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Article: Are You Tracking Accounts Receivables?

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The Future of Invoicing

In a recent release, Jupiter Research reports that online bill viewing and payment will be among the fastest growing applications over the next three years. For proof, look no further than the consumer markets. By 2006, it is estimated that more than 50 million households will view bills online and 52 million households will be viewing and paying bills online. This represents a compound annual growth rate of 23 percent over 2001's figure.

The move to EBPP for businesses is not a question of if, but when. Because invoicing and receiving payments using paper checks is labor intensive, the cost to a business to process these payments is significant.

Businesses of all sizes and industries are evaluating their current practices, looking for ways to increase their bottom line profits. Companies are responding by reengineering how they collect and process payments because most profit margin increases are a result of efficiency gains, innovation, and introducing new services. Reducing operating costs can have an exponential effect on profit. Industry estimates show a 5% reduction in operating cost can have the same impact as a 30% increase in sales.

Electronic Bill Presentment and Payment speeds the Accounts Receivable process by getting invoices to your customers faster and by enabling them to pay the invoice and resolve disputes electronically. EBPP can also strengthen your competitive position in the marketplace by building closer relationships with your customers and delivering “interactive” statement inserts electronically.