In today's business world, it's more important than ever to have a streamlined and efficient way to pay invoices from one company to another. In this blog post, we'll describe what invoice payments are and show you how to do it effectively.
When you receive an invoice from a contractor or supplier, they’re expecting you to pay for the services or products listed in the invoice. This payment is known as an invoice payment.
Paying invoices can be done by manually transferring funds online or using an invoice payments software. There are a few options for billing and invoicing software. Some of the more popular ones are Xero, QuickBooks, FreshBooks, and Wave. They all have different features, so it's important to choose the one that best suits your company.
It's no secret that businesses are always looking for ways to save money and automate processes wherever possible. One area where this is particularly true is in the area of invoice payments. Automating the process can save time and money, and it's something more and more businesses are starting to do, and those who are not yet doing so, need to start in order to remain competitive.
There are many benefits to automating invoice payments. Perhaps the most obvious benefit is that it can save time and hassle. With invoice automation, you can avoid the effort involved in copying over details manually. This can free up your time so that you can focus on other tasks.
Automating invoice payments can also help you save money by reminding you to make the payment and avoiding late payment penalties.
When paying for an invoice sent from a company abroad, they’ll likely be asking you to pay in their preferred currency. This turns a domestic invoice payment into an international invoice payment.
You might already have a bank account in the same currency as the invoice sender, so paying the invoice can be done making a bank transfer or card payment. If you don’t have a bank account in the same currency, you’ll need to convert the invoice amount into their preferred currency.
Loads of modern FX payment software can do this for you at close to market rates with very little fees. With rebank, you get incredibly competitive rates and very low fees when making international invoice payments.
Invoices must be paid within a certain timeframe, usually 30-60 days. If an invoice is not paid within this timeframe, the supplier or provider may stop their service with you.
Ideally, you don’t want to pay an invoice before its due, unless there is a significant benefit to doing so. Holding on to your money as long as possible helps a business manage the unexpected and is good business practice. So you need to strike the balance between paying on time, and not having to constantly be checking when things are due. This is where automation really levels up your abilities.
We want to make invoice payments as easy as possible. This means moving away from manual data entry to more automated processes.
The most effective way to make invoice payments with rebank is to forward the invoice you receive by email to your dedicated rebank email address. The invoice will be processed and the corresponding payment will be setup in your feed for approval.
This means you don’t have copy details over to your payment screen, you avoid the risk of making mistakes and your transaction synchronises with your integrated tools.
And if you’re tired of manually forwarding invoices to rebank, you can easily set up email forwarding so that your email client does it for you.
Outside of making payments from invoices, you can speed up the process even more by delegating payments to your team. Set up payment approvals and the rest of your team can submit payments for approval by an admin.
Invoice payments are a necessary part of doing business. They help to ensure that both companies are paid for the services or products that they have provided. Use software to automate your invoice payments and you'll be saving hours of admin every month.