In today’s world, the truth remains that when someone owes someone else money, they’re not just going to pay that money back themselves. The truth is that if no one tracks down that payment, it canbe forgotten — this is especially true for smaller business owners. Collaborative services like Payconiq offer reliable invoicing and billing solutions that help to streamline the billing process, giving customers more options for receiving and sending payments.

Here are just a few reasons why business owners should consider using reliable online and offline invoice services.

The Future of Billing is in E-Invoicing

For business owners, the collection of payments for products or services is a part of standard operations. Because of this, it’s only natural to send out an invoice. In the past few years, however, various businesses have begun switching over from paper invoices to their digital counterpart.

According to recent statistics, it was found that around 24% of invoices (specifically B2B and B2G) in Europe were sent electronically, compared to 6% in 2004. While this does not include B2C transactions, it does nonetheless indicate a significant rise in the usage of e-invoices.

Electronic invoicing is the digital solution used by many businesses. These are known to improve the payment process, allowing for maximum efficiency.

When it comes to the content of an e-invoice and the traditional paper invoice, there isn’t much of a difference. The exact same details that are recorded into a paper invoice — such as the delivery address, customer name, pricing, and a description — will be the same as one that was made online. Thus, for record-keeping purposes, e-invoices are considered just as useful.

It’s Much More Than Sending a Bill

Many accounting systems, along with a few billing systems, allow for order entry, where an employee can input and record the services or items which they want to bill. Many accounting systems will integrate sales with inventory so that they can define the price for each item or service. When using a simple billing system, an employee can create a description, calculate taxes, and assign prices.

Creating the bill is another handy tool that comes with online invoices — many billing apps, as well as subsystems, allow the user to create a bill through mobile apps. This is a smart feature to have for businesses that want to give out bills immediately after a service has been provided. For many users, the ability to email an invoice or bill is a highly valued feature, as it will allow them to automatically create bills for recurring charges.

Nowadays, there are also more advanced capabilities. Some of these include pop-up timers if a business bills by the hour, and the ability to operate with multiple currencies for businesses that operate across country borders. However, it is best to keep in mind that invoicing and billing apps will have a different target audience from those looking for expense tracking software.

Allows to Track Cash Flow

It’s also important to consider how a business will get paid when looking for the right billing software. For years, businesses have accepted checks or cash as the only modes of payment, especially for small businesses. Today, this is far from reality. Credit cards are a must-have option for payment, even for a small business.

As a result, billing platforms now incorporate the capability to accept credit cards. Unfortunately, there are charges associated with it, and will usually be a monthly or per-transaction fee or a percentage of the transaction. Businesses will need to carefully read the fine print regarding these charges since they can be charged on top of the percentage fee.

Even with these charges, having access to this kind of payment is well worth the money most of the time.

Provides the Capability to Create Reports

Great online and offline invoicing software will provide you with the capability to generate reports. For most users, and especially for start-up companies, there won’t be a need for many reports. However, businesses should know which bills are past due and how long they have been this way.

A company should also have the ability to send past due notices and reminders to their customers whenever necessary. Furthermore, businesses should keep track of their revenue flow. This will help them effectively manage their cash flow — which is the main reason why they may be using an invoicing app in the first place.

It’s not enough to simply have software that will provide online and offline invoicing capabilities. Businesses and companies need to invest in a solution that will answer all their needs, as well as provide support as the business grows. As such, software that can create reports and provide some form of analytics is the best choice.

The COVID-19 pandemic placed immense pressure on companies and consumers financially, unstable cash flow has prompted the need for better and innovative business solutions. Fortunately, Payconiq has provided transparent and accountable software that allows businesses and their customers to complete transactions in a collaborative environment. Because of this, there are now more ways to implement cashless payments and better ways for merchants to sell and do business. Contact us today to find out more and set up a calendar appointment.

 

References

  1. https://fedpaymentsimprovement.org/wp-content/uploads/e-invoicing-white-paper.pdf
  2. https://www.accountingtools.com/articles/2017/5/9/order-entry