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8 Tips to Improve Your Accounts Payable Management

accounts-payable-software

‘A penny saved is a penny earned’ is a proverb in English. This brainy quote is enough to make you take your company’s accounts payable management more seriously.

You must know that 82% of startups fail because of poor cash flow. Therefore, you should have a serious consideration of all factors affecting your cash flow. And, accounts payable is a very important one.

For your business growth, only making handsome profits is not sufficient, you must spend your every single penny wisely. If you don’t, then you will lose more than your earnings. So, handle your accounts payable carefully.

Manual handling of AP consumes a great deal of time, as you have to correct innumerable errors, as humans are prone to errors. Therefore, banking on an advanced AP management software is wise.

According to some research, AP automation can help you save $16 or more, which depends on your company size.

So, moving to advanced technology for the proper management of accounts payable is prudent and necessary for your business growth and sustainability.

Including that, we will acquaint you with 8 tips to improve your accounts payable management. Let’s know them one by one.

How to improve your accounts payable management:

 

1. Healthy relationships with vendors

accounts-payable

Your accounts payable management is highly dependent on your relationships with your vendors. The better the relationships, the more benefits you will have.

This bond can help you with many issues like needing supplies immediately, getting your due dates delayed, and being able to take advantage of discounts and tempting offers before your competitors.

You should make your all-out effort in paying your vendors on time. If unable to do so, be open and inform them.  This will bridge the gap between both of you.

Furthermore, you’d better be prepared to find a solution to any issue coming to harm your relationship. Never hesitate to discuss a payment plan that can benefit both of you and bolster the professional bond.

The best thing about this is that your vendors can help you broaden your business network by introducing you to other influential ones.

 

2. Paying bills early

It’s wise to pay bills on time, but it’s much wiser to pay bills early. Doing so, you will leave a different and long-lasting impression on your vendors.

To keep you retained and delighted, they will always offer your tempting offers and enticing discounts, which can help you pay less and save more.

 

3. Have some cash in reserve

When financial crises befall you, then making payments on time becomes harder for you. But, having some cash in reserve can help you do so, thus saving your reputation from being spoilt.

An emergency can knock anyone’s door, so be prepared for that by having a cash reserve. Get business savings account open and fill it with money bit by bit for use in a financial emergency.

When you run out of money, this cash reserve will turn out to be a true companion of yours to help you make payments in such tough times.

 

4. Be prepared to tackle accounts payable fraud

accounts-payable-frauds

 

Accounts payable fraud can put your business in peril. Your evil-minded vendors or dishonest employees can play a big role here.

Many unknown vendors are created in an accounts payable system, and companies pay such fake vendors, who have not or never rendered any services or products to the company.

To deal with such complicated issues, you’d better establish system parameters in place, which will not enable the creation of any new vendor without proper diligence.

If a new vendor is required to be created in the system, then all should be done after having full proof of the vendors’ existence, and the services or products taken from them.

You must make sure that setting up a new vendor in the accounts payable system must take place by having multiple levels of approval, which will keep the chances of fraud almost none.

 

5. Don’t lay a burden on your CFO (chief financial officer)

Don’t expect your CFO to check the authenticity of a bill. It is because their mind is already filled with the workload, they don’t have enough time to assemble all the checks and verify their accuracy.

And, depending upon them to a considerable extent can negatively affect your accounts payable management.

If you automate your accounts payable processes, then their workload can be cut. All they have to do is to check the bill amounts and sign for payment release.

It is the duty of your accounts payable team to collect all invoices to be paid and get the cheques printed and approved by the heads of your department. After that, they should be put before your CFO for signature.

 

6. Do not pay invoices before receiving product or service

In haste or workload, the heads of accounts payable department make the payment of any services or products before receiving them.

It lessens the available cash your company has. Moreover, chances of accounts payable frauds are more in such situations. Even your own employees can take advantage of this act of negligence by accompanying dishonest vendors to make some money.

Therefore, before releasing any payment, it’s wise to ensure that the delivery of the ordered product or service is not remaining.

 

7. Using Accounts Payable Software

As per Ardent Partners, 47% of AP professionals find lengthy processing time as their biggest challenge.

When you automate your accounts payable process by adopting an accounts payable software, then you become paperless. And, you deal with all your company’s analog bills and payment activities using computer systems or mobile phones.

Furthermore, you will also have all your purchase and payment approval process automated, which will save a great deal of time. Your all accounts payable activity will be cloud-based, safer, easily accessible via computers or cell phones. Also, click to know more about account payable process improvement ideas.

This will allow your managers to monitor your accounts payable activities any time, pay on time, and make financial decisions considering the current cash flow condition of the company.

 

8. Ease your vendors’ burden

To make your accounts payable more influential and efficient, you must bank on technology to get connected with your key suppliers.

If you routinely need to order bulk purchases from your suppliers, you’d better link them into your accounts payable and inventory network by means of a supplier/vendor portal.

This portal will make easier for you to track inventory supplies and automate payments for your vendors.

Having so, your accounts payable management can be simplified to a considerable extent. It will also assure you that your company has a ready supply of inventory, which is very important for your company.

 

Know, why are businesses choosing custom software for AR an AP management

 

Let’s conclude all: 

Your clear interpretation of the importance of accounts payable management and 8 tips to improve it is our purpose.

These 8 tips to improve your accounts payable management include easing your suppliers’ burden, using cutting-edge accounts payable software, healthy relationships with vendors, and the like.

We also provided you with some stats to give you an idea of how automation of accounts payable management can help you save both money and time, which can be invested in something feasible for the betterment of your company.

 

accounts-payables

10 Big Advantages of accepting payments online for small business

Accepting payments online for small business has turned out to be ideal. Why?

The answer to your question lies in the statistics given.

