Do you know about the Invoice Management Guide for business? Invoice management is the most tedious job if answered honestly. Handling a huge number of invoices and generating small business financial statements without any errors and delays seem an impossible job, respective of the nature and size of the business.
84% of businesses have called invoice management a burden just because of its exhaustive nature. Regardless of this, no business can dare to overlook this operational aspect. It is a pivotal part of regular operations that demands the utmost diligence and perfection possible to achieve using online billing software for enterprises.
In a modern business ecosystem, old-school practices hold no significance. Invoice management is more than manual entry and cross-checking. All these invoice management practices are not able to match up with the current pace of the advanced business environment.
Using the best accounting software for small businesses is the need of the hour. Here is a quick guide to an invoice management system that is able to match the modern business’s speed.
Invoice and Its Importance
An invoice is a document that represents a business deal. It includes the crucial details of a deal like the quantity of the purchased products and their details, the cost of the product purchased, and the terms of the sale. It is used to bring authentication in a deal and to verify whatever facts are mentioned.
It is crucial for maintaining records, tracking payments, and completing all the tax compliance. As the invoice is of such high significance, there is no scope for errors. Even small business financial statements should be accurate and updated.
Maintaining this is an uphill struggle. The use of the best accounting software for small businesses has automated multiple operational fronts and simplified the process.
In the next part of the article, we will try to understand how a modern business can obtain perfection in invoice management.
Invoice Management- A Need of the Hour
Whether you call it invoice processing or invoice management, it is the process of tracking and managing business invoices. It is a multi-approach method including jobs like receiving/sending the invoices from a third party, tracking them at multiple stages, verifying the details, finding out whether it is legitimate or not, payment to the supplier, and entering the invoice details in the records.
On the surface, all of this doesn’t sound complex. This is just a misconception. To ensure all these operational fronts are managed properly, a lot of manpower and long hours need to be invested.
A minor error in invoices will lead to a planet of double handling. Who has that much time?
In a modern business ecosystem, multiple challenges need to be addressed properly for effective invoice management.
For instance:
A larger client base leads to more errors. Businesses are having a tough time handling more than 3 clients at a time.
Enterprises are facing endless troubles in maintaining the cash flow because 65% of invoices become insignificant after 60 days of generation.
When invoice management is done on the cloud, the fear of online theft and data stealing is always haunting.
These challenges are big hurdles when streamlined invoice processing is the aim. This is where online billing software for enterprises comes to the rescue. A product of high-end AI and the latest technology, this business tool is here to eliminate all the hurdles and errors in the process of invoice management.
Here is a quick overview of how online billing software is changing the face of invoice management:
Fewer efforts and more output
By automating mundane invoice management jobs, this piece of technology saves a huge deal of effort. More actions can be performed in less time, and the efficiency is further heightened when integrated into a robust utility bill payment system.
For instance, a business doesn’t have to always send an invoice at the end of the month to its client. The recurring billing feature will take care of it. Reminders can be sent and records will be updated automatically.
Savings on your way
Keep the tedious nature of invoice management aside and think about the money that you spend or invest in manual invoice management.
It is shocking to know but a single invoice can demand anything between $8 and $60. Yes, it’s true as there are multiple costs involved.
There is labor cost, storage cost, and maintenance cost. Locating a misplaced invoice is more pocket-pinching. The cost involved in this job can go as high as $200. All these costs can be reduced to a significant level once you start using the best accounting software for small businesses.
The digital invoices are easy to process and maintain. There is zero labor cost as data will be auto-stored and updated.
Error-free invoice management
The larger would be the business, the more would be the data entry tasks. And, the more data entry jobs, the higher the odds of errors. No matter how much attention an account payable team pays to this aspect, human errors are bound to occur when data is manually entered.
But, can any business afford errors in small business financial statements?
No. With online billing software for enterprises, trimming down the errors and increasing accuracy is an achievable job as everything from capturing the payment details to processing is automated.
Not only this, the reporting feature of the best accounting software for enterprises will generate monthly, quarterly, or even yearly reports in the blink of an eye without any errors.
Usable and easy-to-access archives
Who says the invoice is for one-time use? They are the lifeblood of a business and need to be recorded for future purposes. Paper-based archives are hard to manage and can’t be available instantly. One has to dig out a whole pile of papers and files to find out one particular record.
With online billing software, you can access a decade-long invoice with a single click. Archives, saved in digital format, are easy to access and manage.
Concluding Words
Invoice management is one thing that is neither pleasing nor secondary. It is a crucial operation that demands utmost accuracy. The challenges are many and online billing software is the only viable means to combat them. By automating the process at multiple stages, this tool offers the ultimate peace of mind. Try it once and you will figure out its power.
