Online billing is transforming the world of traditional invoicing into a convenient and efficient business machine. It takes all of the benefits of modern technology and applies them to the usually complicated process of record keeping and financial reporting. Besides being a fast and easy way to manage your bookkeeping, online billing software also has many additional features that you can use to your business’s advantage.
Simple ways to use online billing to your advantage:
Create Invoices in a Matter of Minutes
Once the online billing software has been updated with your businesses contact information and sales SKUs, it is simply a matter of selecting a client, selecting the items you are charging, and entering in the price. The software will do all the formatting and calculations on your behalf, which will save you precious time. You can use this to your advantage by spending that extra time on generating new business.
Email the Invoice directly to the Client
If you use online billing software, you can send the invoice to the client’s inbox, and even request a read receipt, so you know the client has seen it. These programs even come with the ability to send automatic reminder notices and thank you letters once the payment has been received. This can work to your business’s advantage by speeding up the usual payment process.
Easier to keep Reports Up-to-date
Every time a payable or receivable is entered into the software, all relevant reports are automatically updated. You can login and view (or print) your financial statement, cash flow statement, income statement, or account receivables/payables reports instantly. As long as you are entering each bill into the system as you receive it, the reports will be accurate and current.
Accessible from Anywhere
Since your bookkeeping is being managed online, it can quickly be accessed from any computer that has an internet connection, include smart phones. This can be incredibly advantageous, especially when you need to make quick business decisions outside of the office. As mentioned in the previous point, the reports you view will have the most reliable figures. This means you can make fast financial decisions that could benefit your business using the most current picture of your company’s financial status no matter where you are at that moment.
Reduces paper cost
By working online, the decision to print hardcopies becomes completely optional. If you are emailing invoices and reminder notices to the client, it will save your business on paper, envelopes, and stamps. This is not only an advantage to your business, but it is also beneficial to the environment.
Online billing creates invoices in minutes, emails them directly to the client, automatically updates financial reports that are then accessible from anywhere, all while reducing paper costs. These are just some of the many ways that online billing can be used to your advantage.