Believe it or not, it’s still not uncommon for freelancers and major businesses to invoice their services via snail mail and a piece of paper. Even though it’s inefficient and slow, it happens.
In today’s competitive — and quick — marketplace, generating invoices online is the most competitive way of doing business.
Let’s Start With the Obvious Answers
Online invoicing reduces costs. There’s no paper, no envelopes and no stamps. It saves times. There’s no paper, no envelopes and no stamps. I think you get the picture.
Online invoicing also allows for more organization. Depending on what type of software is used to send the invoice, it’ll like track what type of service is being invoiced, the date and other data around it, allowing the business owner to search for past invoices.
But Wait, There’s More
Most updated invoicing software is cloud-based, meaning it can be accessed from anywhere. In a business world that doesn’t have office wall barriers, this is huge.
That technology extends to several great features, including read receipts, reminders and a big one for some folks: spell check and other checkers. Technology today can make sure all numbers add up, spelling is correct and when invoices are paid on time.
What does this come down to?
In the end, everything is about efficiency.
“It takes time to create the invoice, and for it to reach the customer — assuming it doesn’t get lost in the mail. It also takes time for the customer to process it and most importantly, pay the invoice.” According to Xero’s small business guide on online invoicing. “Online, or ‘e-invoicing’ solves those problems, making it fast and easy to send out invoices and track them.”
What Else Can I Do With E-Invoicing?
Here are some quick hits:
- You can schedule invoices: If a business has reoccurring invoices, setting up a schedule is a huge time-saver.
- Instant payment statuses: Hate waiting for an invoice to be paid? Technology allows for a small business owner to track invoices live. Once they’re paid, an alert can be setup to notify the business owner.
- Analytics: As your business will grow, you’ll want to know who pays on time and who doesn’t. Reports can red-flag bad payers, allowing you make a decision of doing work for that person or company before committing.
That’s Great for the Business, What About My Clients?
Your small business just doesn’t benefit from online invoicing. Customers also realize the efficiency and time-saving benefits.
Clients can have reminders sent to them and have the ability to pay with different methods more smoothly.
Appearances are important too. Online invoicing allows a business to design custom invoices that are tailored to the business, and perhaps, the client.
Most importantly, clients are expecting an online invoicing method. Everything is cloud-based today, so should your invoicing. Don’t be behind. Be efficient.