Invoicing can be a hassle, but, it is an invaluable tool for accounting, hence, it is important to send invoices to track which employees make sales and the items they sell. Whether you operate a large agency or work with a mix of project and retainer-based clients, it is essential to have an accurate and efficient invoicing system in place, however, managing invoices can become a complicated process. Here are 3 ways to simplify your invoicing process.
Digital innovation has brought simplicity to business and lifestyle at large. Therefore, thanks to newer technologies and low-cost online payment solutions, most companies are going paperless. hence, instead of using a paper-based system, you can move to a cloud-based invoicing system. Cloud-based invoicing software makes everything about running a business so much easier.
You can simplify a range of processes that allow you to reduce the amount of time you spend at your desk. Cloud invoicing also means your data is secure and will not be lost forever if your laptop is stolen or suddenly stops working. When it comes to accounting, billing, time tracking, and project management, using cloud-based software can really help you get to grips with the challenges of dealing with multiple clients at any one time.
With an online invoicing tool, you can create and send professional looking invoices to your clients electronically. This means that you can send your invoice from anywhere in a matter of minutes. Not only does it make it easier for finance to access the information they need to run the business, but it also drastically increases the convenience of monitoring the entire process from a managerial point of view.
Simplify incoming payments
If you use traditional bookkeeping and accounting processes, it will become challenging for you to manage partial payments and payments in multiple currencies. Keeping track of partially pending payments and converting international payments into your local currency will take your time and energy if you have numerous of such clients. The software will automate such activities saving your significant time and efforts. A virtual terminal makes invoicing and billing easier to manage for your business.
Accept Multiple Payment Options.
You need to be able to accept payment from your customers in different ways; credit card, check, or wire transfer. Maintaining expiration dates and payment method data is critical to automating collections. Automation can quickly kick off email reminders (and upsell offers) weeks or months before cards expire.
Having multiple payment options for your invoices can increase your chances of getting paid before the due date by 3x. One of the most convenient payment options that you can not neglect is the online payment option. This makes it easy for clients to make invoice payments in less than 5 minutes via credit cards on their computers or mobile phones.
Automate invoicing and reminder process
The use of automation tools will make your invoicing process more efficient and accurate. The automation process allows you to use a standard reminder template email which is automatically customized to the particular client, their business, and the relevant invoicing dates and details. A well-equipped billing and invoicing system will also let you define the payment deadline and set a series of payment reminders if your client fails to send payment. This software automatically send reminders to your clients after deadline. A confirmation email is sent as well once you receive the payment.
In conclusion, Automation allows you to create a repeatable process of the parameters of your orders (such as subscriptions and renewal) and sends the invoice automatically accurately. A simple and efficient billing and invoicing software will help you receive the amount much faster and reduce the operations and accounting time.