In today’s competitive marketplace, the success of your business primarily depends on accurate invoicing and proper management of accounts. Therefore, it has become imperative for large corporate houses, SMB segment, entrepreneurs, as well as freelancers to use a powerful online invoicing software system for keeping track of bills. An online invoicing software solution is an automated invoice generator that streamlines the process of creating, tracking and organizing invoices. This user-friendly and cost-effective tool software sets up your account instantly so that you can start invoicing your clients in a matter of minutes. It allows you to manage client data from a single application via your smartphone, tablet, or PC. Once you install the online invoicing software system in your organization, all you need to do is:
- Sign in to your account;
- Pick the client’s name you want to send a bill to from the drop-down menu;
- Enter the number of products or hours of services that you provided;
- Select a due date;
- Click send and the electronically generated invoice reaches your client in flash of seconds.
An electronic billing software is easy to use and can be handled effortlessly even without the basic knowledge of accounting.
There are countless benefits of using online invoicing. In this post, we will highlight the 10 greatest advantages of using an online invoicing software solution:
1. Automates Your Tasks: With the help of online invoicing software, you can track your business cash flow on a monthly, quarterly, or weekly basis. It also eliminates the need for entering the same information time and again for generating invoices as it archives and stores all data electronically. The software saves your client information, payment terms, and payment modes in the cloud, and automates the delivery of invoices from time to time. Since the software creates a backup of your invoices and stores them securely in the cloud for future reference, you do not have to lose sleep about data misplacement. It also generates payment alerts for upcoming and outstanding invoices.
2. Faster Delivery and Payment: Online billing software accelerates your accounting process, and makes your accounting system more efficient. Now you can get bid adieu to the traditional paper-based invoicing procedure, and print professional invoice templates instantaneously. The faster your invoices get delivered, the quicker you are likely to get paid.
3. Reduces Errors and Discrepancies: Paper-based invoicing done by humans is prone to errors. Delivering erroneous invoices or sending a wrong invoice to clients not only interrupts the payment process but also proves disastrous for your business, as you may end up losing the trust of your clients. A good invoicing solution compiles the expenses automatically to generate invoices from the accumulated data. What’s more, it also makes sure that the bill is delivered to the right client. Even if your accounts team makes a mistake, the software allows you to fix the same in minutes.
4. Safe and Secure: Security of sensitive data is a top priority for businesses. Online invoicing takes care of your security concerns and comes with highly advanced features that safely encrypt your data to prevent fraud. Designed for the convenience of its users, it is extremely secure and compliant with PCI Security Standards.
5. Supports Multiple Currencies and Languages: Online invoicing is designed keeping your global business in mind. Its multi-lingual and multi-currency set-up enables you to pick your preferred language and currency. With the help of cloud-based billing software, a business person in India can invoice their clients in any corner of the globe. Thus, once you install an online invoicing software system, you can keep potential payment obstacles at bay, and set foot in the global market with ease.
6. Saves Your Time and Money: Compared to conventional invoicing methods, online invoicing software saves your time as it allows you to send your bills electronically 24×7.It eliminates paperwork so that you can get rid of the monotonous job of locating old invoices or reprocessing old ones. Thus, it minimizes your administrative costs, and also helps you save money on your printing costs. What’s more, with the help of an online billing software solution, you do not have to worry about itemizing your bills correctly, as the software assigns a unique customer number to the invoices.
7. Customizes Your Invoices: An online invoice generator helps you add a professional look to your invoices so as to maintain a professional image. It allows you to incorporate your company logo into your invoices, and also enables you to edit and insert your company details, payment modes, terms and conditions, due dates, as and when required.
8. Strengthens Customer Relationships: A robust system plays a key role in improving customer retention. Flawless billing, abs professional-looking invoices go a long way in making your clients feel special. It reinforces your relationship with your existing clients, and also builds trust with your new clients, besides encouraging them to make payments on time.
9. Enhances Business Productivity: Online invoicing software automates your invoicing procedure to boost the productivity of your business. It allows you to set up recurring payments as well as subscription-based payments for your clients. What’s more, you can also add your team members to your account so as to share the load of managing finances.
10. Facilitates Easy Financial Auditing: An efficient system should help you keep tabs on every small and big transaction so that you can maintain transparency with your clients as well as the government. With an online billing software solution, you can view your bills, estimates, tax summary reports, and other financial activities with just a few clicks. Its intuitive dashboard also offers you a trouble-free process of evaluating your financial reports. The software also helps you create financial documents during tax season, thus, simplifying your work to a great extent.
These are some ways an online billing software solution benefits your business. A well-managed business depends on reliable and quick accounts information, and only an electronic invoicing software system caters to this requirement immaculately.