11 Key Benefits of Invoicing Software
There are an unbelievable amount of benefits that a business can reap from adopting invoicing software. For such a minimal investment, it is amazing how much can invoicing software positively impact so many areas of your business.
Let’s have a look at some of the most useful benefits of invoice software:
- Saves time
All you need to do is upload a record of goods and services sold to a client and the sales invoice software takes over and does the rest for you. Do you bill your client based on many little outsourced jobs in addition to in-house tasks conducted for them? Collate all data from various invoices, bills, and receipts and by simply snapping them. Your invoicing software extracts data from even a smartphone snap or screenshot, even from an online source and a bank statement.
The data is then presented as digital text that can be modified or further extracted into Word or Excel or email and also integrated with other bookkeeping software options.
- Eliminates errors
All that automation means that you have error-free invoices. That’s not all. Because data flows directly from your business bank account to your accounting books, errors are eliminated from that aspect of the business too.
- Enables sorting
Invoicing software allows you to store all your data in one place and is capable of then categorizing and organizing all your data on your behalf. You no longer need to spend time hunting for missing paperwork.
- Reduces stress
All of the above benefits can seriously reduce stress for you and your employees. Data entry and organisation are time-consuming and some creative minds might even find it mind-numbing. Invoicing software can keep your people happy.
- Creates standardised invoices
All the biggest brands in the world boast standardised invoices. Invoicing software can give your invoices the look and feel of a bigger business.
Moreover, you can link your invoicing software directly to various distribution channels, such as Amazon. You will never miss a payment thanks to this benefit.
- Enables easy follow up of invoices
Invoicing software automatically generates invoices, sends you an update when your client opens an invoice and when they pay off your invoice. It also updates you about unpaid invoices that you need to follow up on.
- Encourages professional negotiation
Some invoicing software options allow you to track the number of hours being devoted to a certain client or a certain account. This allows for potentially more fruitful, numbers-based negotiation with your clients, especially those who are expanding the scope of your work.
- Gives you live access
Invoicing software usually comes with a partner app that you can install on your smartphone. From this app, you can get real-time access to your accounting books anytime and anywhere. You see your company’s revenue and expenditure as it is at this very moment, not last week or last month’s figures.
- Delivers spontaneous insights
Invoicing software has all this rich data flowing through its systems and it is intelligent. It uses the data and its intelligence to analyse all the figures flowing through it to deliver actionable insights to businesses.
- Enhances collaboration
Get clarity on specific line items from your team members when you use invoice software. You can simply highlight the line item or entry in question and invite (via an inbuilt chat) a colleague or employee to view it remotely and provide clarity.
- Tax preparedness
Some invoicing software even keeps you up to date with upcoming changes in taxation and therefore provides you with foresight on how these changes may affect your business’ profitability when rolled out. You can figure out how to streamline your business to maintain present profitability levels or adjust targets armed with this foresight.