Mobile technology has made issuing an invoice an easier process than ever before. Now business owners can issue invoices on the go, wherever they are.
As a small business owner, you face a variety of unique challenges every day. Perhaps the biggest one is making sure you have enough funding to keep your business healthy and growing.
You’re not alone in that concern. In fact, many entrepreneurs identify poor cash flow as a major reason why startups fail.
Issuing timely invoices and staying up to date on outstanding payments can help you stay on top of the cash flow problem. If you can send out invoices while you’re out of the office and taking care of other tasks, that’s even better.
Read on to learn how to issue an invoice while you’re on the go.
Why Consider Invoices on the Go (Mobile Invoicing)
Think about it: How often are you at your desk? When you’re running a small business, your work tends to travel with you.
That’s the biggest pro when it comes to using mobile technology to send out your invoices. You can issue an invoice while you’re traveling, running errands, or buying supplies.
Saves You Precious Time
It’s said that when you own a business, you never really stop working. With all of the other responsibilities you have to juggle, automating your invoicing process can take a huge burden off of your shoulders.
Instead of wrestling with your computer when it comes time to bill, you can simply open an app and tap a button. Your client receives your invoice instantly and you can go about your busy day.
You can also automate this process so your invoices always go out on time.
Gets You Paid Faster
Managing cash flow is a necessary but arduous task for every business. You need to be sure you’re bringing in enough cash to keep your lights on and your staff paid.
Mobile invoicing apps can really help with this process. When you make the switch, you’ll be able to see where your business stands at any given moment. You can track your expenses and check which clients are overdue on their payments.
Many mobile accounting apps (e.g. QuickBooks or Billdu) also give clients an easy pay option. That means the moment they open your invoice, they can simply tap a button and bring their account up to date.
Makes Sure Every Payment Happens Securely
When you use a mobile app for your invoicing, you are providing your clients with a secure environment to enter their payment information.
They don’t have to worry that their check might not make it to its destination or offer their credit card information over the phone. Each payment happens quickly and securely online.
Lets You Grow Your Business
When you streamline your invoicing process, you can free yourself up for other things. You can focus on vetting new talent to add to your team, refreshing your brand image, or staking out new investors.
After all, any task you can automate gives you more leeway to chase down the dream that inspired you to found your business in the first place.
How to Issue an Invoice on the Go
Re-Evaluate Your Billing Practices
Mobile invoicing can certainly help alleviate cash flow problems, but if you have fundamental problems with your billing schedule, you’ll have to make some adjustments.
First, look at your payment terms. If you’re stuck on a 30-day cycle, you are needlessly lengthening the time it takes to get paid. Consider switching to a weekly or bi-weekly schedule instead.
It also matters what time you send your invoices to your clients. If your invoice goes out when your client is facing a clogged inbox, they are more likely to forget about it or miss seeing it altogether.
Studies show that messages sent on Tuesdays around lunchtime are more likely to be opened.
Finally, avoid extending credit to clients. If you have a long-term client who has fallen on tough times, at least request a deposit to cover some of your up front costs.
Choose Your Software
Now that you have your billing practices streamlined, it’s time to choose a software so you can fully embrace the advantages of invoices on the go.
There are plenty of options to choose from when it comes to accounting software. You may have some comparison shopping ahead of you, but it’s well worth it to take the time and decide on the right choice for your business.
When you compare your choices, look for an option that lets you integrate all aspects of your accounting on one platform. Look for software that lets you: