10 online invoicing benefits
3 min read
If you issue invoices while running your small business, you should pay attention to how you send and manage these invoices. The benefits of using online invoicing have simply become too big to ignore.
Gone are the days of manual and paper invoicing practices because online methods offer a clear advantage.
So, why exactly should you be sending invoices online?
1) Easier for you
If your small business issues invoices for work completed, or agreed to, using online invoicing software has obvious benefits. Your business can rely on being able to send out accurate and timely invoices that are easier to pay.
Online invoicing (through cloud accounting software or invoicing software) will enable you to send automated invoices. Online invoices can also be effortlessly reported on. Better yet, you’ll have the benefit of built-in reminders, so you don’t have to chase unpaid debts.
2) Easier for your clients
Your clients will be much more willing (and able) to settle their outstanding invoices when you simplify the process.
Any extra steps will inevitably delay the payment of an invoice. To help them help you, offer your clients simplicity through one-click ‘pay now’ functionality.
It’s hard to overstate how much a one-click process will diminish your payment turnaround times. As with many things in both business and life, if you make an action painless and simple, you’ll see a rapid uptick in action.
3) Send invoices instantly
Have you ever forgotten to send an invoice letter? With online invoicing, you can deliver an invoice within moments of completing a job. As soon as you’ve completed your work, you can send your invoice right there and then with a few clicks, using any device.
This not only eliminates the administrative burden of having to manually send out invoices later, but it also removes the possibility of forgetfulness. It also encourages your client to pay instantly, rather than letting it lag.
4) No risk of getting lost
When you send an invoice online, you’ll never hear the words ‘I didn’t see your invoice’ ever again.
Your invoice will be delivered directly to your customer’s software without any manual processes or paperwork.
You’ll have oversight and confirmation of delivery through inbuilt ‘read receipts’.
5) Enhanced tracking capabilities
On top of swifter invoice delivery, you’ll receive immediate notifications of both delivery and interaction.
Through read receipt functionality, you’ll get definitive proof of your invoice being read. You can also track each individual invoice to get complete visibility over your invoice’s status.
6) Less paperwork
Online invoicing doesn’t just mean less paperwork – it means no paperwork whatsoever.
Your invoices are delivered digitally to your client’s own software and all reporting such as accounts receivable and late payments are tabulated in your solution.
Throughout the entire invoicing process, you’ll never have to touch a sheet of paper or manually manage a spreadsheet or word document.
7) Saves money
When you eschew paper and postage to embrace a modern digital method of invoicing, you’ll inevitable be saving money.
Outside of the obvious, there’s always the sage adage that ‘time is money’. It may feel a little cliché at this point, but it remains a steadfast fact.
If you’re spending hours on manual invoicing or chasing payments, you’re not spending that time on your next job. This leaves valuable time for kicking other business goals.
8) Reporting capabilities
One of the most significant benefits of delivering your invoices within a software solution is enhanced reporting. You can swiftly run real time reports on accounts receivable, ageing reports and profitability.
Additionally, if you’re using the online invoicing function within your cloud accounting solution, these reporting capabilities will become significantly enhanced.
You’ll be able to link invoice payments to your bank account, run cashflow reports, check your incomings and outgoings in real time and run reports on GST and compliance.
9) Mobile accessibility
The benefits inherent in mobile accessible invoices is one of the standout features of online invoicing.
The moment you’ve finished a job, you’re able to immediately push out your invoices from any mobile device.
This mobile immediacy in turn leads to quicker turnaround times for debtor payments. If you invoice clients on the go and within moments of completing your work, it’s much more likely your client will click ‘pay now’ right there and then.
This immediacy reduces your accounts receivable burden and generates snappy cashflow.
10) More professional
No matter your vocation, an image of professionalism will enhance trust and client satisfaction. The professionalism of online invoicing will exude an image of dependability. This will lead to further business and more cashflow.
In the modern era, there’s no longer a need for manual invoicing processes. With the advent of professional, affordable, and accessible online invoicing software, the decision should be simple. If you issue invoices in your small business, try our cloud accounting software with online invoicing capability.