 

The following stats will make clear to you how the method of accepting payments online is ruling the world by having more and more users:

  1. WeChat has over 1 billion active users as per Tencent (Jan 2019).
  2. Alipay has over 1 billion active users according to Alipay (Jan 2019). 
  3. Paypal has 250 million active users by PayPal (Sep 2018). 
  4. Apple Pay has 383 million users according to Loup Ventures (Feb 2019). 
  5. Amazon Pay has 50 million users as per Evercore ISI (May 2018).

 

Nowadays, time is money, and nobody wants to waste it by physically visiting a shop or having bargaining with salesmen to buy something.

So, more and more customers are choosing online shopping. As per a study in Parade Magazine, more than 85% of online users have purchased something online.

Having known this, you must start accepting payments online to retain such customers, thus allowing them to transact with your business, which, in turn, will increase your sales.

The benefits of accepting payments online for small business don’t end here. Keep going down to fill your mind with more benefits of receiving payments online.

 

10 big advantages of accepting payments online for small business:

 

1. Receive Payments Instantly 

 

accepting payments online small business

 

The biggest advantage of accepting payments online for small business is that it can get payments conveniently and instantly.

Automated invoicing software accepts online payments in a short while. It eliminates all the barriers that either eat out too much time or prevent the payment receiving process, resulting in receiving payments much faster.

 

2. Offer your customers last-minute deals 

Sometimes, you have tempting offers and discounts to grab your customers’ attention and increase your sales, but offline shopping consumes a great deal of time your customers in shopping, making them unable to buy from you.

On the other hand, online shopping method can allow your customers to buy the product or service with discounts from you even in the last minutes of the limited offer period. How?

When they come across your product or service online, they just have to use their fingertips to place their order. The order and online payment process will not take more than 10 to 20 minutes in buying an item online.

This way, your tempting offers, and discounts can help you boost your sales.

 

3. Attract more buyers providing convenience

 

online payment systems for small business

 

Online shopping allows your customers to buy from you whether they are having dinner, at work, or traveling on buses or trains, as per their time and convenience.

If you learn how to accept payment online for your website, then your online customers can purchase your product or service without any inconvenience like standing in a long queue or giving up an important task for shopping.

The easier the purchase process, the more chances you will have of converting your website viewers into your customers.

 

4. Have a Competitive Edge 

The modern era is empowered with the Internet. Everybody, regardless of their financial status, has a smartphone, allowing them to shop online easily.

Due to this, the competition of selling something online is at its peak. But, you can deal with this unbearable competition by facilitating the payment process.

The easier payment process you provide, the more customers you can reach to offer them enticing offers and discounts to boost your sales.

Doing it will help you crush your business rivalries.

 

5. Help your customers save a lot 

We all are aware of the fact that your customers don’t have to pay any extra charge if they pay by cash, but going to shops or stores devours their time, energy, and sometimes money.

Even paying by cheque also needs postage, which must be irritating for any customer. However, when you receive payments online, usually, there are no fees or very little ones to swipe the card or pay online.

 

6. Broadening Your Business Reach

 

best way to receive payment online

 

Accepting payments online for a small business like yours is the ideal way to broaden its business reach. Even a local business can reach a large number of customers who are ready to pay online, thus having a golden chance to earn without being affected by geographical limits.

 

7. Easy and Fast Setup

It will not get on your nerves and take your too much time to set up a system to receive an online payment. You just need to feed some necessary data.

Furthermore, there are innumerable service providers today, known for offering affordable plans with zero setup fee, sometimes very low transaction rates. So, the setup of a software system to get payments online is not a headache anymore.

 

8. Customize the Payment Process 

A large number of online payment software systems come with customizable APIs and even plug-ins having famous third-party apps like WooCommerce.

It allows your business to customize the billing process as per its specific needs and advantages.

 

9. Handle Subscriptions Conveniently 

If you run a subscription-based business, then using the advanced payment receiving system can remind your subscribers of payment automatically and on time.

Many software solutions come with innumerable payment gateways offering a recurring billing option. It automates the entire process to collect subscriptions on time.

Such features don’t need any action on their clients’ side. It will allow you to make your customers pay you on time, easing your cash flow management.

 

10. Clear Transactions Quickly 

When a transaction is done online, it is cleared within one or two working days, dependent on the traffic. It facilitates your liquidity estimation, thus allowing you to make strategies and take risks as per your business financial condition for its growth.

 

Also read, how to avoid late payments issue for healthy cashflow

 

Conclusion 

The purpose of writing this blog lies in your clear interpretation of 10 big advantages of accepting payments online for small business.

Online acceptance of payments allows small businesses like you to grab the attention of their customers better, build their business reputation firmly, provide their customers with the utmost convenience in shopping, and so on.

One more thing you must keep in mind is that the world is getting more and more advanced, and online shopping is making its way to the world at lightning speed.

Therefore, you must walk along with the requirements of the modern period for the survival of your business in such a competitive atmosphere.

 

10 Major Reasons to Choose Custom Billing Software

Enterprise billing software

Custom billing software has become a buzzword among businessmen owing to its innumerable benefits. This software can be integrated with the existing ERP and CRM systems of a company, which helps businesses get their benefits without changing their current systems.

Moreover, when it comes to dealing with data theft, the most important thing for a company is to have its control over data for safety reasons. And, custom invoicing software makes this possible for companies.

The benefits of this software don’t end here, we have made a list of 10 reasons to choose custom billing software for your better interpretation.

10 Reasons to Choose Custom Billing Software

1. Receive Payments from all over the World

custom-billing-software

 

Running business across all over the world has become a walk in the park, and cutting-edge advanced billing software has made it very simple for businesses, irrespective of their financial status, to receive payments from any part of the globe.

Now the question must be striking your mind is how?

