How City Electrical Factors Improves Cash Flow with Streamlined Invoice Management

City Electrical Factors is an electrical wholesaler with branches across the UK and Ireland, delivering everything the trade needs for lighting, wiring and energy efficiency. Over the past few years, City Electrical Factors has adopted a streamlined approach to invoice management, which has led to improved flows of cash through its business. This article outlines how this strategy has been implemented.

Better Organization

The first step City Electrical Factors took was to better organize its invoicing system. By using a dedicated software platform, it was able to digitize its invoices and track payments in real time, eliminating manual data entry and reducing errors. This made it easier for the company to keep on top of outstanding payments and take action quickly if necessary.

Automated Reminders

The second step was to automate payment reminders. By setting up automated emails and SMS messages, City Electrical Factors was able to remind customers to make timely payments. This allowed them to generate more cash flow from their invoices without having to manually chase customers for payment.

Improved Credit Control

Finally, City Electrical Factors implemented a credit control system that monitored payments and allowed them to take prompt action if necessary. This meant that customers were reminded to pay in a timely manner and any disputes were quickly resolved, leading to faster payments and improved cash flow.

Conclusion

By implementing a streamlined invoice management system, City Electrical Factors was able to manage payments more efficiently and improve cash flow. This allowed them to grow their business and serve their customers better. If you're looking to streamline your own invoicing process, why not give ProcureHQ a try? Sign up now and enjoy the benefits of improved cash flow today.