The true cost of sending an invoice
It’s estimated that the true cost of sending invoices ranges from £3.31 up to £8.17 with this potentially rising depending on the size of your organisation. A large contributor to this cost is the growing price of sending post.
Earlier this year Royal Mail’s price increases came into force for business customers, franking charges have also risen. A first class franked letter is now 57 pence up from 53 pence, while second class has risen to 41 pence up from 40 pence. Consumers also saw increases in the price of stamps.
Other contributing factors to the high cost include:
- Direct costs (envelopes, paper, ink)
- Indirect costs (storage/archiving, preparation)
- Hidden costs (payment processing errors, dealing with requests for copy invoices)
Construction companies can cut their postage costs by electronically sending across key documents such as invoices and payslips instead of through the post. Electronic documents aren’t just cheaper, they’re more convenient, too - both for your business, and your clients. Here’s some major cost and time reducing benefits of using a Document Management system:
- Send essential business documents electronically
- Increased document control with the ability to review, amend and search
- Track documents electronically with the capability to instantly resend
- Customers will receive your invoices almost instantly (meaning you could get paid sooner)
- Reduce cost of labour, paper, envelopes etc.
- Cut down on your impact on the environment
- Save on storage with less physical archiving of documents
Document Management systems and construction accounting softwares are used by organisations to track, manage and store documents and reduce paper. Evolution M’s Built in Document Management is an ideal tool for organisations with multiple sites or field based staff, providing fast, easy access to files for all users regardless of location.
From within the Document Management module you can view, store and attach all documents. This includes reports created within the system and stored from an external location, for example invoices, drawings and images. Evolution M creates one central location for contract managers to store images, contracts and other useful documents.
For more information on how Document Management works in Evolution M, click here to get in touch and book your free demonstration today.