Despite the significant time, money and resource savings they can deliver, some businesses still allow misconceptions to hold them back from embracing true e-Invoicing platforms.
In particular, a number of companies remain concerned about the time needed to onboard the technology, as well as its ability to integrate within existing supply chains. In this blog, Rebecca Sperti, VP Sales at Causeway explains why these views are short-sighted and details how solutions like Tradex can be rolled out in as little as six weeks and deliver an exceptionally quick return on investment.
15.1% of payment delays attributed to incorrect information
Even at the best of times invoicing can be a tricky task to get right. However, in an industry like construction, which features a highly complex and interconnected supply-chain, the task can become even more difficult. Therefore, it’s no surprise to learn the damaging effect incorrect invoices can have on daily business operations. In fact, research from 2015 found that incorrect information on invoices was the reason for 15.1% of payment delays by domestic B2B customers in Europe. What’s more, in 11.6% of those cases invoices were sent to the wrong person entirely.
The knock-on effects of this can be disruptive for businesses and greatly increase average processing costs per invoice. Fortunately, new e-Invoicing solutions, such as Tradex, offer businesses across the construction industry an easier way to deal with their accounts. The intuitive technology removes the need to manually rekey invoices and enables accounts teams to take time back to work on more important value-added tasks. In turn, the platform can enable companies to foster stronger, more profitable relationships with their suppliers.
Are you using a true e-Invoicing solution?
Whilst quickly rising in popularity, some businesses still allow misconceptions to hold them back from fully embracing e-Invoicing solutions. Most notably, there remains a belief that such systems take a long time to onboard and are difficult to integrate with existing supply chains. This is simply not the case with a platform like Tradex. Instead, the complete e-Invoicing solution can be rolled out in a matter of weeks and is already used by thousands of other construction companies. To this end, the vast majority of major suppliers are already on the system.
Time to Trade up to Tradex
So, why is Tradex so quick to roll out? Well, for one, the solution has been designed and built specifically with construction finance in mind. Unlike more generic platforms, the solution can cope with the complexities associated with sector-specific issues such as operated and self-drive plant, call-off orders and three-way matching. Likewise, the system is backed by a genuine construction leader in Causeway, who can boast over 20 years of experience in helping to communicate the benefits of e-Invoicing to major suppliers and a 95% e-Invoicing adoption rate across the supply chain.
Better still, adopting the Tradex platform is made even easier with the help of Causeway’s Community Management team, who act as a conduit between the buyer and seller throughout the onboarding process. Acting as a dedicated resource to your business, the team can work through any queries relating to the onboard period and allow your employees to concentrate instead on what they do great. What’s more, the team will remain in place throughout the entire contract period and handle any e-Invoicing queries from suppliers.
A true e-Invoicing solution, generating a return on your investment
Finally, thanks to its fully automated nature, Tradex doesn’t require intensive staff training and can often be left to run in the background without much interaction. Once again, this feature of the system is perfectly suited to the demands of the construction sector and allows businesses to avoid time-consuming training days. As a result, Tradex has helped construction companies to realise savings of more than 50%, on average, on the cost associated with processing invoices manually.
When combined, this improved efficacy and speed of onboarding allows businesses to generate a return on their Tradex investment in an incredibly short timeframe. On top of that, the system can pave the way for prompter payments, better supplier relationships, as well as helping to mitigate the risk of compliancy issues with HMRC. As such, it’s little surprise to learn the system has already been adopted by some of the sector’s big players, such as Galliford Try, Morgan Sindall and Balfour Beatty.
So, if you’re looking to save time, money and resources, why not consider trading up to Tradex?