Renowned software systems like Invoicera comes with over 30 payment gateways allowing you to receive payments worldwide.

Such software solutions have integration with international payment gateways like PayGate, Forte, Eway, SagePay, Ogone, BluePay, Network, Setcom, VCS, Creditcall, 2checkout, and Moneybookers.

The systems also boast integration with Canada/US payment gateways: Alipay, FirstData, Beanstream, Psigate, and Moneris.

 

2. Detailed Reports

You can have a detailed report of invoices by using a custom workflow solution. Moreover, custom billing software will also allow you to better know your unpaid payments to give you an idea of the financial status of the company anytime.

Such advanced custom invoice software systems can also be customized as per specific business needs to understand the influence of price or tax change in the future.

 

3. More Productivity by using Custom Workflow Management

An automated enterprise billing software system, which is sufficient can make the billing process much easier, thus allowing your employees to pay attention to other feasible tasks.

Online payments and automated transfers reduce the time and effort to a large extent to cope with checks from customers. Moreover, customized workflow systems and hosted solutions can be a boon for a businessman to get rid of tedious paperwork completely.

Automated billing systems are designed as per business needs to result in expected efficiencies within processes.

 

4. Unquestionable Safety from Data Theft

It’s a widely-known fact that cloud billing software can be easily accessed by hackers, whereas custom billing software is highly-reputed for its unquestionable safety from data theft. It is because customizable software can be controlled by us making it possible for us to prevent our data from going into wrong hands.

Having custom invoicing software like Invoicera means that we can control it completely. When we have this, we are tension-free regarding the data safety of our business and customers.

Invoicera has a three-layered security system for unquestionable safety given below one by one with an overview:

Two-factor authentication: It is an added layer of security to ensure that your account is safe from any external intervention and other probable intruders.

Security question login: It is a set of 8 personal questions created to make the security more robust that is confined only to you.

Add Staff IP Address: Security is not limited only to admin and login, but it also be given to staff. It is for the assurance that your employees are not misusing your account.

We think now it must be clear to you why custom invoicing software like Invoicera is the best choice for security.

 

5. Adaptability to ERP and CRM system

Custom invoicing software is designed keeping in mind the CRM and ERP systems. If an invoicing software system is adaptable to the ERP and CRM systems, then the technology can benefit you beyond your expectations.

The efficiency of a system increases when it is integrated making it capable of the ideal resource utilization. Moreover, you will have more convenience due to countless possibilities to improve your business process using API integrations.

| Also: Integrate A Custom Billing Software That Automates- Host Now!

 

6. Better Customer Data Management

 

custom-invoicing-software

As we all know that it’s a must-do for every new company to know how to manage their customer data. So, it’s better to bank on modern technology-powered software systems for this purpose. Having modern and cutting-edge custom billing software allows you to store all data in one place and archive it with the utmost safety.

Moreover, Invoicera provides you with a fully dedicated client portal. You can add a list of all your clients or directly import the list to the dashboard. And, managing client details and saving them for further invoicing will be as easy as a walk in the park.

Moreover, having extra client email addresses to will allow you to send invoices to multiple client contacts, and you can easily import the client list into the Invoicera account. Furthermore, you can also access and share files from safe client portal. Some more benefits of using Invoicera are also given below:

Apart from storing customer data, you can create new records, receive and send data from other files, keep tabs on payment cycles, and save specific customer preferences.

 

7. Generating Multiple Invoices in one go

Owning an enterprise make it important for you to be aware of the value and benefits of multitasking in a business. Having more than one thing done at once, if a software system makes it happen in a short period of time, then the saved time can be invested in something feasible to take the business to the next level.

If you have efficient invoicing software, then you can conveniently send a large number of invoices at the same time.

 

8. Keep Tabs on your Expenses Better

Invoicera, the highly-reputed software, wards off the headache of expense management. It does so by having a single tab available to manage expenses to keep an eagle eye on your accounts payables and reports.

The expense management feature in Invoicera allows you to easily maintain a record of expenses happening regularly. Moreover, you can conveniently import expense files on the Invoicera dashboard.

And, creating searchable categories and analyzing reports country-wise can be done without any nuisance.

 

9. Save your Valuable Time and Money

 

custom invoicing

 

It will definitely be beneficial for you if you spend on cutting-edge enterprise invoice software like Invoicera, as it helps you save a lot. Before the arrival of such advanced technologies, businesses used to rely on the postal system and fax machines to send bills to their clients. But, now the story is different because digital mediums are used for such purposes these days. It makes generating and sending invoice very cheap and time-saving.

These days, companies save a lot by not spending on paper, printing, and postage owing to the utilization of the custom billing software, in which, all these processes are automatic.

In simple words, the amount spent on buying such software can be recovered in a short period of time, and you will start taking your business to your intended level by saving your precious time and money and utilize them in something promising.

 

10. Save the Planet

Nobody is unfamiliar with the most-discussed issue of the world global warming. Every next year is much hotter than the last one. But, we can tackle this problem by saving trees, thus keeping the environment healthy. And, one of the best ways to do so is not to use papers to boost greenery on the planet.

Planting 20 million trees will provide us with 260 million more tons of oxygen. Furthermore, such a huge number of trees will eliminate 10 million tons of CO2, thus making life on Earth much easier.

Using custom billing software not only allows you to take your business to your expected level, but you can also save your mother Earth. Using such advanced eco-friendly software will bring more prosperity, greenery, and order in nature.

In a nutshell, you can save the planet by using non-paper invoicing technology.

Also, you can read about Why Custom billing is necessary for Enterprise Billing

 

Conclusion

The reasons for choosing custom billing software given in this must be sufficient for you to know its benefits. From data safety, saving the planet, money and time saving, to the improved invoicing processes can help you grow your business.

