Improve your cash flow with online invoicing
When payments are late, it can have a disastrous impact on your cash flow. There’s usually not a great deal of surplus cash lying around to tie your business over in the period between delivering services or goods and receiving payment.
It’s a simple fact that the faster your invoices are paid, the better for your business. Online invoicing allows small business owners to spend less time chasing debts and encourages faster payments from clients.
Encourage fast payment
Statistics suggest that small businesses which utilise online invoicing systems actually get paid around 30% faster than the businesses which don’t. Online invoicing can deliver payment requests instantly and makes the payment process simple for your client.
Payments can be requested immediately and options like payment by credit card or PayPal encourages a quick transaction. The mobile capabilities available with online invoicing also means your clients can pay anywhere and anytime.
One of the smartest ways to streamline and speed up your invoicing process is to use online invoicing software that can automate your routine and repetitive invoicing tasks.
With online invoicing software, it’s easy to set up scheduled invoicing to automatically send out invoices at specified dates and times, and then to follow up with automatic recurring reminders.
By saving on administrative time and reducing paperwork, businesses become more organised and efficient. Online invoicing allows you to archive and store invoices electronically instead of wasting time printing and filing.
Tracking and visibility
Online invoicing gives you much more control over your receivables, and a much more comprehensive overview of your business’s financial situation. You can track invoice status in real time, and can view when customers have received, opened and paid their invoices.
Being able to track invoice activity means that when clients haven’t paid, you can easily see this and can mitigate cash flow problems by acting early.
Ease of access
You can access your invoicing system anywhere, not having to wait until you are back in the office – simply access and send invoices from wherever you have an internet connection.
Many online invoicing software packages have complementary apps and add-ons, allowing you to send invoices from your mobile or tablet. This is especially useful if you are out visiting clients and allows you to invoice on the spot.
Online invoicing can integrate with your account software, eliminating the need for tedious doubling up of data entry, saving you the time required to re-enter invoicing data into the accounts at the end of the day.
Your clients expect you to provide products and services quickly and efficiently so it’s only fair they pay you promptly too. Online invoicing systems allow you to streamline the process of running a business and gives you a faster, more efficient way to get your bills paid. Eliminating many of the delays and barriers to payment will undoubtedly improve your cash flow and leave you more time to focus on your business.