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Billing & Invoicing Software and why you should be using it

In a world where clients and customers are increasingly consuming products and services online or with the help of devices, it is important for businesses to stay up to speed on the technologies that will make life easier for them and their clients. Online invoice software can make billing and taking payments far easier, and can automate the process for following up on payments due, saving you time and also making life easier for your clients.

How does it work?

Online invoicing software is a collection of smart tools which help you to manage and receive payments due to your business. Different providers offer various different options so that you can customise your use, but among the tools on offer are those which allow you to receive payments online, produce financial reports, keep track of projects and communicate progress and payables to clients, such as by auto-creating invoices.

These sophisticated software providers are able to provide intuitive, easy to use dashboards and portals for both you and your clients, to monitor project progress and payments. Often they are also able to provide multiple language and currency options. For larger businesses, you may also be able to provide additional access for staff, and manage approval of staff expenses.

SaaS online invoicing software

Software as a Service (SaaS) has become more popular recently, given the increase in cloud computing. Providers of invoicing software services can help you to simplify the process of producing invoices, and will provide updates to software, as well as resolving any errors as they arise. This has the benefit of allowing you to focus on your business. Plus, using an online software provider is often cheaper than licensing a software package that would be installed on your premises.

What are the benefits of using online invoicing software?

1. Saves you time

Creating invoices can be labour intensive and takes you away from productive activities, such as the provision of services or production of products. Using an online tool makes this process easier, as it produces invoices automatically once you have entered in the relevant client details and numbers.

2. Looks professional

Web providers will allow you to adapt their templates to create branded invoices and communications that look neat and professional. Sometimes an invoice will be the first written communication with a client, and so looking good on paper is important. You can also add invoice numbers to make it easier for you and your clients to keep track - this also adds to the professional feel.

3. Makes project management following up on payments easier

Many providers have smart tools which enable to you track your time and progress on a particular project or workstream. You may also choose to use a service which allows you to communicate progress to your clients, before issuing your final invoice.

Following up on payments is easier because tools built into the software will keep track of who owes you money, when you need to issue bills, and when payments are made. You can also choose software which will allow you to send reminders to clients when payment is due. The software can also calculate any additional fees due as a consequence of late payment.

4. Reduces the likelihood of mistakes

Mistakes in communications can make your business look unprofessional and damage your reputation. If you make your invoices yourself by hand you are more likely to make mistakes, and not just with spelling or grammar - you are more likely to make mistakes when inputting the value of services or in tax and final amount calculations, which will ultimately cost you money. By using an online app you can avoid errors, as it will alert you to any errors it spots when you are entering numbers into the template.

5. Makes it easier to operate business internationally

If you have international clients, invoicing software will really help you when it comes to issuing invoices in different currencies. Automatic conversion calculators make conversion easy. You can also choose tools which allow you to issue invoices in a different language.