Still uncertain if you’re ready for the cloud experience?
Studies have recently shown that businesses that use a cloud accounting system are more likely to achieve better results than those who don’t. Not only will cloud accounting software manage your payroll and cash flow for you it will also takes the stress out of invoicing.
Small businesses’ cash flow depend on their clients’ prompt payments. Only when the billing process is smooth do small businesses manage to save both time and money. However, a lot of businesses still rely on traditional invoicing software that use a manual process—typing up each new invoice to deliver it via snail mail. This makes the whole process longer than they should be, delaying payment. These delays in receiving payments have a negative effect on a business’s cash flow which means that the money isn’t available for your own bills to be paid.
On the other hand, if your invoicing is easy, quick and readily available online the money will flow faster. Cloud accounting systems allow you to generate invoices while you’re on the go, or on a job. This puts you ahead of the game. The faster the customer receives an invoice from you, the sooner you get payment.
The software also allows you to see exactly when your clients have opened your invoice, when they have made payment, which invoices are still outstanding so you can chase. Plus you can create bank feeds and the system with help you reconcile payments saving you even more time.
Here’s a quick rundown of the benefits of online invoicing:
- Task automation saves you time and money. This allows you to enhance your capacity to improve your operations and grow your business.
- You get a clearer picture of your cash flow. All invoices are updated in real time showing you whatever you’ve recorded, edited or reconciled.
- Payments are quicker as your clients are allowed to pay online with the click of a button.
- The invoices you create are both professional and customisable – from any device, at any time. You will also be notified when your clients have viewed your invoice and/or paid you.
- You are able to foster better connections with your clients because you’ll be able to view the same documents at the same time.
- You develop better insight with regard to your business. The software shows you how much money your business has made, and which clients owe you the most. Users are also allowed to send an outstanding bills link to customers who still owe you.
- The ability for clients to pay online when they receive your invoice can make the process of getting paid even faster.
- You get to view transactions and receive notifications monitoring your cash flow in real time.
- Your clients can view the most up-to-date status of their payments, this includes all outstanding and overdue payments.
Online invoicing can assist you grow and improve your business putting you ahead of competition. When there is transparency in financial transactions amongst involved parties the gap between flowing money and keeping proper business records will become smaller and smaller. Also by sending invoices and paying online payments become simple and seamless for both your business and its clients, so your business will definitely reap the benefits.