Running a successful online business requires that you to maintain professional standards. It also requires business owners to create delightful experiences for their customers.
One way of doing that is by adding necessary services and support systems that get your customers glued to your business. For example, having the right set of cloud helps your business helps provide prompt and round the clock services to your customers.
Online invoicing is one such tool that helps effortlessly send professional invoices to your clients, when it is absolutely essential.
There are various benefits that come with online billing software, including:
1. You can send out invoices immediately
Speed is one of the major competitive advantages of invoicing online. Billing software helps you send out invoices faster so that you can be paid sooner.
A good billing software can help you:
- With scheduled invoicing –You can set your invoicing software to automatically send out invoices at specific dates and times. That way, you won’t have to lift a finger.
- With direct invoicing – Integrating billing software into your accounting software means you will no longer have to wait for your bookkeeper or accountant to do the sending for you. As a result, it helps you reduce your overheads.
- Invoice anywhere, anytime – Thanks to the billing software, you don’t have to wait until you get to the office to send your invoices. If, for instance, you are running a small business, you can easily generate bills, even when you are out on the road.
2. Better invoice tracking
What happens when you send out your invoice to your client? Wait until the due date and keep checking your bank account to confirm whether the client has paid or not? Traditionally, that’s what accountants would do, and then start chasing if they realize the customers haven’t paid up yet. But integrating billing software in your ecommerce platform means, among other things effortless invoice tracking so that:
- You can view payment status – That way, you will find out which invoices have been paid. You can also find out which ones are due or past due. The beauty of it all is that you can view all this information on the dashboard of the software.
- You can create reminders – Your clients might not be the same. Thanks to the software, you may reminders and notes for different clients from within the billing software.
- You can generate and run reports to get a better insight – Integrating billing software in your accounting software allows you to run ageing reports on your accounts receivable. That way, it becomes easier for you to see which of your clients’ poor payers are. Based on the information provided, you may adjust your payment terms to suit each of your clients.
- You can create a good audit trail – A good online cloud accounting and invoicing software makes it easier for businesses to keep a detailed audit trail of your payments. That way, it becomes easier to track any transaction in case your clients, accountant or even the government might have any questions.
Why is important to track your invoices? As a small business owner, you cannot afford to lose money like that. Tracking invoices ensures that that nothing falls through the gaps and that all neglected bills are eventually paid.
3. Get your payments faster
One of the gaps a billing software seeks to seal is the time lost between sending out an invoice and receiving your payment. Online invoicing offers online business:
- The privilege of same day delivery – so that you won’t have to worry about whether your invoice arrived or not. In fact, there are billing software that track and send you automatic updates when your client opens the bill.
- Allows you to use payment services – so that you can instantly receive your payment without waiting for it to arrive by mail. By clicking the ‘pay now’ button within the invoice itself, it makes the process easy, fast and instantaneous.
4. Saves you time and money
It doesn’t matter whether you are going to write your emails alone or you rely on a staff member to generate the invoice and do bookkeeping for you. You are still paying for the same time taken to do the work. Investing in an accounting software that has a billing system helps you send them electronically. That way, it helps you save time compared with traditional methods.
Such e-commerce software ensures that you won’ to have to struggle with more complex accounts reconciliation. The software automatically sends invoices to your clients directly from your accounting software and thus helps tracks business cash flow on a weekly, monthly or quarterly basis.
5. Cuts down on
– traditional offices produce a lot of paperwork that that to be filed, stored, indeed or archived. But, by keeping invoices online, it ensures that you will never have to print them out because everything is already indexed, archived and stored electronically. As a result, it helps cut down on paperwork, and the costs that go with it.
Summing it up
The modern business environment requires that you provide your services or products quickly and with more efficiency to your customers. That also means it would also be fair for them to pay you quickly. Thanks to online billing software, you can eliminate delays to payments that are common in traditional methods. Such e-commerce software solutions ensures that you will get your payment faster and have more time to invest in other aspects of your business.
Mohit Sharma is a Digital marketing expert with experience in marketing, communications and eCommerce Development. His interests include eCommerce software, Hotel Management Software, and content marketing. When he’s not working, he enjoys spending time with his family, friends and playing chess.