Many businesses are still using Microsoft word or excel to build their invoices. This might work well for some but how efficient is it really?
There are other problems with this method. For example, you have to create and reuse templates for different customers and enter their billing information twice: once in your accounts and once in each invoice. Also, keeping track of bills and payments can be time consuming – especially if you keep them on your desktop or in a folder. Even sending your invoices by email won’t reduce the workload by much.
Online cloud based invoicing solves these problems, making it fast and easy to send out invoices and track them. Switching to online billing can reduce your costs and speed up payments. Here are some of the ways it can benefit your business.
If you know what invoices are to go out in advance, or if you have monthly retainer, you can schedule them to either recur each month or you can schedule in advance. Once they go out, a copy can be cc’d to you as well as going directly to the client.
You only have to add your client to the system once. After this, it is easy to create an invoice in a matter of minutes, rather than changing the information every time in a word or excel document.
Using this method makes it so easy to track your client’s invoices. If you require a statement, this can be done at the click of a button, rather than trawling back through your invoices and typing out each individual item onto a statement template.
You can easily keep track of payments going out and coming in to your business without going back through bank statements, which lets face it, is creating more work and taking up so much unnecessary time.
Once your client opens your invoice, you can get a read receipt notification and if they still insist, that they haven’t received it, you can resend it again at the click of a button.
Online invoicing reduces mistakes due to human error. When creating or issuing out invoices to customers manually, you will need to be sure that your VAT calculations are correct for each invoice. With online invoicing, these calculations are automatically calculated which will reduce the risk of errors.
Errors delay the payment process. They can also damage the relationship that you have with a client and cost you more in the long run.
Your data and client information is secured and backed up a number of times per day. As everything is in the cloud, you can have access whenever you are on the go.
No matter what size business you are, we all need to look for ways to save time and money. Using an online invoicing software will most definitely assist you with this.