When you have a business, generating and sending invoices is something that deals with from day one. With every purchase made, an invoice is generated.
Nowadays, technology has made it easier for us to send invoices via different channels. Although, if you remember, a few decades back we only used to create invoices using paper. Imagine how much paper and time it would consume if big businesses still used paper to create invoices.
Thankfully, you don’t have to worry about such things anymore as you can easily use billing and invoicing software to manage all your transactions.
What is billing and invoicing software?
Billing and invoicing software runs on commands and helps you streamline your billing process.
You must have come across such software in shopping malls or supermarkets, where they have specific software that runs on different commands and handles business operations such as sales and purchase, debts, registering returns, etc.
This kind of billing and invoicing software is beneficial especially for B2C companies as daily transactions of sales and purchases are done.
And when you’re handling it manually, there will be plenty of errors, mismanagement, and loss of data. In fact, 61% of late payments are done because the customers received an incorrect invoice.
The best billing and invoicing software comes with advanced features and is suitable for any type or size of business. Invoice creation, payment options, inventory management, CRM, POS, ERP, accounts and finance are some of the advanced features that are available in a billing software.
So, when you adopt invoicing software, your entire billing process will be simplified and will run systematically.
Why you should get billing and invoicing software?
Yes, invoicing software can truly transform your business process, but you must be wondering, does this software really help your business? Well, I’ve got you covered! Here’s why you need to get billing and invoicing software for your business –
Easily customize your invoices
Your invoice represents your brand, so it needs to reflect the style and values that you offer. As simple as a company logo and color combination can also leave a strong impression in front of your customers.
Moreover, you can also use different invoice templates for different purposes. For instance, you can have different invoice templates based on services rendered. In addition, with invoice software, you don’t need to recreate recurring invoices. An automated software sends recurring invoices as per the time and date that you’ve selected.
Calculate taxes
Manually calculating taxes for each bill or invoice can get exhausting and also consume a lot of your time. Therefore, by getting the billing software, all you need to do is enter the % of taxes you want to add to your bills and it’ll automatically add taxes to the total amount.
Calculating taxes with automation provides more accurate bills and invoices for your customers and clients and builds their trust in your company.
Provide multiple currency support
An invoice software provides multiple currency options so you can expand your business globally without any hassle.
Whether you have exported goods to a different country or rendered services, you can bill international clients and receive payments by sending customized invoices.
Create quotes for clients
If you want to target high-end clients, you’ll need to create quotes that appear professional.
There are plenty of invoicing tools that provide quotation templates so you can provide an accurate estimation to your client.
In fact, many services tend to take months to be completed, in such a scenario, you can also add milestones to manage micro tasks and get paid accordingly.
Accept online payments and credit cards
The main purpose of getting billing and invoicing software is to digitize your billing process. So, along with invoices, the payment process also needs to be done online.
An invoice software comes with an online payment option as well, so once the client receives your invoice, they have an option to pay online using any online payment method and credit cards. Moreover, if you have recurring monthly or weekly invoices, you can set up an automated payment for that so the payment will be processed automatically.
Billing software has many more benefits, but the above-mentioned are major benefits that you’ll receive from it. Getting invoicing software for your business might be a small change, but gradually you’ll start seeing the results. It not only helps in streamlining the invoicing process but also makes communication with customers much easier.
What to consider when choosing billing and invoicing software?
The implementation of any new software in a company relies on various factors. As a decision-maker, it’s your responsibility to ensure that the software you select fits the requirements of your company.
So, let’s find out what you need to consider before investing in billing and invoicing software.
- Fits your company’s requirements
Your main focus should be on getting a software that fits right into your company’s needs. Check whether the software offers all the features that you’re looking for and it’s easy to use by the employees.
Every business has different needs, and you might be handling clients from different industries so it’s crucial to ensure that the software caters to each industry.
Functions such as inventory management, multi device accessibility, invoice printing, customized templates, etc may vary, so always do a thorough research before you make a decision.
- Easy to use
Eventually, the software is going to be used by your employees, so the invoicing software has to be easy to use. Figure out the time and effort that will go into learning the billing software and whether it’s adaptable by the employees or not.
A simple to use software not only saves time but also makes the employees more productive. Moreover, the employees tend to make fewer errors when they’re comfortable using a software.
- Offers necessary integrations
An invoice and billing software is not limited to just sending invoices; it accepts online payments, and also stores signed receipts. Therefore, you would also need the software to integrate with the necessary platforms.
Integrations for online payments, time tracking, payroll management, analytics, etc are important to consider when selecting a billing software.
- Scalable and customizable
The main vision of every business is growth, hence the billing software that you select also needs to be scalable.
For instance, if your billing software is letting you send x number of invoices with your current plan, there should be an option to upgrade to a higher number once your clients start increasing.
Sometimes, companies also have secondary companies, so the invoices need to be made from two names. In such a case, the invoicing software has to be customizable and the invoices can be sent differently.
- Data must be secured
When it comes to managing transactions, the security of your clients’ confidential information should be your first priority.
If it’s an online billing and invoicing software, then you need to be extra cautious and check whether the data is encrypted and secure. Otherwise, the chances of data getting hacked or leaked are very high.
If it’s offline software, then your data is automatically safe, however, there’s also a drawback that you won’t be able to access it from anywhere else. Moreover, you also need to see whether there’s auto-backup or not.
- Onboarding support
Implementing the billing software can get tricky at first, so the onboarding process also needs to be considered.
Do you prefer to be guided through the entire implementation process or do you want to implement it without any assistance? What are the ways you can reach customer support if there’s an issue?
Moreover, the location of your onboarding team also matters. Are they in a different time zone? If so, what are their timings for customer support? You should have answers to all these questions before you make the decision of getting that software.
- Find out hidden costs
If you’ve selected a basic plan for your billing software, then you won’t be able to access many features.
However, even after you’ve upgraded and now are using the advanced features, are there any hidden costs such as monthly charges for such features or maintenance of your billing system? Although these charges are quite common, you need to find out how often you’ll be charged and to what extent.
- Easy creation of financial reports
You can only optimize your strategies when you know the current growth of the business. For that, you need to examine and analyze financial reports periodically.
Now, creating sales reports may take up a lot of time if you do it manually. Therefore, the best way to generate financial reports is through software. There are many billing platforms that provide financial reports, and the data is automatically imported from the sales made during that period.
Apart from that, don’t forget to compare the features and prices of different software and also go through the reviews for the specific features you are going to use the most. Moreover, check with the company whether their software is compatible with the devices you’re using or not. Lastly, don’t forget to ask for a demo before you make the purchase!
Conclusion
Companies are now evolving, which means digitizing the process throughout the way. If you fall behind, then the competitors would gain an edge over you.
With advanced invoicing and billing software, you can keep your customers satisfied, provide quality services and hassle free billing options. So, wait no more! Get billing software for your business and streamline your invoicing process.
