In today’s competitive landscape, finding new ways to generate invoices quickly is important to ensure the financial health of your organization. The traditional model relies heavily on paper procedures to generate and share invoices. Printed invoices are folded in an envelope and shared with the clients through emails (if those don’t get lost somewhere in between).
There are many companies, especially SMBs which adopt these time-consuming procedures till today. Not to forget, overdue invoices which often result from the delay in invoice sharing with clients through postal services and emails. The flaws in the manual invoicing lead to cash flow disruptions with delayed payment by clients or no payment at all. Now, there are a lot of benefits of Online Invoicing for Small Businesses.
Why SMBs are still dependant on manual invoicing when it has glaring flaws?
Lacking the financial strength to adopt automation right away, SMBs settle down with manual invoicing practices. This causes more harm to SMBs in the long run who turn out to be penny wise and pound foolish. They compromise with manual invoicing when they can go the extra mile using online accounting software. Quick and powerful invoicing features of online accounting software like Giddh can be used to reduce costs and make payment faster, and that too with minimal subscription charges.
Why do you need online invoicing?
Online invoicing or e-invoicing is a process which makes the tasks like tracking of bills and payments easier, which can inflict stress to companies if done manually. In the traditional invoicing model, tracking of payment by clients is hard and the occurrence of unpaid bills is higher. Especially small businesses face a hurdle in coping up with the loss or delay in payment due to inefficient invoice tracking.
Benefits of Online Invoicing for Small Businesses:
1. Think Green, Reduce Cost
Go green with paperless invoicing! Reducing the usage of paper occasionally for making invoices will not make any difference. If you plan to go paperless with hundreds of invoices generated in a week’s time, you will realize your role in reducing carbon footprint considerably.
While the carbon footprint of an online invoice is 150 grams, for the paper invoice it’s three times higher (450 grams). Thus, you can contribute to the efforts to protect the environment by adopting online accounting software and eliminating the paper from everyday use.
2. Time is Money, Save It Too
With online payment processes, businesses typically receive payments in lesser time. Customers can instantly make payment through online invoices which usually come with a payment button. Also, automated reminders can be shared with customers through Giddh accounting software to fasten up the payment process. Speed and convenience in invoice generation, sharing and payment are one of the major highlights of online accounting software.
3. Invoice Scheduling Made Easy
As your business grows, the struggle to share invoices with everyone manually is going to be real. Delay in invoice generation and sharing is going to be a regular phenomenon, impacting the bottom line of your business. Fortunately, with online accounting software, invoices can be scheduled for sharing at specific dates and time. With online accounting software coming to your rescue, you don’t have to keep track of the issue date of invoices and nudge your customers towards making payments quickly.
4. The Golden Rule of Sending Reminders
Most of the times, your clients don’t intend to delay the payment but are too engrossed in the daily work that they forget about due dates. So, take help of online accounting software like Giddh which comes with the feature to share automated payment reminders with every client.
5. Customize Every Invoice Design
With Giddh accounting software, you get customized invoice templates, helping you connect with every client in a customized manner. You can pick an invoice template, depending upon the nature of your business with the client and invoke a payment. Generate personalized invoices with the call to action button on it, driving clients towards instant payments. Additionally, you can create your own invoice designs and test which one performs well in speeding up the process.
For online invoicing, you can also use different languages in the documents, depending upon the preferences of your customers. Some online accounting software also promotes the use of multiple currencies in online invoicing.
Hope you are aware now about the benefits of online invoicing for small businesses irrespective of the industry you belong, consistent revenue source is something you can’t compromise with. So, make investment in the best online accounting software to ensure faster payments and better cash flow. More money means more scope to focus on developmental activities and other areas of growth.