Online Invoicing – What You Should Know

If you own a business, chances are you’ve heard of online invoicing. Invoices are an integral part of any successful business, as they ensure you are billing your clients and getting paid efficiently. Whilst many small businesses still rely on manual invoicing, a large number of companies are now switching to automated invoicing processes. This comes as no surprise, considering how fast and easy automated invoicing systems make the entire monthly accounting process. In this article, we look at all the things you should know about online invoicing, so read on to find out more!

1. It Doesn’t Get Any Quicker Than This

Manual invoicing systems often take quite a fair amount of time to complete. In business, time is money, and time wasted on manual invoicing can result in a loss of revenue for your business. Time is needed to create invoices, and more time is required for it to reach your client or customer. With online invoicing, you can set up scheduled invoicing that sends invoices out on a particular date and time. You can also engage in direct invoicing, where invoices are sent to your customer immediately, instead of having an accountant do the job for you. If you run a small business and are often on the go, online invoicing also offers you the ability to send invoices from wherever you are. Sit back and relax whilst your invoicing software handles all the nitty gritty for you!

2. Track Your Invoices

Tracking your invoices to ensure they have been received and are being paid on time is integral in running an efficient and successful business. With e-invoicing, you can view payment statuses, and create reminders for each client invoice. Invoice tracking is absolutely essential, because neglected bills may never get paid, thus affecting the financial state of your business. You can also set it up such that should a client be late on their payments, they are sent reminders automatically, without you having to lift a finger. One of the bonuses of utilising e-invoicing is that you are also able to run reports on accounts receivable, to keep track on which clients are poor payers. Equipped with this knowledge, you will be able to make better decisions on payment terms to suit each client.

3. Easier Payment Options

When using an online invoicing system, you are able to create easier payment options for your customers or clients. You can set it up such that clients are able to pay your invoice via Paypal or credit card. With a simple click, money goes straight into your account in real time. This helps save time for both you and your customer and increases the chances of you getting paid sooner rather than later.

4. Utilise Cloud Technology

When working with invoicing software, you can be sure that you will never lose your client data. This is because invoicing technology runs on the cloud system, ensuring that data is stored remotely and can be accessed at any time, on any device as long as you have login credentials. This way, should your computer crash or should any disaster strike, you can be sure that client data is still available to you. Using the cloud, you can also better manage your accounts effectively and keep important documents well organised and accessible regardless of where you are.

5. Work With Different Currencies and Languages

Last but not least, online invoicing diversifies your invoicing system as it allows you to bill clients in both their language and their own currency. Cloud-based invoicing platforms allow users to select their preferred currency and language, allowing both you and your customers to remove payment barriers and the ability to engage in business or transactions on a global scale. What better way to diversify and grow your business than with online invoicing.

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We hope that this article has given you some valuable insight into exactly what online invoicing is and how your business can benefit by making the switch to e-invoicing today.