- Why Billing Software is Important for Small Businesses?
- What are the Benefits of Billing Software to Small Businesses?
- What are the Advantages of Installing Billing Software for Small Businesses?
Why Billing Software is Important for Small Businesses?
Business is a complex combination of processes & transactions which involves a lot of calculation & routine work. Billing is a crucial part of every business that no organization can ignore. Numerous bills & invoices are generated on a daily basis & presented to the customers against the goods & services sold. Tracking & organizing these bills can be a tedious job when done manually. Hence most companies use billing software that makes billing, bill tracking easy & convenient and saves time also.
Billing software for small businesses tracks the bills & keeps a check on the income & expenditure. It helps the business owners to stay at top of finances with deep insights to 100% error-free business reports. Apart from that, billing software for small businesses helps improve the efficiency & productivity of employees by automating repetitive tasks. In today’s time mostly businesses are using billing software to manage their entire business including accounts, financial statements, inventory management etc.
The easy to use & absorb billing software are the best in the markets. Since the concept of using billing software for small businesses is new, small businesses are stuck using the manual methods. On-the other hand large businesses are using the software in full fledged and growing their business manifolds. To compete with these big giants it is necessary to use billing software for small businesses. Else they may end up becoming extinct.
What are the Benefits of Billing Software to Small Businesses?
If you are a small business owner and looking to grow your business, this article is all about the importance of billing software for small businesses. Some benefits are listed below:
Create new invoices easily
Since all the debit & credit details are entered in the billing software, it automatically calculates the amount & combines all data to create new invoices in a professional way. This also includes GST & other taxation system calculations.
Customer history & data
The related data of every customer is saved in a single database. Since all of the data is available at a single place, retrieving customer data, & tracking becomes extremely easy. You don’t need to struggle through multiple files & papers.
Organizing a huge amount of data is very difficult. For that you need a competent server that can save, organize & fetch the data in real-time. This makes the transaction of data more accessible & smooth.
Design your invoice
Billing software for small businesses comes with handy predefined invoice templates that can be customized by using a simple drag & drop facility. Customizing your own invoice template with your brand identity makes your invoices look more professional and distinguished from others.
Multiple payment options
A modern-day billing software is integrated with payment gateways that allow you to accept payments from your customers via multiple payment methods. It empowers you with special features like auto-bank reconciliation by saving time & efforts for reconciling the transactions.
Tax reports & tax filing
When you step into a business; taxing is a complex thing to understand. If you are not from accounts background then it might haunt you. Billing software provides & generates automated tax reports considering all transactions in the financial year & helps in filing the returns. You directly file the return from the software without even going to the government portal. All the calculations & audits are done in the software automatically.
There are endless benefits of installing billing software for small businesses. Hence many of the businesses have already started using them, if you still have any doubts let us discuss the advantages of installing billing software.
What are the Advantages of Installing Billing Software for Small Businesses?
Although there are endless advantages of installing billing software, we have covered the main below:
Easy & Quick Invoice Generation
As we discussed earlier, all the information is stored in the software, all the formulas etc are embedded in the software, therefore; the invoices are generated in fraction of seconds. You can simply add the item by scanning the barcode and the rest of the things are done automatically.
Keep a check on all transactions
Since a business has to deal with multiple invoices & customers daily, it is impossible to keep a check on everything manually. Hence, billing software comes with automated systems that track all the transactions, movements, invoices and everything. It also gives regular reminders for pending invoices. It also keeps a check on post detailed cheques, unclaimed offers, settlements from customers, banks, etc. Furthermore, this software is devised to automatically send follow-up emails or calls to clients if some transactions are pending.
In this modern world, there are still many existing businesses that use ancient invoicing methods—these methods include maintaining spreadsheets or hand-written ledger books. In such methods chances of human errors are extremely high. In contrast to that, using billing software is way more convenient. Since it does work automatically and generates 100% error-free reports & bills. In addition, there is very little chance of data redundancy. The data, on the other hand, cannot be manipulated or misused without authority. You can also set user-wise roles & responsibilities.
All at one place
The best thing you get from using a billing software for small business is you get everything from billing to delivery under one roof. With a proper billing software, every financial, material, technical aspect can be tackled at once efficiently and hassle-free. Data, records, stock, deliveries etc. are taken care of uninterrupted.
Handling a business becomes twenty times easier when payments are cleared on time & securely. When you don’t have stress about pending payments, cash thefts, cash loss, etc. The billing software allows you to control costs as it automatically sends follow-up emails, reminders, notifications to customers with a link for online payment. The software is directly connected to the online portal through which customers can make payments along with all the required transaction details.
Since the world is moving forward, technology is getting more and more advanced. The billing software is also getting modern and optimized. All the linked systems & locations can be easily controlled from the main/ hub computer software. This makes all the locations accessible.
Another very important advantage that is not available in all the billing software is inventory management. Rather you can have multiple different software for doing different operations, but why struggle when you can get all at the same time in a single software. Marg ERP is a billing software that has an additional inventory management software also. In-out of every single product in your inventory is recorded in the software in real-time. During billing the stock is updated across multiple locations in real-time which helps you in case of negative billing.
After reading the article now you will know why billing & invoicing software is important for small businesses. It saves a significant amount of time and effort by maintaining the accounts & books.
If you are looking for robust billing software for small businesses that grow your business, then you can always refer to Marg ERP, which is a billing, accounting & inventory solution that is a one-stop solution to all your business needs.