fbpx 7 Reasons to Adopt Online Invoicing for Small Businesses

Why Small Businesses Need Online Invoicing Solutions

Gone are the days where you had to make hundreds of hardcopy invoices, pack them in envelopes and send them out to your customers one at a time. We live in a digital age now so you don’t have to spend precious time doing manual invoicing.

If you have a small business you may want to invest in online invoicing so you can streamline your processes and cut down costs by a whopping 80%. Don’t waste money on paper, ink and expensive printing machines. All you need is digital invoicing solutions. Continue reading to find out why.

7 Reasons for Small Business to Adopt Online Invoicing Solutions

1. Cost Reductions is a Must for Small Companies

It costs a lot of money to print hard copies of invoices. You have to buy paper, ink and expensive printing machines to complete the task. For a small business owner being budget conscious is crucial. So why waste precious dollars when you can reduce costs using an affordable online platform?

Storage costs will also be reduced because you won’t have to keep hard copies of invoices on-site. You can spend your money expanding your business rather than spending it on invoicing consumables and administrative costs.

2. Quick Processes to Optimize Workflow

Small businesses have limited staff so doing manual invoicing can slow down your workflow. Fortunately, with online invoicing, you can make short work of creating invoices because there are ready-made templates that you can fill out.

You can download and edit invoice templates for MS Word, PDF or Excel or go with the online editing and utilize an invoice template for Google Docs. The sample invoice template will help you get inspiration as it has prefilled data. Advanced invoice makers like Billdu will cover the online invoicing automation workflows.

Another advantage of digital invoicing is you can keep track of payments and receipts easily. With these processes, you can ensure your clients are paying their bills on time.

There’s no need to spend hours sifting through draws trying to find invoices. With a click of a button, you can use the online platform to retrieve your online receipts without hassle. What’s more, you can send a single digital invoice to multiple people in a matter of minutes.

3. Month-End Made Easy with Scheduling

It can take hours to manually process and send invoices to all your customers. First, you have to print them, put them in envelopes, stamp them and post them. With digital processes, all you have to do is create a simple receipt and schedule it to be sent at the end of the month to the correct client or customer.

You can do this with multiple invoices so that all your customers receive their invoices on the first of every month. By scheduling your invoices you can optimize the workflow in your accounts department and reduce the workload.

Automatic scheduling with online invoicing platforms

4. Access Invoices on the Go

Online invoicing solutions typically use cloud computing to store all the invoices you’ve created. So if you’re on a business trip or visiting another client you can access invoices through your mobile device. As long as you have an internet connection you’re able to retrieve invoices easily using your SmartPhone or laptop.

Furthermore, if you’re not in the office and you need to create a quick invoice, simply log in to your platform and use a simple receipt template to complete the task. You can do this while riding on a train or waiting for the bus. Online invoicing allows you to create and access documents on the go.

5. Eliminate Errors to Keep Your Clients Happy

When processing invoices manually there is a higher risk of making an error. You can easily type in numbers and pricing incorrectly. But is this the same with digital processes? Well, it depends on what type of platform you’re using.

Some online platforms automatically fill in certain places on your invoice so that you don’t have to. If you load all your client and customer information onto the system it can automatically load personal information onto the document to eliminate the error.

The same can be done with pricing. Every client is different and some are charged at various rates. Therefore, you need a system that will identify the rates of your customers so that the figures are always correct on your invoices.

6. Customize Your Invoices with Templates

Are you strict with branding? Perhaps you want to add your logo to your receipts so that clients know where the invoices are coming from. Invoice templates are customizable so you’re able to change the color of headers or add your branding to the document.

If you prefer a different layout you can easily remove boxes and lines to streamline your document and make it easy to read and understand. You can also create your own template so that it’s easier to work with whenever you want to send a document out.

7. Keep Track of Your Finances Easily

Every company needs financial reports for tax season and to keep track of money coming into the business. This is so you can see where you’re making a profit and where you’re running at a loss so you can make better financial decisions for your business.

Some digital invoicing platforms offer data analytics so you can monitor your account and view which invoices still need to be paid. Ideally, you want a platform that allows you to see the monetary status of all invoices so you can see which clients have outstanding accounts.

Your accounts department can then make better decisions on how to handle a client’s account and it makes debt collection easier.

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Choosing an Online Invoicing Platform

Not all online invoicing platforms are the same. Some companies have limited offers while others are feature-rich. Take a look at this next section on how to pick the best invoicing platform for your needs.

Payment Reminders for the Forgetful

Sometimes the accounts department can get busy especially when your small business starts growing. Look for a platform that offers payment reminders so you can inform your clients when payments are due or if they’re late. The benefits of this include:

  • Customized messages
  • Faster collection of funds
  • Improved cash-flow
  • Scheduling messages
  • Automated payment reminders

Digital Signatures

The platform you choose should offer convenience for your customers. If the invoice isn’t a hardcopy how will your customer sign the document? You don’t want them to go through the hassle of printing the document, signing it and then scanning it.

Make sure you get a platform that allows your customers to do digital signatures on the invoice either on your SmartPhone or on a tablet. A finger or a stylus can be used to make a digital signature. This will save you and your client time.

Another advantage of digital signatures is that you can keep your client’s information safe. Since the document is on a digital platform no unauthorized person can access it and steal your client’s signature.

Have a Team Working on One Platform

The right staff will need to have access to the platform. With online software, you can create teams of people and grant them access to specific parts of the platform.

Any person who has a password can access the platform at any time to process invoices. This makes working remotely easier if you’re a small business that doesn’t work in an office. If you manage a team of outsourced freelancers then you’ll need a digital platform everyone can access when they need to.

Teamwork with online invoicing solutions

Exporting and Importing Information

Do you want to import information onto an online invoicing platform? Or perhaps you need to export information onto a program you’re familiar with such as Excel. Make sure the software you choose offers these features so you can transfer information from one platform to another without hassle.

There are plenty of benefits when using an import and export feature for data such as the following:

  • Error elimination: You don’t have to retype information on different platforms. As a result, it eliminates the possibilities of typos and other errors.
  • Quick data sharing: If you want to share information with managers or colleagues that don’t have access to the online invoicing system, simply export the information onto a document.
  • Faster solutions: You don’t have to re-do the work when using the import and export feature. You’ll save time and optimize the workflow in your office.
  • Loading information on one document: You can combine all the information you need into one document so that you can have easier access to certain data.

Create a Comprehensive Contact List

Having a contact list is important if you want to stay in touch with your clients and send them the correct invoicing information. With an online invoicing platform, you can easily retrieve client details when you need to call them or send them their invoices.

Make sure the information is organized in alphabetical order so you can find your clients easily when you need to.

Final Thoughts

Are you a small business owner or entrepreneur that’s looking for a quick and affordable way to process invoices? Billdu may be the solution you’re looking for. We offer a feature-rich platform for small business owners on a budget. With the tools on Billdu, you can save time and money on all your invoicing tasks.

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