By John Rampton
Once upon a time in the Dark Ages of business payments, companies used paper invoicing and traditional payment methods like paper checks. It involved a lot of human error, numerous days to process and complete, and paper trails that led to a dead end.
The time and cost involved in these billing and payment processes took a toll on cash flow. And, if you are still in the Dark Ages, the same results are bound to still be adversely impacting your business.
However, there is a better way: Online invoicing tools can streamline your business payments, reducing time, cost, and human error while simultaneously increasing cash flow. Here’s how:
Starting Off with the Right Invoicing Process
Online invoicing tools first help to get you organized with a system in place that will ensure invoices are handled the same way every time you need to bill. The tools also add consistency from the beginning. Starting off right with these invoicing tools means:
- Establishing a database with all customer information so that invoices can automatically be generated with that correct data;
- Setting up a customized invoice template that reflects your brand with logo and company contact information; and
- Linking payment methods to the invoicing system for convenience for both you and clients.
Creating Accurate, Real-Time Records
Another way that online invoicing tools streamline the process of invoicing and payment is that they regularly update on your behalf based on payment notices received. Thereby making a note of payments in real time across all aspects of your financial and client records so you don’t have to mark each one accordingly.
Additionally, when you are busy, you may not be tracking what you are doing down to the minute so you end up estimating your time later on when preparing that invoice. Typically, when you try to account for your time later, there’s bound to be some mistakes.
Time tracking and timesheet tools are often part of an invoicing solution, which means that you can continually have a system that tracks what you are doing and for how long. This information is then shared with the rest of the invoicing system to quickly create invoices based on these accurate, constantly updated records.
Automating Time-Consuming Tasks
It can take a significant amount of time trying to put an invoice together, tracking who hasn’t paid you, and following-up on late payments. However, you can streamline these time-consuming tasks by having your online invoicing platform do these tasks for you.
Automation is playing a much larger role in business today, and invoicing is no exception. You will be able to automatically send out payment reminders, recurring invoices, and payment receipt messages.
Sending Invoices to Many Channels
Your traditional method of sending invoices typically involved sending a paper invoice in an envelope, which often could take days to get there and even longer to be read, have a paper check written and mailed back to you.
To streamline this process, online invoicing tools can send invoices to a client’s …read more
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