The best thing about having an efficient enterprise billing system is that your saved money and time can be invested in doing something feasible. Doing so, you can broaden the horizon of your business and explore countless opportunities, which will give your business growth a boost.

 

custom-billing-software

 

 

How Automation is Changing the Outlook of Management for IT Firms?

client-management

An already piled up office is dreaded to receive another pile of papers. The employees you hired to strategize are wasting their calibers filling just the excel sheets drawn.

How devastating would that be as a sight? While you planned to bring in more projects each day, today you’re doing nothing but trying hard to manage communications and cash flow from previous clients only.

Your business development manager who was supposed to bring in new clients and crack new deals is sitting today and creating invoices and turning up papers to find and clear out backlogs of payments.

Such situations create much more chaos than you can actually imagine. It hampers your external as well as internal communication and workflow. As an organization, you’re forced to waste more time in manual processes than utilizing the same time to get activities done that are much more productive.

This is one of the major concerns most IT firms and digital agencies come across in their course of activities.

Manual processes and management lead to delayed communication ultimately resulting in prolonged cash flow into the business.

 

CEOs across the globe are on the lookout for finding an absolute solution to such manual errors and free their employees from the trauma of hassles of manual processes. 

 

AUTOMATIONits needs and importance are taking the world by storm. Smart men have understood it already and applied it into their daily course of business activities.

automation of process

 

The involvement of artificial intelligence to execute clerical jobs save time. Herein, we mean the tasks of time tracking, client data management, task scheduling & project management,

 

and invoicing automation. Managing these tasks apart from your other KRAs hamper your & your team’s responsibilities.

Automation of invoice process, tracking employee time, managing project hours together in one software makes it easier for the accounts department to calculate project details and create invoices. Not just this, but software with entire invoice and business management automation helps your accounts department to keep a tab of all of your accounts receivables and payables.

 

Come, let us read more about how automation of business activities help businesses: 

 

Exact Calculation of Project Hours: An automated time tracking software helps you calculate exact hours spent by your staff on a project. It simply works in the background and tabs hours you worked on a particular project. Such minute to minute calculation of time spent on projects makes invoicing easy and conflict-free. You’ve in hand the complete logged proof of each of the itemized list you’re including in your invoice, making it easy to and faster to receive payments.

 

 

 

Flawless Communication: While we talk about communication, it just does not only refers to the verbal communication you have with your client. It also refers to formal written communication, known as invoicing, that occur in the process. Invoicing is the major communication that is directly linked with cash flow. It is of utmost importance to handle such communications with much precision to avoid further consequences. An automated custom billing software helps to create such invoices seamlessly and shoot them to clients directly without any delay.

 

Automation Boosts Growth: 33% yearly boosted growth is seen in businesses globally, that automate. Why? Because automation allows you to spend more time developing projects than just filling up excel sheets.

 

expense management software

automation of process

 

 

Efficient Expense Management: An automated expense management software helps you have better control over every small and big expense. Employee reimbursements and expense permissions can be handled in one platform and ensure faster approvals.

 

Automated Payment Process: An automated payment process is a streamlined process with 3x faster cash flow. Automation of invoices leads to sending out invoices in time even while the admin is unable to do it manually. The next in the process is the time to receive payments. Invoicera, the custom invoice software.

 

Satisfied Clients: Automated workflow with custom management lead to faster processes both in-house and out. Thereby, resulting in quick responses and client management. Such faster redressal is a form of good manners in the world of business, leading to happily retained clients.

 

| Read About: Why Are 28% of IT Firms Unable To Manage Expenses?

 

Wrapping Up: 

At the end of the day, it all comes down to working smarter. Working hard has become the funda of the past decade. It is obsolete as the telegraph.

Invoicera helps you work smarter and automate the tasks you don’t wish your employees to invest in. Fully custom billing software is all set to work as your virtual employee to automate and handle your tasks of management. All you need to do is simply get in touch with us and we will create for you a seamless custom invoice software that will not only automate your invoicing process but manage your business activities as well.

At Invoicera, we have created a beautiful invoicing experience for 100+ global clients residing in 60 different countries. Each customization was as uniques to their laws, policies, business needs (big or small), and choices.

 

Looking forward to an automated workflow experience to boost your processes?

Contact us today!

 

 

automation of process

Why you need staff management software in the office?

online staff management software

As the saying goes “If we don’t discipline ourselves, the world will do it for us.”, and it must be enough for you to know the importance of discipline in our school, workplace or office, home, and last but not least life. 

In this blog, we will pay attention to the importance of discipline in our office, especially on the management of our staff. As we know that in this advanced Internet-powered era, everything is getting easier and tougher depending on the way you handle. And, the use of modern technology-enabled staff management software comes with the purpose of the ideal use of the most important resources of the company, its employees in a systematic and disciplined method. 

If you want to achieve the intended goals in your business, the management of employees is the ultimate responsibility. Your work efficiency determines your organization’s failure or success. And, your employees are the backbone of your business.

As a company owner, you must be preoccupied with the responsibility of handling workloads, conducting meetings, and fixing appointments, which makes it impossible for you to keep an eye on the activities of your employees and their working hours. It is very necessary for businessmen like you, as it enables you to provide your valuable feedback and energizing encouragement to your workers for their further growth. 

As mentioned at the beginning, the ultimate asset for any organization is its human resources, and using the latest staff management software can help you deal with challenges coming up when you handle your employees, thus maintaining discipline in your office.

 

How does better employee management yield business benefits?  

 

staff management tool

 

According to the Jelly Belly Candy Company of California, making the best candies came from their satisfied workers. The organization invests its heart and soul in maintaining its employee satisfaction rate, which gives birth to their excellent performance in their work. 

