Invoicing is a pillar of running a business, small or large. The invoicing process can often seem time-consuming and tedious, but it doesn’t have to be this way. Online invoicing software provides a straightforward solution for businesses today.
A necessary but often unappealing part of running a business: the paperwork. More specifically, invoices. They’re essential for billing customers and getting paid, but can quickly become a monotonous task that takes time away from the more interesting and exciting aspects of managing a business.
With current technology, however, invoicing no longer needs to be a series of Word or Excel invoice templates and spreadsheets requiring manual sorting and updating. It can instead be fast and uncomplicated.
Cloud-based online invoicing software goes beyond improving the invoicing process by providing sole traders and SMEs with a variety of useful features and functions that can help improve the sales process from quotes to getting paid.
How cloud-based online invoicing software can benefit small businesses:
1. Saves time
Invoicing software helps resolve one of the main complaints about invoicing: it speeds up the process of creating and sending invoices. Good online software not only makes creating invoices faster but also quotes, delivery notes, reminder letters, payment receipts, and more.
By allowing you to save details such as customer and product information, invoice templates can autofill with just a couple of clicks, ensuring that your invoices are correct every time, and eliminating the need to update the date and invoice number each time.
2. Improves organisation
Located in one centralised hub, all of your invoices and related documents are stored online and automatically updated when the status changes. For example, when an invoice has been viewed by a customer, good invoicing software notifies you and changes the status of that invoice to ‘Viewed’. The same happens when a payment has been entered.
This means that you can instantly sort and view the invoices that you need. It also helps keep track of the status of your invoices and follow up on any overdue payments.
3. Keeps data secure and backed up
Cloud-based invoicing software is not only available anytime and anywhere you have an internet connection, it also provides a safe solution for your data. All of your details are secured with your unique login and password. Even if you invite your accountant to collaborate, they will have their own login details.
You can also rest assured that all of your data is backed up safely in the cloud. It cannot be affected by a computer crash or malfunction, so you’re never in danger of losing all of your information.
4. Account access from anywhere
One of the main advantages of cloud-based invoicing software is its mobility. Log in with your email and password and you can access your account from any device with an internet connection.
Mobile apps contribute to this location flexibility by giving you all of the important functions in a simple app at your fingertips. Some mobile apps also give you offline options, allowing you to access important customer details and even draft invoices if you’re not in service range.
5. Supports faster payment
Online invoicing software should also give users the option of connecting an online payment solution such as SumUp. By allowing their customers to pay instantly online, it is shown that payments are received up to 10% faster than if there is no online payment option.
After all, the purpose of invoicing software is to make the invoicing process simple, fast, and to help you get paid quickly, all while maintaining professional standards and legal requirements.