Online invoicing uses the latest tools and techniques for simplification of the invoicing process.
Creating of invoices on a periodic basis and taking out paper print out of invoices, for them to be couriered is a redundant process now. This is a time taking process which is inefficient and costly. Paper bills can get lost in transit and this can cause a lot of chaos in locating the invoice or re-creating a new one.
Online vs Offline Invoicing
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There are some key advantages of using a SaaS based invoicing solutions for business invoicing.
Here are some key differences and advantages of online invoicing:
Cloud based invoicing solutions provide this unique feature of scheduling online invoices at your convenience. This ensures that each and every invoice is sent to the client in a timely manner.
Invoice From Anywhere
One of the key advantages of invoicing online is that one can send out invoices from any location or computer. One has to just login to the cloud account and start creating invoices with utmost ease.
Track Invoices Easily
Online invoicing ensures that each and every invoice is easily tracked. One can visit the invoicing dashboard to understand whether an invoice has been reviewed, approved and paid etc. This helps in following up with clients on payments in a timely manner.
One of the most important aspects of business invoicing process is financial analysis. Digging out historical invoices and analyzing outstanding invoices, is almost impossible in a paper based invoicing process.
Adding a Late Fee To Invoices
One of the most crucial aspects of business invoicing is timely payments. Online invoicing provides a one step process of adding a late fee to invoices. This is helpful in ensuring that your clients are making the payment before or on the due date.
Receive Payments Online
Receiving payments offline can be a slow process. Online invoicing includes online payment integration for hastening the payments process.
Online invoicing is a far more efficient process as compared to offline invoicing.
- Invoices don’t need to be printed manually.
- Invoices created and sent can be easily stored in the computer.
- No need to recreate similar invoices, as recurring profile can be easily created and managed.
- Invoice numbering can be managed with ease and one can locate important invoices with ease.
- Automatic payment reminders reduce the need for payment reminders.
Cost savings with online invoicing can be huge. The creation and processing costs of online invoices is far lower than that of paper based invoices.
Reduced Invoice Exceptions and Disputes
Most organizations face the issue of a large number of invoice exceptions and disputes due to errors in sending out paper based invoices. Online invoicing on the other hand provides pre-designed templates with absolutely no chances of errors in the invoicing and the least chances of any dispute.
Multiple Languages and Currencies
Adding multiple languages and currency options is almost impossible in case of paper based invoicing processes. In case of online invoicing, these features are really simple helping businesses to send out invoices globally.