The invoicing process of a company is one of its most important tasks, as it is the systematic, professional and appropriate way to ask customers/clients for payments and bring cash to the company. Therefore, it deserves your utmost attention.
Even a single mistake, usually in manual invoicing, like errors in bills, non-addition of billable amounts, improper customers’ address, unclear records of the services or products provided, or forgetting to include a discount, offers, or late fee charges can lead to erroneous payments from your customers.
So, how to make flawless invoices?
You can make flawless and accurate bills by investing in a custom invoice workflow software. It will automate your whole billing process. And, the benefits of automated billing process will be clear to you with the following statistics:
- Your invoice processing costs will be 91% less.
- Your billing processing time will be 46% shorter.
- You will receive late payments will decrease by 12%.
- Your staff will take 30% less time to respond to inquiries.
To get such advantages, all you have to do is to feed the custom billing workflow software with the necessary details like customers’ addresses, previous transaction records, usage details, and the like used in preparing invoices.
Moreover, for your better understanding, here’s how custom invoice workflow can help you make flawless invoices.
1. Involving your entire project team
The resources a project consumed must be known and mentioned as a billable amount in the bill. Therefore, how much time, how much money, and other variables a project took can be exactly told by those who worked on that project.
Custom invoice approval software allows such employees to check and approve the invoice so that no billable amount is missed and upon approval from everybody, the invoice is automatically sent to the customer.
So, having such an efficient invoice approval system means you will earn a better ROI on every single penny for the resources that the project consumed.
2. It eases your Accountants’ burden
After setting up an electronic invoice approval process, your accountant will not have to go again and again to every employee who worked on a project, as such employees can log in to the system to share their project expenses with the accountant.
It saves a great deal of time and effort, and your accountant gets rid of unwanted and unnecessary burdens like making a draft first, taking it to such employees, asking them for the project details, making changes in the rough bill, and so on.
When free from unnecessary workload, they become more productive, and the atmosphere of your workplace will have an air of peace, goodwill, and comfort.
Let’s have a quick view of this blog over a video
| Like & Subscribe our channel for more insightful videos
3. It keeps track of all transaction details
Apart from including every employee worked on a project to add every billable amount, this custom billing workflow software also keeps tabs on the usage of services, time, pending payments, particular package prices, the number of products, and the like and add them to the bill accordingly.
Doing so, it leaves no room for confusion and potential conflicts between you and your customers, as everything is transparent.
4. Addition of late fees and discounts to invoices
Modern invoice approval workflow software automatically adds late fee charges or reduces the discounted amount from the bill.
On the other hand, manual invoicing often leads to bills without taking such considerations into account, which means less or more payment from your customers due to incorrect bills. Such mistakes either leave your customers miffed with you or make hamper cash flow, thus spoiling your cash flow management.
Therefore, going for a custom invoice workflow system is a wise course of action here.
5. Easily customizable to automate your company’s invoice-making process
You must remember that different companies have a different way of preparing bills like:
- Making a draft bill first, send it for approval, having received approval, send it to customers.
- Assigning different tasks to every member of the accounting department to make bills, receive draft forms, edit them, and send the final version of bills to the account department head for approval.
- The accountant goes to every employee who worked on a particular project to know the resources spent and put that on paper in the form of a final bill.
The three ways of invoicing process given above are the usual way of making bills when manually done. Such billing process consumes a great deal of time, effort, money (spent on papers). Despite that, the issues mentioned at the beginning make their own place in invoices, resulting in poor cash flow.
And, if your company has its own invoicing process like any of the three points given above, then you can easily customize the system to automatically to get all done, which means saving time and effort.
All your employees who have worked on a particular project (as mentioned above) can sign in and let the accounting department know all details related to the expenses on the project so that an accurate bill with all billable amounts can be generated and sent to the customer automatically.
Read About: Steps to A Faster Invoice Approval Process
Your clear understanding of how custom invoice workflow software can help you make flawless invoices is our intended goal. And, we also told you how it can benefit you with stats.
We told you that the custom invoice approval system can involve all employees who have worked on a particular project to share the billable amount details, be customized as per your company’s invoice process, keep tabs on all transaction details, and the likes.
In a nutshell, investing in a custom invoice workflow system will not go futile, as you will be able to save money, time, and effort, which can be given to something feasible.