25. Apr 2019 | Uncategorized

What is Online Invoicing Software and How Can it Help your Business

Whenever a product is sold, or service is rendered an invoice is created. In order to avoid errors and to automatize this process, you might want to use online invoicing software. It cannot only help to keep your invoices accurate, but it also saves you a lot of time.

online invoicing software
A good online invoicing software will be much safer and faster than preparing invoices manually and sending them in an email. (Picture © picjumbo.com)

What is Online Invoicing Software?

Online invoicing software works in almost the same way as a paper invoice would, it is simply more accurate and can result in payments being made faster.

More and more businesses are using online invoicing software as it reduces processing time and the costs associated with creating and sending invoices. Businesses also find that they have better relations with their clients and suppliers as invoices are accurate and sent right away.

Online Invoicing Software Can:

  • Create and customise your invoices – You can build an invoice from scratch if you wish to. You can choose to use templates that are available as part of the software, and simply fill in all the fields.
  • Facilitate payment and billing – You can create a portal so your customers can make those payments, and you can even accept foreign currency.
  • Generate a variety of reports – Invoicing software can generate different reports and you can export each of them as PDF files if you wish alternatively, you can share reports by email. You can have analysed data that shows your outstanding invoices, how much time your clients usually take to pay and other options.

The Benefits of Using Online Invoicing Software

There are many benefits associated with using online invoicing software. They include:

  • Minimising late payments
  • Minimising missed payments
  • Streamlining your accounting process
  • Maintaining a more professional image
  • Improving security by minimising fraud

Let’s take a look at each of these benefits a little more closely:

Minimising late payments

The right invoicing software can help you minimise late payments by keeping all of your data and your scheduling nicely organised. This allows you to get paid on time while also boosting your productivity.

Minimising missed payments

When you monitor and track your billing commitments, you will not miss any unpaid invoices. This means you will have a more positive bottom line while you’re completely aware of who still owes you money.

Streamlining your accounting process

Your accounting process will become more streamlined thanks to the automation of important tasks. You will need fewer members of staff in your accounting department and you won’t spend as much time chasing those who have not yet paid.

Maintaining a more professional image

You will maintain a more professional image thanks to your ability to deal with invoices quickly and effectively. Your clients won’t have to put up with seeing handwritten invoices that may look untidy. Your clients will receive professional-looking invoices that are easy to read and understand. Your clients will be impressed that you have harnessed the power of technology and used it to make your business flow even more smoothly.

Improving security by minimising fraud

A good online invoicing software, such as Billomat, will come with a bank-grade level of security. This ensures that your payment and billing processes are not seen by the wrong people. This is much safer than preparing invoices manually and sending them in an email.

All of these benefits can help your business as you will get the associated work done a lot quicker and in a more reliable and safer way. This ultimately means you can concentrate on another aspect of running your business while online invoicing software deals with your invoices.

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