How Online Invoicing Software Can Help Your Business Thrive
Introduction to Online Invoicing Software
Online invoicing software automatically generates invoices so you can get paid on time. Invoicing software produces a list of products & services, formulates their corresponding cost and sends it to the customer. With a cloud product, you can create & manage your invoices from your office, home or while walking on the road. All you have to do, is access your software via app or laptop, enter some data, press a few buttons, and you’re done. A professional invoice is quickly generated and sent to your client.
Sage found that small businesses lose around 130 hours a year attempting to receive payment for late invoices. Choosing the right software could save your team a lot of wasted hours that could be better spent.
Invoicing software contains many useful features such as –
1) Invoice creation & customization
2) Financial calendars
3) Reporting options
5) Invoices database
6) Records management
7) Generating of reports
8) Facilitate billing & payment
9) Predefined templates
10) Customer support
Capability of Online Invoicing Software
Invoicing is the most important function of the finance department. Manual invoice making takes up a lot of staff hours and is often the cause for late payments. If, due to human error, there is a mistake on an invoice, your client can refuse to pay it. Now, we all make mistakes, but when it comes to getting paid, you want to ensure everything is in order. With the help of invoicing software, you can automate your billing process. This reduces the time taken to generate the invoice and minimizes any chance of mistakes, which translates to your business getting paid on time, more often.
Online Invoicing software helps you in doing the following things –
1) Create & customize invoices – Design your invoices how you like them and add your company’s logo.
2) Billing & payments – Process payments immediately. Your client can pay you from anywhere and good invoicing software will allow you to accept and handle foreign currency payments.
3) Generate reports –Track your finances & monitor outstanding invoices.
On the go Online Invoicing Software
Cloud technology enables you to generate and send invoices from the mobile device too. You don’t have to wait till you reach your office to send the invoices. You can track the status of your payments through a mobile app from any place you like. Follow up, confirm payments and track each sale from start to finish with your fingertips.
Best Online Invoicing Software, in no particular order:
2) Nomisma Solution
3) Zoho books
4) Fresh books
5) SAGE 50C
7) Invoice 2 Go
8) ONE UP
10) Bill easy
Benefits of Online invoicing software
1) Eliminates manual work.
2) Makes it easier for customers to pay invoices.
3) Saves valuable time on follow ups for customers making late payments.
4) Streamlines your billing & invoicing process.
5) Enhances relations with customers.
6) Reduces the need for staff in the billing & invoicing department.
7) Improves the cash flow of the company.
8) Improves the management of teams & projects.
9) Reduces the chance of fraud & improves security.
Steps in Online Invoice Process
1) Create the invoice –Choose your design template, select the company you wish to bill, enter the service, date completed and the cost.
2) Send the invoice – Select the client you wish to bill and send. Notify your client that their invoice is in the online portal.
3) Receive payments – Process payments easily through the methods you prefer: Paypal, online platform or credit card etc. You can also track offline payments.
4) Manage your invoices – Generate reports and analyze the data to find out the number of outstanding invoices, how many customers have paid on time, how many are making late payments and the average time for a payment cycle etc.
Invoicing Software & Your Business
Online invoicing software is a must for any business. As you can see from the points outlined in this post, the right software can improve the efficiency of your business in multiple areas. Nomisma Solution found that in this year, businesses were waiting over 36 days to receive payment. That is over a working week late!
Reduce the need for menial admin tasks and the chance of mistakes that go with it and upgrade to cloud invoicing software that benefits your business.
Online Invoicing Software improves your billing system from manual to automation. Cloud invoicing software increases the efficiency of your workflow by issuing and tracking your invoices so payments are received accurately and on time. It helps in tracking expenses and entering payments too. It also helps to maintain a better overview of your finances and enables you to manage your cash flow more effectively.