Do you still send out printed invoices to your customers when there is a far better and convenient way to notify your customers about their dues? Yes, we are talking about online invoicing, aka e-invoicing. Still confused about whether you should go for it or not?
Then we have some useful information for you regarding how it can be quite a cost effective alternative.
- Greater efficiency : Creating an invoice and sending it to the customers is quite a time consuming process. Moreover, you are never sure if an invoice will reach its destination. Online invoicing handles all these tasks smoothly and also reduces the time duration in which the payments are made.
- Automated invoicing: The invoices, once scheduled, will automatically be sent to the desired customers at a fixed time. So you don’t need to worry about sending invoices to each and every customer. It reduces the cost of sending the invoices to the customers manually. Invoices lost in transit, add up the extra charges incurred. This won’t be an issue if everything is handled online.
- Regular monitoring of payment status: You do not need to keep checking what payments have been made and what are due. You can easily get a detail about this on a single screen. You get the knowledge about what payments have been credited to your account and what are the left ones, which makes the further tasks of collecting the payments easy.
- Customized reminders: Create reminders for the customers and make the desired changes in the reminders of some particular clients. You cannot deal with all the clients in a similar manner. Depending on the type of relation you have with each customer, you can add special notes and reminders in their invoices.
- Hold a record of transactions: Online invoicing keeps an audit trail of all the transactions with your customers which can prove to be useful in case of future references. All the documents, payment information and receipts are saved and can be easily viewed, whenever needed by the tax authorities.
- Faster payments: When your invoices are received by the clients on the same day, then this ensures early payments from their end as well. And the online payment services make it easy for the clients to pay instantly. Adding ‘late charges’ feature will make the clients pay usually before the due date.
- Better cash flow management: Your accounting software directly sends the notifications to the clients when specified. This makes handling complicated accounts simple and hence, easier cash flow management.
- Get rid of paperwork: When there is no requirement of papers, envelopes and stamps, then this leads to cost reduction on these things. All your work is managed online, keeping your desk free from the paper chaos. There is no need of man power to manage all the documents, saving you from these overhead costs.
- Security: The manual system of sending invoices may be susceptible to errors and security risks. But, in case of online invoicing, where everything is handled electronically, there are negligible chances of error and the clients can make secure payments online. Clients find the online invoicing system to be more reliable.
A business can benefit a lot from this service software for customers. Customers find this service very convenient as they can be conveyed about their dues without any delay. Companies can send beautiful, customized reminders which seem impressive to their clients. If the customers have any trouble with the service, you can always arrange for online chat facility for customers. It will build cordial relations between the company and its clients which will prove to be highly worthwhile for both of them. Besides being favorable for the business, this change has positive effects on environment too, as it is an eco-friendly alternative. It displays your sensitivity towards the environment and its resources.
Management of finances is a tedious task in a company. With an appropriate solution, you can simplify your finance management. You can use online invoicing in multiple ways to serve your purpose and in turn increase the productivity of your business. You can read Invoicing Tips for Small Business