An invoicing system is among the indispensable tools that help businesses keep track of their finances. An invoice issued to a client is a conclusive document that acts as a record of the sale or purchase of commodities or services.
Businesses have various ways to create an invoice for their customers, including using invoice templates or invoicing software. While both invoice templates and online invoice maker software programs increase the efficiency of businesses in creating and sending invoices, utilizing e-invoicing application solutions are more advantageous for enterprises.
Here are five ways invoicing software is better than traditional invoice templates:
It Automates the Invoicing Process
An invoicing software streamlines the invoice process by utilizing invoice templates and saved product information and customer details to create invoices quickly. In addition, it also helps businesses process invoices with ease and efficiency as it can send quotes, delivery notes, payment reminders, and payment receipts, among other necessary letters of communication to customers.
It Reduces Chances of Incorrect or Lost Payments
Invoices that are incorrect or forgotten to be sent to clients are often the causes of incorrect payments or payment loss.
Invoicing software reduces the chances of incorrect or lost payments. Aside from automating the invoicing process, e-invoicing solutions also keep a detailed record of every transaction, allowing businesses to see when an invoice has incorrect details or has not been sent to the client.
It Enables Businesses to Get Payments Faster
As invoicing software programs are made to streamline the process of creating and sending invoices, they allow businesses to get paid faster.
By utilizing an online invoice maker, businesses can send invoices in a timely manner, get access to broader payment methods, attach links to payment portals, and send instant receipts for payments received. With these features, clients are encouraged to pay their billings faster or precisely at the same time as the invoice was sent to them.
It Improves Security and Reduces Fraud Risks
Online invoicing app programs allow businesses to access their business data, including invoicing records, anytime and anywhere. It also puts all invoicing records and other relevant documents in one location and updates these invoices automatically when their status change, allowing business owners to view these business records instantly.
With a centralized invoice tracking system, business entities can ensure the safety of their financial data and documents as well as reduce the likelihood of invoices going missing or altered. In addition, they can also mitigate invoicing fraud, which involves the processing of invoices for products or services that were never bought or the creation of a fake supplier or company to funnel money.
It Can Be Integrated with Other Software
Enterprises use different application software for various administrative tasks and other business operations. They utilize a customer relationship management (CRM) system to keep customer records and an inventory management application to track inventory levels, orders, and sales. They also use business accounting software to record transactions, monitor cash flow, generate reports, and examine their financial condition.
By integrating the invoicing software with application solutions used for CRM, inventory management, and accounting, businesses can increase their efficiency in managing their operations. When a transaction is recorded in the invoicing application, customer records in the CRM, supply inventory in the inventory management system, and accounts in the accounting system are automatically updated.
Where to get an easy-to-use and time-saving invoicing software that gets you paid?
KIPPIN is a cloud-based accounting and bookkeeping service tailored to simplify the everyday tasks of businesses. We align our clients to top financial experts on our platform to take care of all your accounting and invoicing needs. We also provide software-only solutions to automate processes, making them quick, easy, and remotely accessible.