An invoice is made for every service rendered or product sold. Whether you’re an e-commerce business, a freelancer, or a brick-and-mortar retailer, this is the first step to getting paid. This also serves as proof in the event of a dispute.
Countless companies are now migrating to billing software to streamline their process. But is it worth it? Here are ten reasons to convince you why billing software is a must-have for scaling your business:
1. Create multiple invoices in minutes
Perhaps the best advantage of invoicing software is that you can create multiple invoices in just minutes and send them at the same time. Traditional billing and invoicing processes are time consuming and tedious. You need to verify transactions, prepare invoices, record information in records, and then send professional invoices to customers.
With invoicing software you click here and there and you solve all manual processes. In addition, most software also offers templates to help you create invoices faster.
In this highly digitized world, security will always be a priority. A reliable billing software guarantees this, as they must comply with data security standards. In addition, most billing software uses the cloud to back up and store data. So in case of possible data loss or leakage, rest assured that sensitive data is protected from loss and interference.
Nobody wants late payments. To ensure good cash flow for your business, receiving payments on time is a must, which can be achieved if you send your invoices on time. By automating your billing, you don’t have to worry about forgetting to send invoices to your customers. It allows you to set up and schedule recurring payments for your long-term customers. This means you can build an efficient subscription-based business model.
With reliable invoice software such as MYOB and others, you can schedule the sending of invoices at specific times and dates. It can also send follow-ups and automate reminders for overdue and upcoming invoices. By automating these tasks, you can save a lot of money and time, so you can focus more on other important tasks as your business grows.
4. Professional and Custom Look
Billing software makes your business look more modern and professional. Most software has perfectly formatted templates, which give a strong and professional impression on your customers.
You can edit and customize the templates to emphasize and reinforce the identity of your brand. You can also add a logo, fonts, and color schemes to match your brand’s voice and image. This would allow your customers to see the personality behind the business transaction.
5. Available in different languages and currencies
Everyone is now a ‘citizen of the world’. Technology allows freelancers in the Philippines to bill their clients in Australia. A customer in Kenya can order a gadget from a company in the UK.
Make life easier for your clients or customers by using billing platforms that allow them to select their preferred language and currency. Billing and payment software makes entering the global market much easier and easier by removing language and payment barriers.
6. Reduce errors and disputes
As mentioned earlier, the processing of paper invoices involves several steps and any process performed by a human is prone to errors. Sending an invoice to the wrong customer or processing an incorrect invoice amount can be problematic.
Errors can slow down the payment process and even damage the relationship with a customer. Billing errors and any disputes that arise as a result may cost you to correct. In addition, re-sending invoices can be time-consuming.
Billing software can help prevent mistakes from calculating the right amount to making sure the right customer is billed. And even if you make an input error, it only takes a few seconds to recover and resend.
7. Control made easy
Billing software allows you to store everything from your expense reports, invoices, estimates, and other related documents in a single dashboard. In addition, most software even allows you to create time-saving and simple processes when analyzing financial reports.
You can easily determine all eligible tax deductions or quickly find all your receipts and expenses in one place. In fact, this more organized process can help you in a case where you are audited by the Internal Revenue Service (IRS).
8. Cost effective
If you factor in the time it takes to create, process, and send each corporate invoice, companies spend an average of $12-35 per paper transaction. To put that in perspective, a company with 10 employees could save up to $4,200 annually by moving from traditional payroll checks to direct deposit.
You should also consider the costs associated with ink, paper, and postage for traditional billing. However, billing software allows you to eliminate these unnecessary costs. In addition, automation and reduction of human error allow businesses to reduce billing costs.
9. Good for the environment
Invoicing software is on average up to four times more environmentally friendly than paper invoices. It uses no paper, which means it saves trees. Not only that, it also saves water and energy and reduces paper production. There is also less paper waste in the landfill.
Instead of sending your invoices by post, you can also send them electronically with invoicing software. This means you too reduce your ecological footprint and enable you to identify and improve your sustainability efforts.
10. Fraud Protection
Reputable billing software also innovates in developing a secure system that reduces the chance of document forgery or fraud.
Most solutions offer easier monitoring and tracking of payments, reducing fraudulent activity. In addition, unlike printed invoices, billing software is made with technology that issues non-repeatable and unique certificates or seals. This also reduces the chance of duplication or falsification of documents.
There is no doubt that billing software is an essential tool you need to run your freelancing job or small business seamlessly. With a reliable provider, you can efficiently generate invoices, keep track of financial information and improve your cash flow. Keep the ideas mentioned here in mind when choosing the right billing software for your business.