Invoicing is changing rapidly. In every industry, there is a need for greater efficiency. The formula is simple. Easier invoicing maximises productivity which increases profit. For those involved in the NDIS ecosystem, invoicing is a major part of the job. Many stand to benefit from the move toward zero-touch invoicing. One day soon, you could receive, process and pay invoices with the touch of a button.
What is Zero-Touch Invoicing?
Zero-touch invoicing refers to any automated system which allows users to send, receive, process and pay invoices. This idea is relatively new and developing quickly, with various industries putting it to the test. Traditionally, invoicing was naturally ‘high touch’. Paper invoices were received and manually approved, documented and paid. As technology developed, invoices were scanned or data was stored digitally. Paper-free invoicing came next with electronic invoices and the development of online bookkeeping portals. Many businesses use a mixture of these last two methods, yet a surprising 95% of small or medium sized businesses are still using some kind of paper-based system in their accounting.
The next step is zero-touch. Payments can be scheduled and pre-authorisation means funds can be automatically collected from approved clients. Zero-touch systems also allow full transparency across the lifecycle of an invoice as all parties can keep track of receipt and payment in realtime. For every transaction, a digital record is automatically made which makes reporting easier than ever. Zero-touch systems allow businesses to manage the entire process remotely from a centralised and fully integrated platform.
Pipe Dream or Reality?
Zero-touch invoicing is an emerging technology. It is fast becoming the reality for many businesses across a variety of industries. Competitive business demands digital innovation. The senior vice president of a leading software company says, ‘enterprise organisations must fully embrace being frictionless in order to be a truly transformative business’. Zero-touch invoicing is an important step toward frictionless business. In 2018, the Australian Tax Office Director gave his stamp of approval to automated invoicing innovations, saying, ‘Some of the early trials at the moment are indicating that there are great benefits in getting quicker and faster payment times back from the payer’. The Australian economy at large stands to benefit from zero-touch invoicing. Up to $28 billion is estimated to enter the economy over the next decade, thanks to the efficiencies of automated invoicing. At any time, millions of invoices are backlogged in systems, unprocessed and unpaid. Zero-touch invoicing eliminates this issue. Further, the efficiencies of automated invoicing means businesses can afford to take on more clients. This could be revolutionary for Plan Managers.
Zero-touch invoicing is on its way and here to stay. Many business owners, Plan Managers and accountancy firms are waiting eagerly to get their hands on this kind of software. Faster processing and payments, easier reporting and maximised efficiency—what’s not to love?
The CARED platform is moving from low touch to zero touch invoicing, find out how much easier your invoicing can already be, sign up for a 30 day free trial here.