Business modules have evolved over the time, and many new techniques have been adopted for the benefit of all. For example invoices; traditionally, they used to be created at the end of each billing period. Post which they were printed, put in an envelope and mailed to the respective customers.
Some companies still follow the same business module, but it’s unproductive. It is time-consuming, involves a lot of effort and includes a lot of wastage. Moreover, the fear of loss in transit always persists and the chances of the customers not receiving the invoices on time cannot be neglected.
The smarter way of invoicing is in opting for online invoices. Many companies are slowly transiting to online business from a traditional form of invoicing, and they are opting for invoicing software.
By reducing the human intervention, it is much quicker and enhances business by:
- Auto scheduling: Schedule your software, and it will send out invoices routinely on a specific date. It can be automated without any manual inferences.
- Computerized emailing: Invoices can be sent without any human dependency.
- Not location specific: You can send out invoices from anywhere, even while traveling as the process is not system specific. Log into your account from any network and continue with your work with ease.
- Ensure delivery: In the traditional method, there is a fear of invoices not reaching the customers on time, but the same can be conveniently overcome through online invoicing.
- Enhanced invoice tracking
In offline invoicing, once the invoices reach the customers, business need to follow up to ensure the status of the invoices continually. Then a follow-up mechanism needs to be in place to confirm the receipt of the payment. But, online invoicing can mitigate all these hassles:
- Organized tracking: You need to follow up with individual customer nor check the bank accounts regularly. All payment status can be available to you on your screen by ensuring more organized tracking for your business.
- Customized reminders: Each customer is different, and the follow-up mechanism needs to be followed accordingly. To make your job simpler, you can create personalized reminders within the software, with notes affixed.
- Precise auditing: An efficient cloud accounting software makes it easier for you to maintain the books. So, tracking becomes convenient for all the stakeholders during audits.
- Quicker payment
An essential aspect for converting traditional invoicing to online is to quicken the process of payment. The time gap between generating an invoice and receiving payment should be as minimal as possible, and this can be done only through e-invoicing.
- Online payment: Using the accounting portals, your customer can make the online payment, and you can receive it without any delay.
- Secured debt: Online invoicing software is protected and safe to use. Your customers can rely on it, so they’re likely to respond to your invoices faster, and you can be assured of your payment without any fraud.
- Reduce paperwork
A paperless business is the need of the hour as it is environment-friendly. By opting for online invoicing, you can be one of the socially responsible organization while eradicating the extra efforts of printing and scanning invoices.
- Enhance accuracy
Once a process is automated the requirement for manual intervention reduces. In turn, the chances of human error also get minimized and the accuracy level increases. By opting for online invoicing, you can confirm that your clients receive an accurate invoice and you don’t waste time in to and forth communication.
- Save money
The traditional method of invoicing involves a lot of human effort, so you have to employ some resources to produce invoices. A team is also required for doing the quality check. However, by introducing online invoicing, you can for sure get rid of the QC team, and the number of heads required for generating invoices is also less. Overall it is sure to have a positive impact on your income statement by reducing the overhead costs.
Choosing the correct software for your organization is the prime concern, and it must be set up correctly for the optimization of the tool. Financial software has a lot of reporting options, and you can customize them as per your requirement.