Imagine a scenario, your team has worked round the clock for a client, and it is now time for billing. However, at the back f your mind you know that your payment will be late.
But why is this so?
Is it because you are also struggling to work out your invoices or find yourself stuck in a pile of papers?
Looking for Billing and Invoicing Software? Check out SoftwareSuggest’s list of the best billing and invoicing software solutions.
Well, we are here to help you out!
Did you know, Almost 40% of all the invoices in the USA are paid late? Also, more than 60% of late payments happen due to incorrect invoicing.
But, you no longer need to worry! Professional invoicing software can help you make great invoices and much more!
11 Things You Can Easily Manage With A Professional Invoicing Software
Let’s dive in and see what you can do with an online invoicing tool.
1. Save Client Information
How much time do you spend in a day looking for information that needs to be added to the invoice?. Well, on average, 30 minutes is spent on researching and creating an invoice. Creating multiple invoices is a tough job and is prone to human errors.
But, what can be done to solve it?. All you need to do is invest in invoicing software, and you will be able to store all your data and that too for a lifetime.
Wait, there is more to it!. You can create invoices in minutes and send them to your clients. Moreover, you can also save them in PDFs for future reference.
Thus, you can save time spent on making invoices and focus on other tasks.
2. Set Up Recurring Payments
Are you tired of sending payment reminders and following up with clients?
Well, you no longer need to!. Professional invoicing software allows you to build a subscription-based model. With this, you can set up automatic payment facilities for your long-term clients. Not only do invoicing tools help send follow-ups and payment reminders, but they also help you save a ton of time.
Moreover, you no longer need to pay someone to carry out these administrative tasks. Say goodbye to the frustration of chasing clients and typing long emails with professional invoicing software.
3. Build A Positive Brand Image
Did you know, a simple thing like including your logo can expedite the payment process by 3x?. But why is this so?. This is because an invoicing solution can reinforce your brand identity. You can choose to add your logo, color scheme, and fonts that match your brand voice.
Wait, there is more to it!. You can also send out customized messages, such as a “Thank You! and “It Was A Pleasure Working With You”
So, how will this help you in the long run?. Well, you will be able to sell new products and services. Moreover, you can also link it to content that can help your client solve an additional problem. While this may seem trivial, these little things can enhance your brand image.
4. Address Security Concerns
While technology has simplified many things, some businesses still create and mail paper invoices. However, those who have decided to jump on the online payment bandwagon have addressed their security concerns to a great extent. Are you wondering what makes online payments secure?
Well, most professional invoicing software adheres to PCI Security Standards. Thus, helping you implement advanced security safeguards against interference and loss.
5. Multi-Lingual and Currency Support
Thanks to technology, a freelancer in the US can bill his/her client in Japan. Similarly, a customer in Kenya can order a product from Sri Lanka. As a result, invoicing platforms are allowing users to select their preferred currency and language.
Moreover, this has made entering the global marketplace much more convenient and removed payment barriers.
6. Cost Savings
“When you factor in the time (i.e. employee hours) required to create, send, and process each company invoice, it’s easy to understand why businesses spend an average of $4 to $20 per paper transaction.”
BluePay– US-based Payment Solution, If we calculate further, a company with ten employees can save up to $2400 per year by ditching traditional payroll checks and making direct deposits. Moreover, there are the costs associated with paper, ink, and postage. Online invoicing eliminates these costs.
Wait, there is more to it!. With automation and invoicing going hand in hand, your business can reduce the cost of invoicing by 29%.
7. Enhanced Mobility and 24/7 Access
With most professional invoicing tools offering cloud deployment, you can easily manage client information and billing. Even if you cannot make it to the office, you can access it from your desktop, tablet, or smartphone. Send invoices on the go and never miss out on paying bills and receiving payments!
8. Simpler Auditing
You can also use your invoicing solution to analyze financial reports with ease. During the tax season, your accountants can use it to determine eligible tax deductions.
Wait, there is more to it!. With all things in one place, you can be at the safer end if you are ever audited by the Internal Revenue Service (IRS).
9. Contribute To The Environment
Did you know that digital invoicing is 4x more environmentally friendly than paper billing?. It saves trees, water, energy, and it reduces pollution. Moreover, there is a significant reduction in solid waste when compared to sending paper invoices. Go ahead, reduce your business carbon footprint with professional invoicing software.
10. Reduce Errors and Disputes
Paper-based invoices are prone to human errors. Sending a bill to the wrong client or incorrect billing amounts are some things you cannot afford. Errors in invoicing can delay the payment process. Moreover, it can also damage your relationship with your clients. Furthermore, invoicing errors and disputes can end costing you thousands of dollars.
So, what can you do to solve it?. Online invoicing calculates the total amount for you and eliminates errors.
It even adds taxes and ensures that the right client is billed. Even if you make a mistake, it will hardly take a minute to fix and resend.
11. Faster Payments
It is no secret that you need to pay transactions and deposit fees when processing payments. While the fee may be minimal, it can add- up over the long run. As a result, the process can take days or even weeks to process.
However, you need not worry about all these factors with professional invoicing software. It helps you select faster payment methods and the ones which offer the most affordable transaction rates.
So, these were a few things your business can manage by implementing professional invoicing software. More companies are leveraging the help of tools and technology to simplify their payment processes. Yet to try out an invoicing solution? Let us help you find one!