What is Recurring Invoice and What Are Its Benefits?
Maria Peloponisiou~ 3 min Reading time | 12. Aug 2019
For business, invoicing is a very crucial part. It is for this reason that companies are now formulating ways of creating, sending and managing invoices in a practical, comfortable, faster and more professional manner. Not to mention error free.
With the current advanced technology, there are web-based software and applications that can enable to go through with this invoicing procedure from all around the world. With the recent introduction of recurring invoicing (or subscription invoicing), the experience has just been made much faster and better for businesses. There are invoice automation processes of recurring billing between you and your customer that have been introduced to do the major work for you of creating and sending invoices.
What is a Recurring Invoice?
Invoices are qualified as recurring in instances when the same details are used on the invoice sent to the client regularly. This can be businesses like web maintenance or hosting, marketing, SEO or marketing consultations and enterprises based on subscription models. Let’s take case example of a situation where you’re consulting for a Web Organization company; chances are that you’ll regularly be checking up on your customer base monthly for the same web programs. Therefore, to save with the effort of being in constant remembrance on when to bill each one, you could go ahead and set up to be continually sending out automatic bills based on the schedule you decide to come up with. This will be effective for all of them.
Why is a Recurring Invoice Important?
The subscription or recurring invoice function will take up the duty of sending out invoices to clients regularly as per your schedule. Instead of going through the long process of copying and pasting the same invoice every time and sending it manually, do a simple task of formulating the invoice once and leave the rest to the recurring invoice function. This will not only save you time but also gets rid of the tiresome aspect that comes along with doing repeated invoices. In addition to setting up invoices to generate and send automatically, there’s more to it.
Formulating a Recurring Invoice
The long-awaited solution for your invoicing troubles is here, get started with the recurring invoice process in your online invoice account today and be rest assured all will be done for you in the most effective and fastest way possible.
To begin with, log in into your Billomat account and then go to Documents. The recurring tab will appear, click it, and then choose from the options – Create new one. To proceed with the process, you’ll be required to set some information. Set the dates, how frequent the invoices ought to be sent, the client’s information. After this, save the document and your invoice is ready to be sent in the interval of your choice.
Once the saving process has been done, there will be an option to review and edit the details you keyed in before. This is to give room for corrections to some of the mistakes you might have made.
Controlling the Recurring Invoice Process
The order might not remain constant and is subject to change over time depending on various factors or issues that might arise. For instance, you decide to increase the price of your products or maybe the client chooses to make changes to their regular order. This will necessitate you to make appropriate changes on your recurring invoice. This will be possible through editing your recurring invoices. Just click the edit option under your recurrent invoice window and go ahead.
It is also possible to pause with the recurring invoice creation and sending process. You’ll be able to view the status update indicating that some pause change has been made. Deleting can be an option whenever you want to stop the recurring invoice function altogether. Of note, this will affect future recurring invoices and not the previous ones.