access from outside intruders, unlike postal invoices that are generally passed through many hands before reaching their final destination.

With detailed reporting and monitoring available, suppliers can even verify that their customers have viewed their invoices, something that is not possible with traditional post or even email.

Myth 3: Customers don't want to move to Electronic Invoicing

OnePosting has consistently achieved adoption rates with customers of 40–60% within 6 months. This often increases to 80% by the end of the first year.

With services such as Internet Banking and online shopping, customers have become accustomed to viewing and making transactions online. As a result, they are moving towards e–Invoicing in exceptionally high numbers as they opt to save time, money and trees by accepting receipt of their bills electronically (for customers who prefer to receive invoices by more traditional methods, OnePosting operates a postal system). Once online, customers can query account activity, check their orders and run reports any time from any location with Internet access. They only have one username and password to remember to access all their supplier invoices.

Conclusion: “Electronic Invoicing has only recently become accessible to SMEs, as the traditional obstacles to invoice automation, such as technology investment and economies of scale have been removed,” says Gregory Duffy, CEO of OnePosting. “By understanding that e–Invoicing is now a viable option to reduce costs and improve cashflow, businesses can enjoy a process that is faster, cheaper and safer than traditional paper invoicing.”

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About OnePosting™

OnePosting is an electronic invoicing solution that provides a secure means for sending, receiving, storing and retrieving invoices, credit notes, statements and PODs (Proof of Delivery e.g. delivery dockets). OnePosting has more than 3000 registered businesses worldwide. Customers include Ballygowan, Glenpatrick, Publicity Mailing and Waveform Solutions. OnePosting is the proprietary software of Sentrio Technologies Limited.

For further information on OnePosting, please visit OnePosting's Electronic Invoicing Homepage . For further corporate, product and service information on Sentrio Technologies, please visit: www.sentrio.com.

For more information contact:
Finbarr McCarthy, OnePosting (a product of Sentrio Technologies Limited)
Tel: +353 (0)1 5143585, finbarr.mccarthy@sentrio.com