Whether you’re a freelancer, e-commerce merchant, or brick-and-mortar retailer, using Invoice software has become an integral part of your job. Therefore, the benefits of using online invoicing software become key to scaling your invoicing models. Scaling your business may sound impossible, but one of the first places to start is with invoicing. By finding an efficient way to generate invoices, along with tracking financial information, you can achieve this increase. And most importantly, all this happens while improving your cash flow.
According to researchers, 90% of businesses are resistant to switching to online invoicing, even though it could save their business.
Let’s change that by diving deeper into the benefits of using online invoicing.
1) It’s quick and easy:
Raise your hand if you’ve ever been here. You either fill in the table or log in to the invoice template website. You will spend the next 10-20 minutes entering basic information.
I have it! Address, invoice number, and a detailed list of the products or services you provide. Cheque.
Is this the end of the world? Not really. However, when you send multiple invoices at once, it becomes a tedious and repetitive process.
With online invoicing software, all client information is stored in the cloud. The client’s name and address, payment terms, and preferred payment method are stored and protected.
All you have to do is log into your account and select the client you want to invoice. You enter the number of hours or products you provided. Select the due date, click send and the invoice will arrive electronically to the client.
In short, online invoicing not only speeds up the entire payment process but is also incredibly user-friendly. You can set up your account and start invoicing clients in minutes with minimal training.
2) Everything is stored in the cloud:
You won’t have mail problems or computer crash problems – ever again.
Everything is automatically saved and saved online. Just log into your account and everything you need to start invoicing your clients is at your fingertips.
Probably the biggest advantage that online invoicing has is automation. Automating these tasks will save you a lot of time and money, allowing you to focus on growing your business.
You no longer have to pay someone to do these administrative tasks for you. It also takes the frustration out of chasing those payments.
4) Establishes brand identity:
A cloud billing solution can strengthen your brand identity. You can add your logo, color scheme, and fonts that match your brand voice. By strengthening your identity, you increase the chances of getting paid on time. Including your logo has been found to increase payouts by 3x.
You will be able to sell new products or services. A link to a piece of content that may help the client solve another problem. It may seem trivial, but these messages can also strengthen your brand. Your brand identity shows your personality and expertise.
5) It is safe:
We’re creatures of habit, so it’s easy to understand why some resist online invoicing and payments. Some businesses are used to creating and sending paper invoices by post. Safety must always be a priority. Reputable online invoicing software is extremely secure as it must meet PCI security standards. It is difficult to get permission for PCI security standards. They will help you implement advanced security measures against any loss and tampering. You use security such as SSL encryption.
6) Deal with multiple currencies and languages:
A freelancer in the UK can invoice their client in Japan. For this reason, cloud billing platforms allow users to choose their preferred currency and language. This allows you and your clients or customers choices that were not possible before. Cloud-based invoicing and payments make entering the global market much more convenient. It also removes payment barriers.
7) Cost savings:
Just to give you an idea, a company with 10 employees could save up to $2,400 a year by ditching traditional paychecks in favor of direct deposit.”
In addition, there are costs associated with paper, ink, and postage. Online invoicing eliminates these costs. And with automation, your business can reduce invoicing costs by 29%.
Online invoicing is in the cloud, giving you the ability to manage client information and invoicing from one application. You can use it on your desktop, tablet, or smartphone. This means that if you can’t get to the office, you’re at home or you’re traveling – you can send and manage your invoices 24/7. For more information on invoice software contact us on Coding Brains.