Regardless of the industry you are in, you cannot possibly undermine the value of fast and accurate invoicing. Particularly, if you have just launched a start-up, or run a small business, you wouldn’t like to feel the absence of a dedicated accounting department. A powerful invoicing software can come to your rescue in these circumstances. Globally, an increasing number of firms are embracing these smart tools that automate the overall process of invoicing.
Whether you operate a small or large company, you cannot compromise with invoicing. With tons of paper documents messing up your calculation, it makes sense to deploy a sophisticated tool for invoicing. Let’s check why these tools are gaining popularity in almost all the sectors around the world.
What are the 3 key functions of an invoicing software?
Powerful invoicing tools like Monite are capable of performing all the three core functions that accountants expect them to do.
- Create customized invoices
- The ability to create customized invoices in a few seconds can enhance the experience of your customers. At the same time, it streamlines the billing process. Moreover, unlike the traditional invoicing system, that can take weeks, you can generate bills instantly.
- The best invoicing tools bring you the provision of preparing a bill from scratch. Besides, you can populate certain areas with the name of the customer, discounts, quantity of products, sales tax, and other particulars.
- With one of the powerful invoicing tools, you would also be able to use templates to suit different requirements. This way, you can modify different elements of the invoice, such as corporate symbols and logos. The process also eases up the task of accessing the database to retrieve the name of a particular client. You can also automate the process of generating recurring invoices with these robust systems.
- Streamline payment and billing processes
- With an automated invoicing tool, you would not require any extra infrastructure to organize your billing and payment process. This way, you can retain your reputation among partners, vendors, and other associates for making accurate and timely payments.
- Besides, some billing tools come with the provision, using which you can create an online payment mechanism for your customers. This way, you can receive directly from them. The payment details automatically sync with your bank and accounts department.
- Some of the advanced tools are capable of receiving and making payments in multiple currencies. Based on your requirements you can get the system customized. So, you can integrate credit and debit cards, PayPal, and other billing mechanisms into the system. At the same time, the sophisticated systems come with the provision of adjusting taxes. Most importantly, you can input the details of offline payments into the system.
- Generate insightful reports
With a dedicated invoicing software, you can generate different types of reports that help in tracking finances. These tools also ensure that your company receives the pending payments on time, generating alerts.
On automating the process of generating reports, you can export the details to different platforms or simply send them via email to other departments. By analysing these reports, you would have a better idea about the payment cycle, outstanding payments, and late payments.
Why should you use an invoicing software?
Using an automated invoicing tool can be rewarding enough for your organization. Have a look at the prime benefits of deploying one of these tools on your platform.
Minimize missed and late payments
Well, no business owner would make late payments intentionally unless they are in a financial crunch. On the other side, you would like to receive your dues on time. A powerful invoicing software works both ways, sending reminders to the respective party to make the payments. This ensures that you would be paying your dues on time, while receiving the payments without delays. This significantly keeps your organization in good financial health.
Streamline your billing department
As you scale up your business, you should expect a rise in the number of bills. Through invoice automation, you can slash expenses in your accounting department as you would need a smaller workforce. At the same time, you would be able to retrieve old invoices instantly from the database using these tools. This would help you fix invoicing errors and resolve disputes faster.
No wonder, why global companies are moving towards automated invoicing from the traditional system which involves plenty of manual intervention. It makes sense to get one of these flawless systems for your organization and empower your accounting department.