So many small businesses are switching to an online invoicing system due to the many benefits the technology has to offer. It is an inexpensive and efficient way to manage your bookkeeping that is revolutionizing the way companies do business. Some even offer free services for basic invoicing and accounting needs.
Here are the top 7 reasons why a business should use an online invoicing system:
1. Easy to Manage
Online invoicing systems are designed to be easily managed with minimal effort on the part of the business owner. Once the templates are in place and the initial contact information is entered, all the forms you need to use will be ready and waiting for you.
An online invoicing system is the most convenient way to access all of your information. Most business owners already spend a great deal of time online, so adding their invoicing and financial reporting into the mix only makes sense.
3. Create Invoices Quickly
If you need to review your cash flow statement to know if you can make a purchase or cover an upcoming expense, you can quickly enter any new receivables and it will instantly give you an up-to-date account of how much money you have available. Since the client information will already be entered into the online billing software, all that needs to be added is the information specific to the charges on the invoice. The software will calculate all charges and transfer the details to any financial reports your need.
4. Immediately Send the Invoice to the Client
Wouldn’t it be nice if you could finish a project and hand the client an invoice for the work a few minutes later? You actually can! Online invoicing systems allow you to email the invoice directly to the client. They can also request a read receipt, so you know once a client has viewed it.
5. Reduces Paper Cost
An online invoicing system is better for the environment, since it practical eliminates the need for paper. Some companies will still insist on printing one copy for their files, but there really is no need for it. All the information is stored online and can be accessed at any point. Invoices are sent to the client, where they can choose whether they need it physically printed. Even financial reports can be reviewed online, so there is no need to waste paper by printing a hard copy just to review the vital information you need.
6. Looks Professional and Consistent
Every invoice, reminder notice, thank you note, and report is done using the same professional template. These demonstrates consistency and attention to detail, which are two traits that everyone business expects from their suppliers.
7. Access to Reports from Anyway
Have you ever been in a business meeting and a financial question came up that you couldn’t answer? If you use an online invoicing system, you could login into your account from a smart phone or laptop and run the report in a matter of minutes. This way you will always be informed when you make crucial financial decisions.