Another week starting, another few hours wasted on putting invoices together, keeping records and mailing the said invoices out.
This is a typical model where an invoice is created, printed on paper and sent out to the client via postal services. In the worst case, if an error occurs or if the invoice does not arrive on time, you will have to spend a lot of time checking records and emitting invoice which may cost you a lot in terms of time as well as money.
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But what if you get a super-power through which saves you from all the hassles and fills out your invoices in a few clicks?
This superpower is none other an online invoicing software. But still, a lot of business are reluctant to use such robust solutions. Let’s change their mind. Let’s delve them deeper into some of the outstanding benefits of online invoice solutions.
Advantages of Online Invoice Solution Software
1. Bid Goodbye to all the tedious paperwork
A paperless office is like a dream come true and this is something every business hopes for.
Papers have to file, stored, archived and indexed, and this consumes a lot of office space. As Office space is expensive some companies scan their paper and convert into a PDF or other formats before shredding the original copy. Why take so much trouble? Why not eliminate the need, the time and the cost involved?
The best thing is to keep the invoice online from the start, this way you will never have to print them out. Everything will be archived, indexed and will be stored electronically.
Online invoicing alone cannot make your office paperless but this will definitely take you one step forward to get rid of all the tedious paperwork.
2. No administrative errors anymore
While entering details into the open source invoice solution manually even the most efficient and smartest person can make mistakes. Also sometimes due to the workload, you forget to take a note of whether the invoice is paid or unpaid.
In contrast to this, a cloud-based invoicing software will input customer information manually while giving you the tools to manage the invoice creation and processing.
With the help of online invoice solution, filling the blanks while preparing the invoice will be much much easier, bringing the administrative invoice errors to almost zero.
3. Time is money, save it with online invoicing
Whether you handle invoices or rely on your bookkeeper or accountant, you are still paying for the time consumed in doing the work. Sending the invoices electronically will save a lot of time.
With an online invoice solution, you no longer have to worry about complex accounts reconciliation and cash flow management. The software will enable you to keep a track of your company’s cash-flow by sending out invoices to your clients directly from the software on a weekly, monthly, quarterly and yearly basis.
One of the reason to invest on professional invoicing software is less time spent on invoicing means more time to concentrate on other important administrative tasks.
4. Send your invoice out immediately
The faster you send out the invoices, the sooner you will get paid. The good invoicing software will help you schedule invoices so that they can be sent out automatically at a specific date and times. Speed is amongst one of the benefits of invoicing online, there is a lot to come.
5. Track your invoice to get a better insight
Sent your invoice? What next? Traditionally like every other business owner you would eagerly wait for the due date and keep checking your account. Once the due date crosses you start chasing the payer.
However, online invoice solution is equipped with automatic tracking. Check your payment status. Find out how many and which invoices have been paid before the due date. You can have an overview of all these information from one screen.
Not all clients are the same. Some of them might pay on time while some might not. But thanks to the online invoicing software as this will allow you to create reminders for each client and invoice.
A good GST accounting software will help you keep a track of the audit trail. It is a good practice to keep a track of every transaction as this can help you when your accountant, clients or government has got any questions.
6. Get Paid Faster
One of the main goals of invoicing is to alleviate the time between sending an invoice and receiving the payment. Believe it or not, it makes a huge difference.
Some invoice solutions these days will notify you automatically when your bill is opened by a customer.
You also don’t have to wait for cheques to arrive via post. The latest online payment services provide your client with a “Pay Now” Option on the invoice itself. Its fast, easy, and you are paid instantly.
7. Easy Accessibility- Manage your invoices from everywhere
When you store the files on your office computer the access to invoice becomes limited unless you are sitting right in front of your computer.
But if you are using online invoices you can access the information from anywhere and from any device as all the invoices are stored in the cloud. All you need to do is log into your account and look for the client for whom you want to start billing. Now create and send invoices at your fingertips.
Invoices stored on the cloud gives you the ability to manage client information and billing from one application. You can use your desktop, tablet, and smartphone to view the documents which means even if you can’t make it to your office you will still be able to manage all your work and invoices 24*7.
8. An extra level of security
What if your computer crashes? You have to say goodbye to all the important files forever as you have failed to create a back-up.
But if you are using an online invoice you will be at peace because the software is extremely secure and backed up in the cloud. It will safeguard your files against all the interference and all the losses.
Bottom Line
Doesn’t matter whether you are a brick and mortar local business or a online business or a freelancer online invoice solution will offer you with a much bigger possibility for quick and error-free payments and provide your firm with a better cash-flow. More money and more time spent on other administrative, better is the chance for growth and sustainability of your business.
Amaey Anand is a certified accountant with over 10 years of experience in the finance industry. He has worked with various organizations to streamline their petty cash management processes and reduce inefficiencies. He has also written several articles on financial management for leading publications such as Zensuggest and The Wall Street Journal.
