Invoicing plays an integral part in any small business; it is the essentials of getting paid and the source of inflows of revenues in your business. In the past, business owners would have to print and deliver invoices manually and receive payments later physically, in the form of a check or some other means. Nowadays, this method has proven to be an inefficient way to work. Online invoicing is the invoicing of today for small business owners and it provides an endless amount of benefits that will not only improve your daily work processes, but also grow your business. However, some have failed to adopt online invoicing, partly because of ignorance and partly because they are unaware of the advantages. Below you will find some of the top benefits of utilizing online invoicing.
Going online allows you to create and send out invoices from anywhere. Being stationary reduces your options and stunts how much your company can grow. Online invoicing enables you to go mobile and depending on the software of your choice, all you need is a smartphone, tablet, or laptop. Not only that, the new generation of software like SlickPie can track when was an invoice sent, when was it viewed and if payment was made using online payment options like PayPal, Stripe and others, they can also update your books automatically. Staying up to date helps keep you in the loop on the status of your invoices. This is a huge time saver and you don’t have to stop working on your business just to get invoices out.
Oftentimes you send out an invoice to a customer and then end up forgetting about it for months and sometimes even forever; this is a common occurrence and problem that all small business owners face. If you send invoices with net 30 terms, but your clients are paying you net 45 or net 60, your business will under-perform.
Most online invoicing software can automatically send payment reminders on your behalf and some give the ability to set reminders for payment deadlines on every invoice you send out; you will never forget about an invoice again. This will greatly improve your chances of receiving your payments on time and management of your cash flow.
Every small business is different and every invoice is a reflection of what the business represents. Customizing your invoices with your own logo, color scheme, font, and tone sets you apart from other businesses and allows you to stand out from the competition.
Losing invoices is a real problem for both you and your customers. However, this is only a problem that affects non-users of online invoicing. Managing your invoices online means that you can store unlimited digital copies of any invoice either as an e-mail or a PDF. If a customer loses it, you can send them a new one in a matter of seconds.
Most accounts payable and receivable software can be integrated in your accounting software, which helps make your life much easier. Some accounting software even have the feature directly built-in. By having your online invoicing integrated in your accounting software, it allows you to see the immediate effects on your accounts and financials in general. When you send out or receive a payment, you will them reflected instantly in your payables and receivables.
Costs for paper may not seem like much at first, but very quickly those costs can begin to add up; especially if you are in a growing business. The costs for paper alone can add up to upwards of a thousand dollars annually. Online invoicing eliminates the need for paper since everything is done digitally and helps save you money that you can allocate elsewhere in your business.
As mentioned above, eliminating the use of paper not only benefits you, but also the environment. With the amount of invoices you send out per year, imagine how many sheets of paper you are printing out and how many trees you could be saving by going online. Why continue to waste paper when it is no longer a necessary cost?
If you haven’t done so already, sign up for SlickPie’s free account and create your first online invoice. Setting up your account, your company, and sending out your first invoice is super easy and takes less than TWO MINUTES! Check out our “Getting Started” video for more information.