All is crystal-clear here because having transparency in the system results in the reduction in the possibility of conflicts that may arise in the long run. An automated online staff management software tool can be extremely useful in assessing the performance of your employees, which determines their appraisals, promotion, responsibility, and the like. Moreover, there are also some benefits of this staff management software; let’s know them by knowing how it works to help businessmen with the management of their staff members. 

 

How does an online staff management system work and benefit a business owner? 

 

1. You don’t need to work using paper

Modern staff management software solutions can assist you in managing their timesheets and documents. And, you can also keep track of all the data to audit and improve submissions and requests. All of this will reduce the use of paper. 

 

2. You can easily maintain a database of your past and present employees

An efficient staff management tool can help you with handling a complete database with easily searchable and indubitably secure records. The things included here are personal details, emergency contacts, bank details, and performance records. 

 

3. Convenient and Easy assessment

By means of an advanced staff management software tool, it will be much easier for you to access reports and assess your employee performance, which will decide their rewards. The transparency found in an advanced employee management software tool like Invoicera allows you to give your employees the advantage of viewing their own reports, which fill them with long-lasting energy, strong trust in you and your company, and unbreakable determination. 

 

4. Being aware of and having a proper record of their time and attendance 

An advanced staff management software makes possible for you to have a quick look at the absence and presence records of your employees. If your employees know that they are under your surveillance, they will become more aware of their responsibility for their duty and stay active and punctual to work efficiently and quickly.  

 

5. It helps you have better Expense Management

What sets Invoicera apart from others is its features. And, the most convenient one is its allowing staff members to record and send any official expenses which they have spent and get it reimbursed. Here, a transparent database gives birth to better, flawless, and effective communication. 

 

Have a Quick View of all the benefits of Staff Management Software | Watch Now

 

6. It assists you in handling payrolls properly 

A high-technology-enabled staff management software system facilitates the generation of payrolls as per the hours the employees worked for only by hitting a button. 

 

7. Helpful in the delegation of work and shift planning 

It’s a must-do for you to prepare perfect timesheets for smooth functioning. So, you must rely on a tool that can fix your staff timings, shift planning, and inform employees about them. It will take your business to your intended level. 

 

8. It aids in the proper management of assets 

It’s very important for every businessman to assign assets to their employees assisting them in their work and keep track of every precious asset, and it becomes easy like a walk in the park with an efficient staff management software tool allowing you to do all this in a single dashboard. 

 

9. Helps you in your company progress tracking

Invoicera is advanced and modern enough to provide you with the continuous and automatically collected information to ease your tracking of every activity without requiring filling sheets all the time. You will no longer be required to spend your valuable time in data accumulation and its management offline. Properly segregated and managed data helps you in having quick access. 

 

staff-management-tool

 

Advantages of Employee Engagement and Satisfaction 

 

Providing encouraging feedback 

It’s very frightening for employees to face their performance reviews. According to surveys, yearly performance reviews drive employees intimidated. When having an online staff management software, then it becomes very easy for the management to have control over activities and give positive feedback to their employees.

Having a configurable dashboard means the easy management of the entire staff management system and the convenience of setting the company workflow better. 

 

Fixing goals and encouraging workers 

Having online staff management software helps you in managing your employees by reminding them of what they are expected to give and your company goals. It not only motivates them, but it also keeps them tension-free due to not being observed by the HR team and senior management, which is very annoying. 

 

Clear and better communication and accessibility 

Workloads are infamous for time constraints and clashing schedules means an increase in the possibility of conflicts, thus spoiling the work environment and leading to indiscipline. To cope with the same and maintain a healthy, friendly, and tension-free work environment, you must bank on a secure system managing your staff tasks efficiently without giving them any burden.

 

Improved employee-employer relationship 

Efficient online staff management software tools remove all the unbearable pressure that the management faces and bolster the employee-employer relationships for a better future of the company. When having a low-stress work environment, your employee will give you more and stay with you for much longer. All this will lead to increased productivity and a better image of your company everywhere. 

 

| Read About 10 Project Management Tips to Keep Your Employees On Track

 

Let’s Conclude all

Adopting a staff management software system will make possible for your organization to be aware of the satisfaction rate of your employees and their engagement, thus allowing you to be prepared for and improve them.

Having a clear idea of every employee, their assigned task, their responsibility, their potential, seriousness for work, and the like will allow you to make preparations and plans for the future of your company considering their capability, thus having a much healthier work environment full of discipline.

 

staff management tool

 

5 Ways to Manage Small Business Invoicing Easily

Invoicing has always been an integral part of every business. Therefore, it’s important for every business, whether small or big, to manage their business bills well. As we all know that every business wants to be paid on time, but your minor act of negligence in invoicing can give rise to innumerable problems and hence leading to your poor cash flow. Invoicing process can be tedious as it requires dealing with the records of innumerable clients, their transactions, previous records, credit details and so on.

The best way to manage invoices is by adopting a strategy to generate, send, and keep track of your business invoices. There are several invoicing tools available in the market to choose from as per your specific needs. This not only saves your time but also save your mental and physical effort spent in making bills. Moreover, it’s wise to seek advice or tips to buy the best invoicing software for small business from experts when in doubt.

Invoicera has turned out to be the most reliable billing software for small business. It helps you manage your business invoices in a simple and systematic manner. It has many features to ease the process of your business invoice management and hence making them efficient and effective.

Invoicera has more than 3 million users, and it takes pride in providing its indubitable services to over 60 enterprise customers since 2004.

