First, it is important to understand that for every product or service rendered by a small business, an invoice is generated. This is the first step to getting paid for work done. Back in the day, payments made were cash-based and financial records were prepared manually. Modern technological advancements in the form of card payments, mobile money payments, and electronic transfers speed the transaction process.
It’s hard to imagine how small businesses can survive without using invoices. An invoice is what facilitates the payment for their work. In that respect, having professional invoice templates are a significant requirement for anyone owning a small business. An invoice template tends to be a professionally customized Excel or Word template.
Global demands pegged around globalism, accountability, traceability, and transparency have necessitated the transformation of the invoice template into an invoice software. The use of online invoice software has greatly improved productivity. Here are the reasons why you must make the switch to invoicing software.
- Eases the payment process
Invoice software gets you paid quicker.
In a very professional way, the client will get the message – pay up immediately.Cases of delayed payments are reduced significantly on businesses that adopt invoice software payment mechanisms. The right software streamlines billing and invoicing in a manner that the payer can complete the payment from practically anywhere.Pre-drafted invoice templates are just that, whether they are relayed by paper, mail or E-mail. The client will receive them, then defer to a time when they are at the office or workstation to initiate payment using the specified means. If they have any questions, corrections or adjustments they would like to make, you are looking at additional email exchanges that could mean more days or weeks in some cases.Normally, invoice software gives the option to pay by credit card or pay via bank account. The diversity in payment channels is very convenient to the payer who can immediately hit the “Pay now” button and get over that transaction at once. It’s actually a win-win in that the customer saves time and goes about other commitments while you get money in your pocket instantly.
The software even goes further to print out a receipt for the customer and you get instant details of how much was paid and when it was paid. Which brings me to my next question, can an invoice template cannot do that?
Online invoice software helps you process information with ease. Imagine the hassle of constantly pestering your customers over the payment dues. Not only is it exhausting, but it’s always a touchy and sensitive subject that can damage a business relationship if the other party feels shamed by your outreach. So what does it then mean for people who are naturally less courteous in their verbal expression? Or those who cannot afford to hire a finance department as they are either freelance or small-time?With invoice software, it can be programmed to keep sending payment reminders to the party concerned. If your business has lots of repeat customers, the recurring invoice is a vital feature of the invoicing software.The best invoicing software has accounting features built-into. That way one has all their financial information collated into one platform. Alternatively, the software can generate automated financial statements and reports at any moment.
- Power-pack features
Invoice software has a wide range of features built into. The capabilities allow for the extraction of project information i.e timesheets, customer records, etc. Other features are multi-currency adjustments easing international transactions, retrieval and sending information, and internal tax reporting.Customer credit card data is secured in accordance with The Payment Card Industry Data Security Standard, (PCI DSS) guidelines.Online software relies on cloud computing for personal data storage, management, and processing. Simply put, all your information is stored online and not on a computer hard drive
- ConvenienceInvoicing software creates an omnipresent capability for users. Any company using it can create an invoice wherever they are provided there is an internet connection. All you need is a laptop or your smartphone to process your transactions. This is not possible for on-premise software.
The online invoice software platforms are easy to navigate than traditional desktop software. It saves you time and money not being tied down to an on-premise software enabling you to process your payments in a manner that personalizes your brand. In the traditional approach, you already have an invoice printed, however, with online software you can build an invoice from scratch to include as much information as necessary. The invoice can contain the customer name, discounts charged, quantity, sales tax, and a lot more.When processing your invoice, simply create a new client profile or import an existing client from a database and hit send. It doesn’t get easier than that. Before sending out an invoice, you can send an estimate for their approval so you can make necessary adjustments should there be any revisions. Long-term clients can receive automated invoices.
How to initiate and process your payment on Invoice Crowd?
When using Invoice Crowd, the process is smooth, professional, and processes payments in record time. Here is how the whole invoice software process works on Invoice Crowd.
- Draft an estimate and send it to your customers. Your clients will be impressed by the level of professionalism displayed by your business and foster trust.
- The customer approves the estimate
- Through the software interface, you can easily convert it from an estimate to an invoice
- Send your customer the invoice with the click of a button. You can easily track the time it was sent, current progress, time of receipt, et cetera.
- You can receive payment through the Invoice Crowd platform if the client approves it. It does seem much quicker than the traditional check in the mail scenario and hopes that it does not bounce.
- For future reconciliation, tax review or financial accountability, the software can produce financial reports.