Why Use Invoicing Software For Business?
Firstly, there’s no doubt that invoicing software can improve efficiencies, at both the generation stage and payment stage. Manual invoice creation is time consuming for the person responsible, paper based invoices can be lost and there’s also the possibility of human error. Even the most minor of mistakes can lead to headaches in the future.
Fortunately, human error, the inefficiency of manual data entry and using a calculator or spreadsheet for amounts, totals, invoice numbers and taxes, are a thing of the past. All these invoicing issues can be resolved by using an invoice software solution for your business. If used to manual invoicing or have doubts about using invoicing software, below are some further reasons why your business should consider using it.
1. Eliminates Possible Human Errors Via Automation
Invoicing software makes calculations automatically. These help you avoid guessing or having to spend time on totals or data. Most invoicing software options provide an extra features, like time tracking tools. These record time spent on projects or tasks, then converts that data into invoices. As expected this is useful as figures are tracked with more accuracy. It also saves time from manual calculation and data entry. It also reduces the chance of possible errors and may improve workplace productivity.
The mobility features of invoicing software are another key feature of this business investment. This gives you the freedom to make or send invoices anytime or anywhere, particularly useful for the self employed, freelancers, contractors on the road, or service driven industries / businesses with technicians outside of a central office. Enjoy accessibility and convenience without causing delays when sending invoices to your clients. The only thing you need is a mobile device or a computer with an internet connection. You’ll be able to access your expense management and invoicing reports on the go.
3. Real-Time Financial Reports
As soon as your invoices are generated, your invoicing software can be setup to update your financial reports instantly. This happens each time you enter receivable or payable data, ensuring your financial reports are accurate and current. With this capability, invoice software can help you understand the financial status of your business, faster. This is useful when making bigger financial decisions. For instance, if you like to make bulk purchases or orders, your updated receivable report can help you make a well-informed decision.
4. Cost Reductions
This might seem like small change, but it can all add up. Introducing invoicing software can save on stationary costs such paper, ink, postal services, stamps and envelopes. Some larger businesses spend lots more than they expect on such items. The whole invoicing process can be carried out online, via email. While printed invoice copies are still an option if clients prefer them, this can also be removed due to data being stored in the software platform.
There is also no need to outsource or hire professionals to manage your invoicing. Most invoicing programs are standalone and backed with good customer support. So, invoicing software won’t only lessen costs, but they are often user friendly without the need for extra personnel to dedicate time to them.
5. Access To A Range Of Professional Invoice Templates
Invoicing software comes with built-in, professional invoicing templates for quotes and project estimates, cover letters and of course – invoices. These templates make everything look uniform, well organized and professional.
In addition, invoicing software lets you send invoices and quotes directly from the software itself. Request receipts to be notified once a client has received an invoice. No more excuses that your invoice was not received! Depending on your invoicing software, there are also options that send reminder notices to clients automatically, before an invoice is due. An automated billing process can improve chances of getting payments on time.
6. Useful For Tax Purposes
The best invoicing software comes with detailed expense tracking features. These can be helpful to keep business transactions for compliance and taxes. Yes, invoices can be useful for tracking outgoing / incoming expenses and any pending business income within a quarter or financial year. When dealing with taxes, software that adds an extra layer of organization can be very useful.
7. Reduces Workload Of Your Accounting Department
Complex invoicing procedures don’t only slow down the payment process, but can complicate the work for your accounting department. With invoicing software, it simplifies your billing process. Excess paperwork is eliminated. Everything you need about your finances can be retrieved and stored securely via invoicing software.
The Last Word On Invoice Software
Invoicing software keeps payments, bills and statements organized while improving client experience. Although an extra expense, this type of software can return a strong ROI. It improves efficiencies, productivity and saves you from time consuming invoicing issues in the future. To get the best value of your investment, make sure to choose an invoicing software suited to your particular business needs.