With the advancements in modern technology, creating invoices on a periodic basis and printing them out on paper so they can be posted or couriered has actually become pretty much redundant. Why? This is due to the fact that manual invoicing is mostly a time consuming process, which is both costly and inefficient. It is the norm for paper bills to get lost during transit and this can cause a whole world of problems for the business in regard to finding the invoice or re-creating a new one. Therefore, it might be a better idea to replace this manual invoicing procedure with online invoicing.
These days, a business can easily find a ton of online invoicing software that have been created due to the benefits they can offer. What are they? Some of the noticeable advantages they can offer are highlighted here:
This unique feature can be used when you go for cloud based invoicing solutions and you can implement it at your convenience. It is a great way of ensuring that each and every invoice you sent is delivered to your customer in a timely manner.
Track Invoices Easily
Tracking every single invoice also becomes quite easy with online invoicing. There is a invoicing dashboard in most online invoicing software that can be used for checking if the invoice has been approved, reviewed, sent and paid etc. This can be very helpful in following up with clients to ensure they pay in a timely and efficient manner.
Adding Late Fee to Invoices
Timely payments is one of the most crucial aspects for every business. Online invoicing can be handy in this area as it allows you to add late fee to overdue invoices. This is a great way of encouraging clients to make their payments before the due date thereby reducing the risk of bad debts.
Invoice From Anywhere
One of the key benefits of online invoicing over manual is that the former can provide you with a blank invoice to use anywhere. No matter where you are, whether in a different city or country, you can still create and send an invoice as long as you have access to the internet and computer or smartphone.
Financial analysis is an important component of every business process. When you have a manual paper based invoicing process, it can be very difficult to dig out historical invoices and analyze outstanding ones, but online invoicing lets you do this with ease and with minimal time spent.
Reduce Disputes or Problems
Paper based invoices are subject to errors or may also get lost in the mail, which can give rise to disputes and other issues with customers. On the other hand, online invoicing offers you templates that you can use so mistakes are reduced or eliminated completely and email is much more reliable than post so invoices are delivered promptly.
Online invoicing can save a business considerable hassle and enable them to reduce their paperwork.