Here are the Top five ways to manage your invoices at your convenience in an efficient manner:

 

1. Be aware of the payment schedule

You must have a clear payment schedule depends on the type of project you are working on. You should decide how much you will be paid and when. When having small projects, you must send an invoice for the services you have provided. To ease your understanding, we have given you three invoice schedules to adopt:

Interim invoice

It tends to happen that many clients with small financial capability don’t want to pay at once and look for ways to save money when starting a business. They ask for the payments to be segmented into small installments at particular billing intervals. These intervals are usually based on the elapsed time or when some parts of a project are done. At the end of the project, clients often ask for a final invoice summarising all the previous billing details.

Final invoice

To outline the overall project work, you can send a final invoice at the end of the project that’s been completed ensuring that you have also sent interim invoices. Details must be mentioned, if those interim invoices have been paid, and you should make a list of the pending final amount. Despite being fully paid, it’s a good practice to send a final invoice clearing all the dues. All these are managed very conveniently and systematically when you go for the best invoice software for small business.

Recurring invoice

Recurring invoice is the ideal strategy to adopt, as it ensures that you have a healthy cash flow. You can have a recurring invoice automatically-generated with the best invoice software for small business if working with the same clients for long, and it will automatically bill the expected payment schedule. Having so, you and your clients will come to terms with a billing interval (weekly or monthly), in which the bill will be generated automatically at the set interval. It will become a part of the client’s routine, thus making them pay on time and faster.

 

2. Use of Digital Payment System

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The invoicing software for small business offers online invoicing and payment collection which is mandatory for every business in this modern era. With this, invoices can be sent in the mail, and you can easily accept payment with the different payment gateways available with Invoicera.

Ultimately, it will save your time and money when it comes to billing your customers. Moreover, all is stored safely on a single platform, not requiring any files.

 

3. Not Using Papers for Invoicing

Online Invoicing is the ideal way to keep invoices safe. It’s advised to go for the best invoice software for small businesses to get it done quickly. This invoice management software will allow you to run your whole business and have a healthy cash flow. There are innumerable famous invoices tools like Invoicera, which can help you manage your business invoices. Therefore, you should choose one after thorough research as per your specific business needs and budget.

Moreover, paper invoices are not only a headache for you, but they are also a nuisance for your customers. It’s almost impossible to properly keep track of all the details like we have sent the invoice or not, or the bill has been paid or not when banking on papers. Therefore, you must choose the paperless invoicing.

 

4. Not paying attention to delays

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The manual process is prone to human error hence avoiding some mistakes can help them get paid faster. Two most common ones are given below:

They must be clear on the terms

It is ethical to lay down your terms and conditions well in advance in order to avoid any conflict in the future. These include the payment intervals, the projected budget, and any other clause protecting it. You must ensure that your clients sign the agreement to allow them to have a physical copy to avoid any issue.

Always contact the right person

Whenever you work for a client, you must make sure that you know very well who will pay your bills. Many times, the person you are in contact with can’t access the funds of the company. In such cases, troubles emerge, so you must send the invoice to the authorized person to ward off unnecessary delays or confusion.

 

5. Handling the sent invoices

Sometimes, you need to make changes in the invoices sent already. For this purpose, Invoicera, known as the best invoice software for small business, can help you very well with managing those invoices sent before. And, you can make the changes required in the current time by using the software.

 

Let’s wrap up

Invoicing and billing process has to be easy. It’s a widely-known fact that some clients will always have more problems than others, but you should adopt a problem-solving strategy, which hits the right target. Having said all this, we advise you to use the above-mentioned strategies to manage the bills of your small businesses.

The finest way to manage is to be dependent on modern billing software for a small business like Invoicera. This robust invoice management software helps its users lessen the payment cycle duration and get paid quickly.

Moreover, this software keeps track of each and every invoice and penny pending from the client’s side and analyze the detailed financial reports at lightning speed. Having so, you will be able to have a clear idea of the status of your clients regarding payments, thus having a strong and pleasant relationship with them by using an efficient small business billing system.

 

Small Business Billing Software

CELEBRATE INDEPENDENCE DAY WITH INVOICERA- MEGA DISCOUNTS

 

73rd year of independence and constant growth! Team Invoicera feels proud to wish everyone a very Happy Independence Day.

This year of independence has brought in an opportunity of growth and development in every sector, giving businesses an all-round growth and tremendous profits and visibility in global markets.

 

Invoicera is happy to be associated with businesses around the globe and share the moment of joy with all. The journey of making invoicing smooth started 14 years back and has come a long way. We’re delighted to be working in the global market peacefully and creating happy relationships.

 

On the occasion of 73rd Independence Day, Invoicera offers a major discount on all its plans. STEAL THE DEAL with FLAT 25% OFF on all paid plans, Valid only till 25th August 2019.

 

Do not forget to add COUPON CODE- FREEDOM25 to avail major discounts.

 

 

 

 

Benefits of Online Billing Solutions For Business Owners

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In this digitally-powered century, convenience has come with challenges, as the world has become much more complicated these days. Running a business online makes easier for us to get customers without being affected by geographical boundaries, but a flood of business competitors have converted this ease into a headache. There are many factors to be kept in mind when having a business, the most predominant one is cash flow. For healthy cash flow, it’s wise to be dependent on online billing solutions, as such online billing software can automatically generate and send invoices with lightning speed.

As per the US Bureau of Labour Statistics, around 20% of startups fail before completing the second year. It’s all because they are unable to manage their financial system, thus having a poor cash flow, leading to the closure of the business.

 

Let’s have a closer look at the most striking things of modern technology, including the Internet, that have made changed our lives dramatically:

1. We can have a financial transaction from home, without visiting the bank.

2. We can buy any product and service online.

3. We can enlarge our business and have customers from any part of the world.

4. We, as a businessman, can manage our relations with our customers and clients very well and conveniently by means of billing, email marketing, grievance solution, and the like.

The biggest advantage a company can have is that it can stay in touch with its customers, no matter how far they are. It applies to both the customer and the company.

