If you haven’t moved to online invoicing in your business, it is something you should consider. There is a wide range of software to choose from, plus setting up online invoicing is a straightforward process in most situations.
In addition, online invoicing can bring considerable benefits to your business. Below are the top nine benefits.
Top Advantages of Online Invoicing
- Professional invoice design – creating stunning and highly-professional invoices is easy when you use an online invoicing tool. Once you have the designs you need, you simply save them as a template for future use.
- Save time – online invoicing is much more efficient than manual processes. In fact, you will save time in a variety of ways. Firstly, most online invoicing software makes it quick and easy to turn quotes into invoices. The process is quick to create an invoice from scratch too, with auto-populating fields, wizards, and other helpful tools. You may be able to eliminate double entry with online invoicing software as well by integrating with your accounting software. Plus, processes like repeat invoices and payment reconciliations all become automated.
- More accurate – you can also improve the accuracy of your invoicing process by doing it online. Automatic reconciliations are a good example of this.
- Faster payments – online invoicing is different to sending digital invoices. With a digital invoice, you create the invoice and email it to your client. With online invoicing, however, you email your client with a link to the invoice. They can then pay it directly using the link you send them, plus they can download a copy of the invoice to keep for their records.
- Invoice on the go 24/7 – online invoicing software is cloud-based. This means you can access it from wherever you are, so long as you have an internet connection. You can do this 24-hours a day, plus many of the software tools available can be used on your mobile.
- Improves credit control – most online invoicing applications have built-in tools to help get payments in on time, as well as features to help with overdue invoices. This includes sending you notifications of outstanding invoices, automatically sending invoice reminders to clients, and more.
- Enhances business oversight and improves planning – online invoicing software makes it easy to see an accurate list of unpaid invoices, including overdue invoices. Many also offer the ability to create reports, including reports to forecast cash flow.
- More secure and easier to maintain – as already mentioned, online invoicing software is cloud-based. This is typically a more secure environment than a server setup in your own business. In fact, most online invoicing tools feature enterprise-level security and backup features. Plus, you don’t have to worry about maintaining the software as all updates and upgrades are done by the software provider.
- Makes it easier to deal with clients outside Ireland – with most online invoicing software, you can quickly send an invoice to a client anywhere in the world, currency calculations are automatic, and you can accept payments from anywhere.
For more advice on improving the invoicing process in your business, or for any other assistance you need, please contact us at Gilroy Gannon today.