The first and foremost step after selling a product or providing a service is generating an invoice to get paid. The action which is supposed to be the easiest and the happiest part turns out to be tedious if done manually. If we see way back in time, payments were made mostly via cash, even the books of accounts were managed manually, making this process way more hectic, erroneous and time-consuming. Fortunately, with the advancement in technology, we discovered invoice software, a software solution conquering all our invoicing issues and helping us with hassle-free invoicing and payments.
Sending and receiving payments doesn’t have to be this much hard and due to regular innovations and development in technology, today, we can enjoy vast benefits but still many organisations are unaware of these new trends. It has come to the fact that electronic invoice processing is 3.5 times more efficient than paper processing. The number of invoices processed per employee by a company is 42 in a day whereas, the number of invoices processed per employee by a company processing invoices electronically is 479. From the stats above, we can easily conclude that companies relying on traditional ways of invoicing continue to face problems associated with it. So, here is why invoicing software is a must-have for every SME & MSME and what are its benefits.
Benefits of Invoicing Software
Aside from managing all invoice-related tasks like generating customizable invoices, sending invoices, making electronic payment transfers through integrated banking, multiple-currency setting and generating reports efficiently, good invoicing software extend the following benefits also:
- No more delay in payments – An appropriate software solution can help in setting up an organised billing & invoicing process for your business, allowing you to make and receive payments on time. Get automated reminders whenever your payment is due to avoid unnecessary delays and send payment reminders to the ones that owe you to smooth the collection process and boost the profitability of your business.
- Zero chances of missing payments – Do not tolerate missing payments if you wish to see your business growing profits. Accurate monitoring and tracking of bills are paramount. Allow your customers to pay you via various modes of payment considering which one is feasible for them, giving them no scope for making excuses. Likewise, you get to receive a faster payment of invoices and increase cash-flow. Ensure you spend your time making money rather than collecting it.
- Improved brand image – Invoices makes the first impression. Impress your clients with a range of beautiful invoices in a spectrum of colours, customized logos and attract more business. Be ready to try an organized and prompt approach to exude a professional image with your clients.
- Streamlines Accounting – Invoice software helps in streamlining your accounting and financial processes by automating important tasks. It helps in analysing businesses’ financial health, keeping an eagle eye on the cash-flow and consequently in better decision making and forecast revenues.
- Cost-cutting – You can shift your focus on other crucial tasks and manage your manpower effectively. Thus, ensuring reduced labour costs, follow up costs and time wasted in following up with the clients with overdue.
- Strong Data Security – A good software solution for invoicing assures security at every level from billing-to-payment as it doesn’t involve manual editing or transfer of invoices via email attachments. Levelled manual intervention reduces chances of errors improving security and protection from hacks or prying eyes.
Invoicing software makes business process and operations much faster… especially the one that rings cash to your ears, i.e, collection. Despite all the thought-provoking facts stated above, companies are not investing in invoice software only because of lack of awareness. Analyse your cash-flow with the help of an invoice software and see your business increase its profits exponentially.