What you will learn?
Why is invoicing important?
What are the most common invoicing problems?
How can an invoicing software make your invoicing life easier?
Most customers delay payments two weeks past the deadline according to a study by Xero. Delayed payments is the most common invoicing problem. But it isn’t the only one.
For most businesses, invoicing entails spending hours searching for the right invoice template and manually entering data. And manual data entry often leads to mistakes. Not getting your invoice right means not only further delaying your payment but also leaving a disdainful impression on your client.
Handling invoices using an invoicing software is the gateway to reducing delayed payments and invoice creation time.
An invoicing software not only improves efficiency but also lets you design your invoices.
Below is a list of common invoicing problems that are taken care of by a software.
Problem: Creating invoices is a time-consuming process
From finding templates to manually entering data—invoicing takes time. You either have to devote yourself to this task or have an employee do it. Either way, it divests energy spent towards other important tasks.
Solution: Automate Invoices
A software digitalizes your entire financial database. This means before you can even begin your invoicing, you would have already fed the details of all your products and customers.
Having pre-fed data, you can create invoices in mere clicks and automate regular invoices.
Create Unlimited Invoices
If you’re selling the same product to multiple customers, you can get done with your invoicing all at once.
You can set invoices on repeat for regular customers. This will help you strengthen your
Invoices to regular customers can be automated ensuring your invoice is always sent on time. This can help you get paid faster and strengthen the relationship with your customers.
Problem: Making invoice errors
Invoicing errors are more common than you think. With 550 billion non-digital invoices being sent out, errors are bound to occur. It is painful for a customer to see a typo on an invoice. It is even more painful knowing your payment will take another delay.
Solution: Digital invoices
Creating digital invoices leaves little room for error. The invoice details are already stored. Creating an invoice becomes an instant process. This gives ample time for a quick review. Even if the invoice has an error, you can disapprove it in your invoicing records.
Problem: Uploading Invoice Details
Using excel spreadsheets or finding an online invoice creator will entail adding tedious details to each invoice. Apart from the probability of making a mistake, manually undertaking this task is demanding. It slows down business efficiency.
Solution: Creating product and customer database
Automated categorization is one of the most rewarding features of an invoicing software. It allows you to create a database of all clientele and product details. You can even create your own categories to store details.
At invoicing time, your task is reduced to clicking on the right customer or product. The details fill themselves.
Problem: Finding invoice templates
Finding a suitable invoice template online is not easy. Most people feel lost and confused surfacing the innumerable options available online. And even after finding one, it is frustrating to customize it to your needs.
Solution: Pre-installed templates in a software
Surfing the web is redundant when choosing a template with a software. You have pre-installed options available. A software goes a step further by allowing you to upload your own templates. And the best part is you can customize them to your liking. This means if you want to add specific details for a customer, you have all the freedom to do so.
Professional invoices is a crucial metric of brand outlook. Designing invoices should not be taken lightly. A software is equipped with templates suited for professional businesses.
Problem: Getting paid on time
Customers not respecting payment deadlines is a universal circumstances in the business world. You as a business cannot afford to complain. You can to work around this without badgering customers.
Solution: Sending Auto payment reminders
Auto-reminders is the golden solution to delayed payments. It remains within the bounds of professionalism while at the same time instilling urgency in the customer to pay up.
A software lets you draft the exact message you want to send to customers. You can choose the frequency and timing of the payment reminder. This means if a customer delays a payment by one week, you can choose to send the reminder every third day after the first week.
Invoicing can lead to a wormhole of problems. A software dives into that wormhole and tackles the root of the problem: It integrates invoicing with your bookkeeping. Invoicing ceases to be a disparate process—it becomes faster, easier, and smarter.