Invoice Software to Make Revolution in Your Business

Invoice software is a real revolution to the business. It can help both large and small scale businesses. The large scale businessman must employ software as this will help you immensely in making invoices of huge numbers within seconds along with keeping track of them. The software is an automatic system which will regulate the bills in a very neat and professional way, so that things will look far better than they were used to. These bills will be saved under the clients list and will be send him the bill automatically, along with this the software will generate a report against the client with his payment details.

The Invoice software will not end here. It will send the automatic reminder of the due payment to be cleared with the client. This way you will be able to chase the client through this software. The software will automatically update a data base through which you will be able to work on client survey and expand your business. For a large scale businessman it is really bothersome to employ a number of people to work on the billing system, as this creates more chaos where as the software can create a large umber of bills in a day, that too in a short period of time being generated by anyone who is not an expert accountant.

Invoice software also helps out those who are only have a small business. They create very few invoices daily, hence keeping a full time accountant and paying every month is more costly. Hence applying software will solve their problem. The proprietor will be able to operate the software himself and generate a reminder so the whole process will be less costly and also less time saving. This way a small businessman will also be able to generate more time for productive business.

Top 5 Benefits Of Electronic Invoicing Software For Your Business

Are you still clinging to the age-old practice of generating manual invoices for your customers? Today, everything has gone digital. Small businesses are embracing new and innovative technologies to save time, money and effort. Therefore, it makes little sense wasting time on manual billing when you can leverage electronic invoicing software. It helps you to send digital invoices to your customers in a jiffy, thus doing away with the slow process of snail mailing or faxing loads of paper documents. Still not convinced? Here are the top five benefits of using them:

1. Get a Complete Overview of All Your Bills

Contrary to manual billing, it gives you an overall idea of all your bills and documents sent to your buyers. It helps you keep track of your debtors. This way, you do not run the risk of losing your money. A feature-rich invoicing application organizes all your bills based on the status of an order. It helps you keep an eye on your bills depending on a number of factors such as paid, sent, overdue and outstanding invoices. You can send automated alerts to buyers who failed to make payments on a due date. You can also perform a thorough inventory check, thus helping you to monitor sales and what items you need to restock.

2. Save Your Hard-earned Money

When all your business transactions are managed digitally, you save a lot of your hard-earned dollars. The process of manual invoice creation and distribution is pretty expensive considering the costs associated with paper, printing and postage. This is not the case with electronic invoicing software. Expect to breakeven within a year if you are using this application. Once you start saving more money, expect to get better returns on your investment.

3. Improve Relationship with Your Customers

Every company wants its customers to come back for repeat business. The key to consumer satisfaction is by having a proper customer relationship management plan in place. It’s super easy to manage your customers and their documents, accounts and invoices from a single computer. This increases transaction accuracy and reduces billing errors, thus ensuring a solid business relationship with your customers.

4. Bill Your Customers Right Away

The conventional method of invoice creation is not only expensive, but also time consuming. Think of manually printing your bills, sending them by snail mail and waiting for the payment to arrive. It’s a slow process and a few weeks will simply pass by. E-invoicing helps you bill your customers in a jiffy irrespective of their geographical location. Customers will be able to make quick online payments, thus expediting the entire billing process.

5. Go Green

Embracing e-invoicing is not only beneficial to you, but also to the environment at large. You no longer need to use loads of paper just to bill your customers. Saying yes to e-Billing helps you contribute to a greener environment.

Electronic invoicing software helps you simplify your business processes. Save time, money and improve productivity by sending e-invoices to your customers.

7 Factors To Consider When Choosing An Invoice Software

Choosing the best invoice or billing software for your needs is no easy feat. There are many products available today each with its own set of features, capabilities and costs. Evaluating each product is tedious and time consuming. This article aims to simplify the process by listing the most essential factors you cannot afford to overlook. By the end of this article you will be well on track to picking the best invoice software for your business or organization needs.

Cost: This is a good place to start. Before evaluating any product, best to check its cost. Some products can be free while others can be in the region of thousands of dollars targeted at bigger companies. Some are subscription based needing ongoing monthly or annual payments which may also add up in the long run. If the cost of the product or service is way beyond your budget then you may want move on to another product.

Sales Tax: If you are required to bill and collect some form of Sales Tax, GST, VAT etc, check that product can handle this for you and meet the requirements of your local Tax Authority? Check that the invoice layout complies with the requirements of your local Tax Authority. For example, are you required to display your Tax registration number? Are you required to display words “Tax Invoice” on all your invoices? Is the tax component clearly indicated on the invoice? Are different items on your invoice taxed at different rates or is tax applied on the total only?

Next, does the product process the relevant tax reports that you need to help you prepare your tax returns to your Tax Authority. While you normally submit summary values in your return, your invoice software should provide you with a breakdown or detailed report.

Documents: Besides invoices, are there any other documents that you might need? For example, you might want to prepare Quotes or Estimates as well. Being able to convert a Quote to an Invoice is also a great time saving feature to have. If yours is a Trading company, you might need other business documents like Credit Notes, Delivery Orders, Packing List & vendor Purchase Orders. Finally are these document customizable to your needs or taste? Are you able to add your logo or customize the look and colour so it looks like your company stationery if needed?

Data: Does the product allow you to enter all the important information you need for your business. Check the customers, vendors, contacts, invoices and documents, are all the important fields catered for? If you are a Trading company, you may also need an Inventory module. Are you able to import your data from external source to save you time keying in your list manually. Are you able to export your customers, vendors and inventory to an open file format if the need arises?

If your business provides a services, does the product cater enough space for you to describe your services in the Quote or Invoice body. Do you need to indicate the customer’s purchase order number on your invoice? What about delivery instructions or payment instructions, terms and conditions etc?

Are you able to enter customer receipts? If customer pays partial or multiple payments can the product accommodate this?

Reports: Are you able to obtain the relevant reports from the product such as sales, debtors, receipts, customer statements etc? Check that the reports are presented in a manner that is useful to you. Customizable reports may also come in very useful to you.

Search Features: As your data accumulates and grows you will need good search features to help you locate invoices, customers, inventory records and more. This is one of the main reasons to use an invoice software in the first place.

Multi User Compatible: If you will have other users or staff who will be assisting you then the product must allow multiple users to access and update data concurrently. You would also like to restrict access to certain parts of the program or data. For example, you might not want some users to be able to be able to delete invoice or customer records. You might not want them to view your sales reports or inventory cost price. The product you choose must have a mechanism to allow you to specify what other users can and cannot do.

The list here is by no means exhaustive but it will help ensure that you don’t miss some crucial factors. Take a moment to think about your specific business needs, hardware and software requirement and add them to this list when doing your research and evaluation.