Scaling your business may sound impossible, but one of the first places to start is with your billing. Finding an efficient way to generate invoices, along with keeping track financial information, you can achieve that increase. Most importantly, this is all done while improving your cash flow. Unfortunately, paper-based invoices and creating invoices on Excel aren’t the most efficient. An online invoicing software is the way to go. So many businesses are resistant to move to online invoicing, even if it could save their business. Whether you’re a freelancer, eCommerce business or a brick-and-mortar retailer, today’s marketplace increasingly competitive. Attracting and retaining clients and customers is big business. Businesses of all-sizes need to look for ways to save time and money. Increasing productivity and convenience for their customers is paramount. Therefore, the advantages of using an online invoicing software becomes key to scaling your billing models.
Here are 15 advantages of using an online invoicing.
1. It’s fast and simple.
Raise your hand if you’ve ever been here before. You either fill-out a spreadsheet or log into an invoice template site. You spend the next 10-20 minutes entering essential information.
Got it! Address, invoice number, and itemized list of or products or services your provided. Check.
Is this the end of the world? Not really. But, when you’re sending out multiple invoices at once it becomes a lengthy and repetitive process.
With online invoicing software, all client information is saved in the cloud. The client’s name and address, payment terms, and preferred payment method are saved and protected.
All you have to do is log into your account, select the client you want to invoice. You input the amount of hours or products you provided. Select a due date, click send and the invoice arrives electronically to the client. Only a minute or two to complete.
In short, online invoicing not only speeds up the entire payment process, it’s also incredibly user-friendly. You can get your account set-up and start billing clients in a matter of minutes with minimal training.
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2. Everything is stored in the cloud.
Speaking of the cloud, you never have to worry about losing invoices or client data. You do not face mail problems or computer crashing issues — ever again.
Everything is automatically saved and stored online. Just log into your account and everything you need to start billing your clients is right at your fingertips.
3. Automation.
Probably the greatest advantage that online invoicing has is automation. This means that you can set-up recurring payments for long-term clients. You can establish a subscription-based business model.
The automation system sends follow-ups and payment reminders for upcoming and past-due invoices. Automating these tasks saves you a ton of time and money and you can focus on growing your business.
No more paying someone to do these administrative tasks for you. It also eliminates the frustration of chasing down these payments.
4. Establishes brand identity.
A cloud-based invoicing solution can reinforce your brand’s identity. You can add your logo, color scheme, and fonts that matches your brand’s voice.
When you strengthen your identity you increase the chances of getting paid on-time. It’s been found that including your logo increases payments by 3x.
You can also create customized messages, such as a “Thank You!” You will be able to upsell new products or services. Link to a piece of content that can help the client solve an additional problem.
It may seem trivial, but these messages can also enhance your brand. Your brand’s identity demonstrates your personality and expertise.
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5. It’s secure.
We’re creatures of habit, so it’s easy to understand why some may resist online invoicing and payments. Some businesses are used to creating and mailing paper invoices.
Others jump on the online payment bandwagon because they want to take care of their security concerns. Security must always be a priority. Reputable online invoicing software is extremely secure since they must adhere to PCI Security Standards.
It is difficult to get a PCI Security Standards clearance. They help you with implementing advanced security safeguards against any loss and interference. You use such safeguards as SSL encryption.
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6. Deal with many currencies and languages.
We’re essentially all “global citizens” these days thanks to technology. A freelancer in the UK can bill their client in Japan. A customer in Kenya can order a t-shirt from a company in the U.S.
Because of this, cloud-based invoicing platforms are allowing users to select their preferred currency and language. This allow both you and your clients or customers choices that were not possible before. Cloud invoicing and payments makes entering the global marketplace much more convenient. It removes payment barriers as well.
7. Cost savings.
According to BluePay:
“When you factor in the time (i.e. employee hours) required to create, send, and process each company invoice, it’s easy to understand why businesses spend an average of $4 to $20 per paper transaction.
Just to put that in perspective, a company with 10 employees could realize savings of up to $2,400 a year by ditching traditional payroll checks in favor of direct deposit.”
Additionally, there are the costs associated with paper, ink, and postage. Online invoicing eliminates these costs. And, thanks to automation your business can reduce the cost of invoicing by 29%.
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8. 24/7 access.
Online invoicing is on the cloud which gives you the ability to manage client information and billing from one application. You can use on your desktop, tablet, or smartphone.
This means if you can’t make it in to the office, you’re at home, or traveling — you can send and manage your invoices 24/7.
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9. Simpler auditing.
A cloud invoicing solution allows you to save everything. Your estimates, invoices, expense receipts, and any other related documents are online and in one dashboard.
This dashboard creates a simple and time-saving process when analyzing financial reports. During tax season you, or your accountant, can easily determine any eligible tax deductions.
Being able to quickly locate all of your expenses and receipts from one place is convenient. Even better, this process can bail you out in the event that you’re ever audited by the IRS.
10. Instant delivery = faster payments.
As noted earlier, it takes a matter of seconds to send invoices online and they’re even faster if you use recurring billing.
No longer will you be waiting weeks for a client to receive, review, and return an invoice via snail mail. “Lost in the mail” episodes (and jokes) are gone forever. Your invoices are sent instantly. Invoices sent faster and faster means compensation is also received faster and faster.
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