Time and money are vital resources for the small company. For instance, invoicing is an essential aspect of any business. Nowadays, small companies are the marketplace for competitive benefits. Every company wants to attract and retain their clients to grow further their business. Therefore, time and money are essential in any companies. These two components increase productivity and convenience. Long ago, small companies were relying on the paper invoice and were doing it manually. With the rise of technology, nowadays there is the online invoicing system. Getting software for invoicing is a convenient solution for a small company. Today there is cloud-based technology that offers the invoicing system as a SaaS at affordable prices.
What is online invoicing?
Online invoicing is a tool to consider for improving the workflow. It is a method of accounting for small companies. Using such a system will save time, money and increase productivity. Cash flow and keeping track of revenue are significant concerns for any company. The success of any business relies on the proper use of funds. Cloud-based technology offers invoicing software. The online storage space adds an element of security for processing the invoice. It also keeps records of tax and other documents.
Top advantages of online invoicing for a small company
Online invoicing forms part of the online payments method. Online payment is secure as any other payment methods. For any financial institutions, processing payments require significant resources and effort to cater for security. This is because of the volume of transactions under process. Online invoicing offers security facilities against loss and fraud.
2. Save cost and time
With the use of paper invoicing, preparing and processing the invoice take up more time. This invoicing requires administrative time and effort along with postal costs. However, with online invoicing, it is the software that will do the work. Within a few clicks, the invoice is processed fast.
3. Access to data anytime and anywhere
Online invoicing allows access to information at any time and anywhere. Compared to paper-based invoicing, looking for a specific invoice is time-consuming and sometimes very stressful. The online system enables management of clients’ information. All invoices are stored and easily available whenever needed.
4. Offer cloud-based storage
Moreover, getting online invoicing as a SaaS from cloud technology, it offers secured storage space. The software prevents the loss of data even if the computer crashes or there is a network problem. Every data will be automatically stored in an online space acquired by the company. The data remains in the cloud for eternity and are easily accessible.
5. Allow auditing
All companies perform financial transactions every day. Auditing is done to look for bankruptcy and frauds within the company. The online invoicing system keeps records of all invoices, expenses, estimates and financial reports. The system provides detailed analysis to auditors and fast. Unlike paper invoicing, this process would have been difficult. Looking for specific information would have been time-consuming.
6. Automate tasks
Furthermore, preparing an invoice takes lots of time because the same information is entered over and over again. Hence, online invoicing is of great advantage. Once information is saved in the system, it is saved for a lifetime. This is the power of automation in online invoicing. The system establishes a subscription model for customers. Tasks are automated, and payment reminders are set up for clients. This feature saves lots of precious time.
7. Fewer errors
Processing invoices on paper lead to errors. Similarly, sending an invoice by mail results in loss of the document or delays in sending the email. There is a limited way of doing a follow-up. With the incorrect amount and wrong information, time is lost to amend the situation. Such errors occur in paper-based invoicing. However, online invoicing is simple and less prone to errors.
8. Instant invoice delivery
On a good note, with online invoicing, invoices are delivered instantly. The system offers time tracking facilities where it is always easy to track delivery of invoices. Compared to paper invoicing which requires postage, invoices are delay in processing. It takes matters of seconds to create and submit an invoice with the online system. Such software process invoices rapidly and receiving payment is faster.