Benefits of online invoicing for small business
Time and money are the most important resources in business management. So if you want your business output to improve, you should be targeting these two foremost. One of the key areas where you can save your time and money, plus get increased efficiency in return, is invoicing. Instead of sending out printed invoices, or creating them individually and sending them out by e-mail, adopt online invoicing. It makes your work easier, cheaper, and faster and also renders other benefits to your business. Here are a few of them:
1. Save time
There are businesses which still operate on the traditional business model wherein invoices are created at the end of each billing period, then printed and then mailed to the customer. A lot of time is consumed in this process from creation to delivery of the invoices. Moreover, risk is involved of the invoice getting lost in the mail. Online invoicing lets you create and distribute multiple invoices quickly without the tedious job of entering the billing information twice for each customer. Also, tracking the bills can be done in a few seconds. You see there’s a lot of time that you save overall and you already know all the reasons why they say ‘time is money’. So switch to online invoicing without second thoughts.
2. Reduce cost
You cannot ignore the cost of papers, envelopes and stamps used during invoicing. If you owe a SME, this cost can make even more difference. So you can reduce your costs significantly by adopting reliable accounting software like Giddh and cutting off the expenses on stationary as well as on document storage. Also, one person is sufficient to handle online invoicing along with the fact that he can still do it in a shorter time. So you save cost on other resources too.
3. Access anytime, anywhere
One of the best advantages of online invoicing is that you can access the records anytime, anywhere. You need not wait to get back to your office to do that or be dependent on your accountant. If yours is a small business, you can even generate bills while you are in transit or waiting for a meeting to start. It’s that quick and easy. More
4. Make payments easy for your clients
Online invoicing software by some companies like Giddh makes the work easier not only at your end but also at your client’s end. If you use an advanced online invoicing tool, you get additional features of sending friendly reminders to your clients, offering them different payment options, tailoring invoice design for each client for a professional approach, and initiating the payments with just one click.
5. A good business sense
You are expected to be prompt and efficient with your services and delivery. So should be the clients in case of payment. So that’s fair enough.If you implement online invoicing, you have to worry less about the delays and barriers of payment. On the contrary, there are chances of receiving faster payments, having a better cash flow and more time and money to grow your business.
6. A systemized process
You can make more out of your invoicing software by setting up a process to get the best out of online invoicing. You can send the invoices on a fixed day every month. This will make the client aware of your regularity and promote the chances of regular payment from them. You can also notify them of a small penalty for late payment. This will remind them not be late. However, you can cut a bit of slack for your loyal customers if they have a fairly good record. Software like Giddh has plenty of reporting options. You can review them and even get customized reports so that you’re aware of all your incoming and outgoing cash flow.
7. Proper organization
Online invoicing allows all your information to be in one place, rather than in multiple huge bundles of paperwork. This makes the managing as well as the searching of information easier than ever. You can manage client information and billing both from one web application. So you’re saved from the hassle for distributed tasking too. A properly organized system reduces the chance for any errors and improves work efficiency.
So whether you want to go for online invoicing right away or get some more details on this, feel free to contact team Giddh who’s there to help you 24x7.
