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Don’t waste money on the wrong invoices!

Sending an invoice is an essential part of your business. Especially in these strange times, you need to have all hands on deck to keep the cash flow healthy. But did you know that you lose money in this process, maybe without even knowing it? Sending invoices with data errors cause late payments (days outstanding), and this is exactly what you cannot use right now. For larger organizations sending an invoice to the wrong address can lead up to a dormant expense of over €2500 a month. Money lost that can easily be avoided.

To give you an example:

Let’s say you are responsible for the invoices of a large company, sending invoices to 25.000 addresses a month. Average 1% of the addresses have an issue. Let’s assume to correct a mistake will cost you 1 hour with a labor cost of € 15 per hour.  This will lead to an unnecessary monthly cost of € 2.500! Even a smaller company that is sending invoices to 1.000 addresses will have an unnecessary cost of € 150 a month.

YES, these are unnecessary costs! With the current intelligent technology, these costs made by data integrity issues can easily be avoided.

And NO, you don’t have to build a new expensive invoicing tool to do this. You don’t even have to change your current invoicing tool. You can decrease your error rate with Data Validation Checks on addresses, in simple words validate the address before sending. You can integrate these checks in your current process (via API’s) or do it in batches via an external site. Quick and smooth.

Addresses are now given as an example of a problem with invoices, but of course, there are more problems resulting in days outstanding. Think about problems with E-mail addresses, VAT numbers, KYC and identity. Also, here, put in the right Data Validation Checks and you save cost immediately.

As expected, this leads to the final comment. We, as Kentivo Data Services, can help you.   Data validation is one of our specialties and because of that, we can keep the necessary investments low. We have all the technology to help you reduce costs and move your business forward with the right data!