10 Benefits of online invoicing
If your business is like most, you spend a lot of your time creating and sending out invoices to your clients. You do want to get paid, right? Unfortunately, this activity can be incredibly time-consuming, depending on the size of your business. The problem only grows as your business grows. It’s time to stop the madness with online invoicing. Here’s how this new technology can transform your invoicing operations:
1) Easier for You
It’s such a pain to fill out all of those invoices by hand at the end of the month. That feeling that your hand is about to fall off is one that is all too familiar to small business owners writing invoices at the end of each month. With online invoicing, all of that work is done for you automatically. You simply input your client’s contact information one time, and then the information is automatically populated into the invoice with just the click of a button!
2) Easier for Your Clients
Just as you have to send out many invoices, it is likely that your client is receiving tonnes of invoices as well. No matter how important that invoice is to your business, to your client, it is just another piece of paper in a never-ending pile of to-dos. With online invoicing, you can help to reduce the amount of clutter on your client’s desk and increase the likelihood that they will get to your invoice more quickly, before it sinks to the bottom of the pile. The easier you can make it for your client to pay you, the faster you will get your money.
3) Send Invoices Instantly
Gone are the days of waiting for the postman or a courier to send out your invoices. Automated invoicing lets you send them out instantly, even if it is the weekend. No more waiting until the end of the month to process invoices; this way, you can get them out as soon as you have completed the job so that you can get paid sooner.
4) No Risk of Getting Lost
When you send invoices through the regular post, there is always a small risk that your invoice will get lost. If it does, you’ll be left wondering why your client hasn’t paid you, even though your client never received the invoice in the first place. Even if your invoice does make it through the post to your client, there is still the possibility that the client will lose or forget about the invoice (Remember that pile of papers we mentioned earlier?). Online invoicing eliminates both of these potential problems and backs up a copy of your invoice for later reference.
5) Enhanced Tracking Capabilities
This benefit is an extension of the previous one. With online tracking capabilities, you can be alerted when your client has received your invoice. There will be no excuses for the client not paying you, as there will be a digital record of when the invoice was sent. You’ll never be left wondering if your invoice made it to its destination as you would with the post.
6) Less Paperwork
Here comes that dreaded to-do pile again! Just as your client’s desk is likely cluttered with paperwork, so too is yours. The last thing you want is more paperwork taking up valuable work space on your desk. Online invoicing eliminates this problem by keeping all of your invoices stored as data files on your computer. You’ll have easy access to them whenever you need them, but without the hassle of having to sift through piles and piles of documents.
7) Saves Money
This reduction in paper also reduces the cost of invoicing for your business. First of all, there’s the cost of the paper that the invoice is printed on. Then, there’s the cost of postal envelopes, stamps and postage. Lastly, unless you are doing all of your invoicing personally, you likely have to pay someone on your staff to take care of it for you. All of these costs add up, especially when you remember that you have to pay for them every month and that the need for invoicing will never stop. With invoicing automation, there’s no paper, no envelopes, no postage, and your staff member will need far less time to complete the task, resulting in lower wage requirements to get your invoicing done.
8) Reporting Capabilities
With the detailed reporting capabilities that most online invoicing software provides, your invoicing data will be more organised than ever before. All of your invoices can quickly and easily be organised by date, client, job type or any other metric you choose. You’ll also be able to see which invoices have been paid, which are payment pending and which are still awaiting payment. This will give you a much clearer picture of your business’s cash flow projections, making accounting that much easier.
9) Mobile Accessibility
With cloud-based software, you’ll be able to access your invoicing system from anywhere, even while you are on the go. If you need to travel for a meeting with a client, you’ll be able to send them an invoice right away, without having to wait until you get back to the office. You’ll also be able to get work done from home or to send off a quick invoice on the weekend with minimal disruption to your day.
10) More Professional
Online invoices look much more professional than hand-written ones. Also, when you write things by hand, there is always the potential for mistakes, and scratching out errors on your invoices is about as unprofessional as you can get. Online invoicing eliminates that problem and makes your organisation look more like it is on top of today’s modern technology. This will instil greater confidence in your clients that your company offers products and services that are just as high-quality.
Here at Reckon One, we are proud to include online invoicing among the capabilities of our business accounting software. With Reckon One Invoices, you’ll enjoy unmatched convenience in sending out your invoices, along with all of the benefits discussed above. You can even accept online payments through PayPal Reckon One, making the process even easier for your clients. Start your free trial of Reckon One today to see just how much we can help your business.