July 4, 2022

What can businesses do to improve the invoice processing times?

Do you know how much time it takes to process an invoice manually? From the day the invoice is received until it is paid for. Any guesses?

Well, on average – 25 days. This means it takes over three weeks for a single invoice to be cleared in a typical small-to-medium-sized business in the United States. What’s more, it also costs anywhere from $10 – $30 to process each of these paper invoices. So, what can businesses do to improve the invoice processing times ?Enter electronic invoice management software (e-invoice management software).

Envision invoice management software promises to cut down invoice processing times from 25 days to just 3 – 5 days while reducing human error and eliminating bottlenecks.

It’s not difficult to see the potential of electronic invoice management software and how it can revolutionize the game for many enterprises.

So, could it be time for you to make the switch from legacy manual invoice processing to automated systems? Certainly.

In Maritime sector, there have been many aspects of digital disruption and transformations that are modernizing its IT infrastructure, making them more efficient, collaborative, and sustainable. As we look to the future, we must understand the growing demand of ports and the shipping sector. The rising need of port operators and increasingly larger containerships also requires better overall management of various factors including enhancing digital capabilities, automation of billing and invoicing platforms, better project structuring and reporting, minimizing revenue leakages, and increasing overall customer satisfaction.

iPortman invoice module is designed with a view to simplify billing, invoicing, and revenue management complexities, commonly faced by various port companies. This invoicing module for seaports allows easy integration with any existing ERP and Terminal Operating System for various operations like event rating, charging, billing, invoicing, and revenue management.

iPortman invoice module is smart configurable system to map the services quantity and rate parameters based on the business process. Also has the flexibility to map the proper the tariff rates based on the parameter values along with the exchange rates, discounts, taxes, and minimum and maximum conditions by using below features,

•        Agent Master

•        Tax Master

•        ServiceMaster

•        ServiceMaster Configuration

•        Exchange Rate Master

•        Rate Card

•        Discount Configuration

•        Payment Term

•        Contract Management

•        Auto Invoices (Provisional and Final)

•        Manual Invoices

Benefits of Envision Invoice Module(iPortman):

Accurate and Automatic Invoicing:

Automatic Provisional/Proforma and Final Invoices are getting generated based on the default configurations.  

Statutory Compliance and Reduce Risk of Fraud:

Handled the statutory complaints efficiently and all taxes are getting calculated based on the Port and Agent masters. Port Officials will have the complete visibility on accurate values.

The Best User Experience

We have the experience of multiple industry use cases to support the subscription and consumption-based services for ports in one of it.

iPortman invoice module emphasizes on value realization and monetization of digital assets and strategies, delivering end-to-end services for the clients that are looking for billing services for ports.

Customer relationship is at the center of all our endeavors.

Talk to us today to know how our solutions can accelerate your digital transformation

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