It’s not compulsory for an employee to be limited to only their desk and chair to work. One such service that a business can benefit from is online billing software. It can help the company with the management of all its billing transaction including VAT invoices by means of the website. There are innumerable organizations or firms that provide high-quality online billing systems to fulfill each and every requirement that a businessman has. To understand it properly, keep reading below.

Benefits of Online Billing Solutions:

Taking this fact into account that there are many kinds of service providers who can provide us with top-quality, secure, and trustworthy online invoicing solution systems that can bring positive changes to the business. Some of them are:

1. Easy Accessibility

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Due to the emergence of advanced technology like the Internet and cloud computing, businesses can easily access the necessary details of a customer for the purpose of using billing software online without getting into confidential information details.

Doing so, businesses can know their customers much and prepare to give them what they truly expect from their products and services.

 

Let’s have it clearly with an example:

The only thing a businessman need is a personal computer or smartphone and Internet access.

Having these two things together, they can easily see the details related to the various services given to the clients and needed to be billed. This accessibility ensures that businesses can be up-to-date and precise to fulfill the expectations of their customers much better.

 

2. Easy Understanding of Data

Web billing software systems help business owners to manage their clients’ data better. They can see their customers’ data in the form of charts and graphs, which enhance the understanding clearly and can be generated with the help of online billing solutions.

No account department employee has to deal with a large number of papers and copies to ensure that how much a particular customer has been billed thus far or the billing patterns in the last few months.

Online billings makes easier for business owners to analyze the data to use the information in any other way, and customers can do so too.

 

3. Saving of Many Things

A web-based billing system comes up as a boon when it comes to saving. The things an organization can save when using online billing solutions are:

  • Papers
  • Storage space
  • Accounting employee
  • Time consumed in generating bills and mailing them
  • Less carbon footprint

 

The money saved by all this can be invested in something else, which will help the business touch the sky. Moreover, if you are financially stable, then you can benefit from innumerable opportunities coming to you, thus you will take your business to the next level.

 

4. Better Security

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Web-based billing solution tools are widely-known for providing their users with better security. When a company uses such advanced online billing solutions, then the company is assured that if its local computers crash, then its customer data related to billing or anything necessary will remain safe.

Furthermore, your customers and company staff can be free from the headache of data theft. Developers make such online billing solutions with the latest and hi-tech technology, coming with unquestionable security features.

If hackers try to steal the precious and confidential information related to your customers’ details, then you will be able to prevent them and get them behind the bars by easily tracking them by using modern web-based billing software systems.

 

| Must Read: 8 Invoicing Etiquettes That Every Small Business Owners Should Follow

 

Conclusion

The purpose of writing this blog is to make you aware of the benefits of online billing solutions that make it easier for a business to grow and reach its intended destination. The points discussed to facilitate your understanding are better security, saving of many things like paper, time, etc, easy data interpretation, and last but not least easy accessibility for you and your customers to reach each other.

 

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Why Are 28% of IT Firms Unable To Manage Expenses?

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The horizon for IT Firms is expanding. The market started with the US $2018.9 billion in 2014 and rose to $2199.3 billion in 2015. Seeing the growth graph it is predicted to grow $2,461.1 billion by the end of 2019.

With such a tremendous amount of increase in the sector, firms are booming with business and cashflow.  The vast growth and enhancement require a high amount of investment and expenses.

The day to day functioning of the firm requires major and minor expenses to operate projects and tasks. Such expenses are nothing but, your company’s investment in a particular project. Therefore, exactly calculating every expense that you make is important to manage expenses properly.

But, it is not as easy as it may sound. Expense management is crucial and businesses tend to face many challenges on a daily basis.

 

Here is a list of all the challenges IT Firms face mostly on a daily basis for expense management: 

 

Calculating Project Bound Hours Spent:

“Time is money!” Correctly quoted, the time you spend on a project is an expenditure and well as an investment that needs to be managed precisely to yield maximum ROI. Most of the IT Firms work on the format of calculating project hours to bill clients. The projects are long and need dedicated employees. Therefore, making sure you’re able to manage your expenses well and convert them into ROI opt for a time and billing software for consultants. The same software helps you manage your invoices and works as an online expense management system, too.

 

Project Inventory Cost Management & Calculations:

The process of project completion and delivery requires a lot of inventory and subsequent purchases. Such purchases happen with time and are not invoiced to clients straight away. This makes them prone to getting missed or skipped leading to levying unnecessary cost burden on the company and increasing accounts payables.

The best a company can do is automatically track expenses with expense management software, record them in the client’s project section and later on add them into their invoices. The complications are now solved in merely three-steps with a billing & expense tracking software for consultants.

 

Travel Cost Management:

 

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Meeting and travels are a part of client & project management. Your representatives and consultants travel time to time for meetings and consultations to clients’ offices. The time, efforts and money you’re investing in such meetings should be calculated as they are liable for ROI.

Travel costs are one of the major sectors of expenses for any company. Their reimbursement and calculations are the most complicated and tedious. Most companies and employees struggle to settle down travel expenses.

Easy management of travel expenses can be sorted by the means of online expense tracker software for consultants. You can easily ask employees to fill in their expenses in the dashboard available online, track and review them, and finally make the payments. Expense management was never so easy, trust us!

 

Manual Data Entry Errors and Corrections:

Expense management in itself is one of the most tedious tasks any accountant or management of the company requires to manage. Errors and mistakes simply add to the already existing difficulties of it.

Humans are prone to errors and we cannot defy it. No matter how practiced of times we do the same task, we can never be sure of not committing a mistake.

Manual data entry is one such example where most mistakes are committed. But, creating mistakes in matters directly related to the company’s finances and expenses can hamper its balance sheet and cash flow.

