Did you know that 60% of invoices are paid late? This chart from the Smart Company details average payday data for 19 countries across the globe, and clearly shows that the vast majority of customers worldwide are late with their payments. Even large firms are going past their due dates, with more than a quarter of their invoices being paid late. This can be catastrophic for small and medium-sized enterprises trying to stay afloat. And with the average time to pay at 38.97 days, and more than a quarter (27.26%) of those invoices paid beyond the agreed terms, how can businesses work to combat these troubling statistics? With 15.25% of UK invoices being paid later than 60 days, smaller companies need payment certainty. Knowing when your payments will arrive is crucial to achieving balanced cash flow.
Globally, companies are realizing the benefits of electronic invoicing, and working to roll out these services in more than 300,000 public administrations in the EU, business-to-government in countries like France, Poland, and Germany, and B2B/B2C in Italy, all by 2019-2020. These trends show a clear picture: the recognition of the ease of online invoicing and its benefits are far-reaching and making vast positive impacts on businesses across the world.
By outsourcing your accounts receivable to an automated service, you will not only free up valuable company time, but you will also see an increase in on-time payments and rest easy with the knowledge that your cash flow will be improved and balanced. Online invoice trackers include features to help prompt customers to pay on time, such as automatic email reminders and overdue notices. Invoice Tracker integrates with your QuickBooks account to allow for these gentle prompts without any effort from you except an initial input for preferred time spacing and customer information.
Invoice payments will never be at 100% paid on time, but by merging these tools and their complementary features, it will be possible to lessen the probability. With just a few clicks, you can sync your software and automatically import your invoices to Invoice Tracker, create a personalized sequence of timed invoice reminders for your clients, activate your collection, and get paid more quickly. This integration is simple and efficient. Save time, increase your profit margins, and maintain your strong relationships with valued customers.
By integrating Invoice Tracker with your QuickBooks, it will be easy to see and understand comprehensive insights into your business that were previously unreported. This data works together to help you to make more informed decisions on running costs and profitability for your business. Know the state of your cash flow in real time, see what invoices are paid and which are still outstanding, and check which customers have read your reminder invoice emails.
As for security, Invoice Tracker has you covered. We offer built in firewall security features, regular information backups, Amazon EC2, intrusion analysis, security patching, and SSL and network security for all of your safety requirements. All of your sensitive data and that of your customers will be secure and safe with us.
Still not convinced? Watch this video to see how easy it really is to integrate Invoice Tracker with your QuickBooks account.
Don’t let your unpaid invoices slow you down any longer. Automate your accounts receivable today with a simple four click sync to your QuickBooks Desktop or QuickBooks Online. Choose your preferred template to customize for automated email reminders, and assign your email reminder sets to invoices to begin faster collection today.
First, sign up for your 30-day free trial of Invoice Tracker. Then, select your QuickBooks account type (Desktop or Online). Log in, and watch your data automatically sync. Integrate Invoice Tracker with QuickBooks today and save time chasing invoices.