The rise of the automation in every sector has given us choices of software and technologies to run business with efficiency. One of such automation is in the field of invoicing. Previously a time consuming and a laborious job is simplified by the use of apps and software in the market. But the question arises should an SME or a startup invest in such technology?
The answer is Yes! You should.
These software can generate paperless invoices and store them in the cloud which is easily handled, reconciled, accounted and environment-friendly (less or no paper wastage). Invoicing software can be used by any business.
Here are a few other benefits a business should consider before using
1) Recurring Invoice: This part of invoicing includes creating and sending the same invoices periodically. Businesses such as subscription-based which collect the payments periodically go through the labor of creating and sending the same invoices after each period and deliver it to the customer. As per the government policy, it can’t be bypassed. Invoice has to be raised to collect payment and receipt to be generated after the successful payment. An invoicing app automatically generates these invoices and sends to the customer via email & Sms. Thus reducing the time invoicing significantly.
2) Payment Collection: The traditional door to door payment collection requires a business to employ people specifically for this task. There are a lot of issues associated with this task. Customer unavailable, change not present, leg work and reminders before the visit. An invoicing app attaches a payment link with the invoice so that customers can pay online thus reducing leg work, door to door collection and motivates on-time payment. A customer benefits largely from paying online as it gives freedom of paying anytime, from anywhere.
3) Reminders: Traditional method of payment collection, a business has to call the customer to remind of payments or jump directly in front of him. It’s considered a best practice to alert the customer & take an appointment, which is sometimes painstaking. An invoicing app auto sends reminders to the customer to make the payment on time. A reminder can be sent before and after the due date.
4) Reconciliation: A register has to be maintained in the process of invoicing. This register is used to identify defaulter, active & inactive customers, the amount received and amount pending.
An invoicing app auto reconciles all the accounts, balances, paid & unpaid invoices. It notifies the business of defaulters too. The reports can be used in taxing, etc. The dashboard is added advantage as business is aware of collection all day, anytime & anywhere. The time consumed in tallying invoices and collections can be better used in growing business.
5) Customer & Service management: A customer list in the app is useful to manage and identify all customers of the business. A service list ensures all the service offered by the business with its price are billed correctly to the customer. It removes any calculation errors. With invoicing app any service can be edited anytime and correctly billed to the customer. If a service is edited all further invoices are sent accordingly. Any customer information can be edited in a few clicks.
6) Paperless Invoice & Receipt: The storing and managing of invoice consumes time and space.
To view any invoice a business has to go physically through every invoice. Delivering receipt also requires leg work and manpower. An invoicing app stores all the invoices & receipts online. Thus eliminating the need for paper & storage. Any invoice or receipt can be searched within seconds, and if necessary printing.
Any business owner, if he/she thinks the time invested in the traditional method (Paper, pen method) of invoicing can be used to grow his/her business, extra vacation time, or spend time with family should consider using the Invoicing software/app. An app such as SpiderG is free of cost for invoicing and has all the above benefits plus more. The app is designed for all business types such as classes, gyms, schools, bus service, housing societies, etc. It is very simple to use and one can create an invoice in as low as 3 clicks.