How about automating expense tracking and recording for efficient management of finances? Online expenses software for consultants enables you to automatically fill data, precisely for minimal errors and better efficiency.

 

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Lack of Spend Control:

A lot has been discussed how software helps you with better management of expenses and recordings. Now, here is one of the most common errors most of us make that cannot be handled by any invoice or expense tracking software- Lack of spend control!

Many times we’re unable to calculate how much we need to spend? The difference between over and under-spending still needs to be understood. And, the lessons of spending right needs to be learned.

Sit back and decide, how much can you save? Or, what is the right spend to get the best results that do not compromise on quality?

Such answers are not difficult, they just need efficient decision making.

Make clear policies and communicate them within your employees as well to stop unnecessary spending. Controlling and tracking expenses is the key to efficient expense management! You should be aware of how to predict expense for accurate finance forecasting 

 

Wrapping Up: 

The above-written challenges are some of the most commonly faced challenges consultants are facing in their day to day expense management. We conducted a mild survey with a few of our clients and found these to be the most happened obstacles in their functioning in the past.

A consultant billing software with expense tracker and management eradicated these errors and ensured a smooth functioning for them.

“We earn more ROI on projects, now.” says one of our clients, while the others are happy to have easier processes and analysis.

Expense management is important, it balances your AR & AP and ensures your company yields better results.

 

Hope you had a great & insightful read!

Read more tips on expense management in our other corresponding blogs.

 

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Importance of Multiple Businesses Invoicing Software

 

No matter what kind of business or self-employed profession you are into, whether you are a freelancer, e-commerce business, online retailer or providing any kind of service online, the present marketplace is highly competitive and bring new customers and retaining them is the utmost priority for any kind of business.

So, when it comes to running a successful business, you must look for avenues to save time and money. Therefore, taking advantage of a smart online invoice management software could be a nice way to scaling your entire billing models.

According to the statistic of Gartner Research, automation of accounts-payable invoices helps achieve a larger return of investment when compared to other technology.

According to research done by Ardent Group, organizations can reduce up to 70% of the invoicing cost through automation.

Scaling your business may sound impossible, but it’s actually doable if you follow a smart approach by starting with your billing system.

How about using a  smart and efficient invoice management software which can produce an invoice, along with keeping track of all the important financial information.

 

So, let’s take a look at how a good invoice management software could be a great help for your business:

 

Makes Things Fast and Simple:

What kind of method are you using right at the moment to make an invoice? Either you use a spreadsheet or log into an invoice template website to generate an invoice and spend 10-20 minutes filling up the essential details.

When it comes to creating a large number invoices at a time, it becomes a lengthy and time-consuming project.

An online invoice management software allows you to save all client’s information in the cloud. All you have to do is log in to the system, select the client whom you want to send the invoice to, input the amount of time or product, select data and send it to the client.

 

Allows To Manage Subscription Billing In A Very Efficient Manner:

 

multiple business invoicing

 

Businesses that run subscription-based services, know how much crucial it is to keep the entire billing and invoicing process efficient and well managed. With cloud-based invoice management, you will be easily able to manage your subscription services which are billed on a recurring basis. Additionally, it helps you manage free trials, discounts, refunds, on-off transactions, etc.

 

Have The Advantage Of Cloud System:

With the cloud, you can always stay away from the chance of losing data. No matter if your system crashes, email fails, your data is always safe.

Every information is automatically saved and stored online. You just need to login and start billing your clients.

 

Support Usage Based Billing For IoT:

As more and more companies roll out IoT, so there must be a need for monetizing these services. With efficient billing software, your business will be able to handle all the usage and subscription-based billing.

 

Reduced Administration:

Effectively managing cash flow means automating your invoicing process and effectively reducing the administration overhead. Fast and automated invoice management software reduces the margin of error compared to the manually processed invoice from scratch. This can also help you save a major portion of your time so that you can use that time for doing other crucial tasks of your business.

 

Minimizing Errors:

A smart invoice management software compiles all the quotes and costs and, generate invoice from these data. Since the entire process is automated, it leaves no room for making errors.

 

Automation:

One of the best advantages of using invoice management software development is it allows you to make the entire process of invoicing automated. Apart from recurring payment from long term clients on time and, establishing a subscription-based model, you can also use it for sending reminders for upcoming payment or past due payment. Doing these tasks manually takes a significant amount of time. This software keeps you away from the frustration chasing down the due payments.

 

Builds Brand Identity:

Cloud-Based invoice management helps you reinforce brand identity. You can add your logo, color schemes and fonts that goes perfect with the voice of your brand.

If you can incorporate the brand identity to your invoice building system, it will definitely increase the chance of getting paid on time.

You can also use personalized messages like “Thank You”, “Pleasure to have business with you” on your invoice. It may seem a little trivial but, these messages can seriously enhance the image of your brand.

 

You Can Deal With Many Currencies and Languages:

With the advancement of technology, we all have become a global citizen. A web development agency from India can bill their clients in the US. This is the reason most of the cloud-based invoice management software products allow their users to select any language and currency. The cloud invoice and payment making tools have made it easier for businesses entering the global marketplace.

 

Simpler Auditing Option:

Your estimates, expenses, invoice receipts all are saved on the dashboard of your cloud invoicing software so that you can manage and audit different accounts from the same dashboard. Online invoice management tool like Invoicera allows users to add multiple businesses in the same account under a dedicated dashboard for each.

When it comes to the analysis of a financial process, the dashboard of an invoice management system can actually make things easier for you.

 

Finally, It’s Environment-Friendly:

Did you know that on average digital invoicing is four times more environment-friendly than paper-based invoice system? Digitalization saves trees so, at the end of the day you are reducing the pollution.

These are just some of the many ways that efficient billing and invoice management website solution can improve the efficiency of your business in a  significant manner.

 

 

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