Billing and invoicing software have changed everything when it comes to running a successful business. In particular, it has changed everything in maintaining professional standards to create a delightful consumer experience.
In 2019, the size of the worldwide e-invoicing and enablement market amounted to EUR 4.3 billion. Research from Billentis predicts that it will hit approximately EUR 18 billion in 2025, further changing the way consumers and businesses complete transactions.
Online invoicing is a solution that effortlessly assists merchants in sending professional invoices to their clients. It entails various benefits, and if you’re asking how to improve the billing process, then you should consider acquiring one for your enterprise.
Here are just some tips on how to select the best software for invoicing:
1. Enumerate your pain points and obstacles
Investing in or touching up to a new billing and invoicing software is an affair you shouldn’t be taking lightly. The first step to choosing the next partner for your business is creating a list of your enterprise’s pain points and challenges that hamper the seamless execution of accounting tasks.
Once you’ve got that sorted, it’s time to begin your search.
2. Take your business size into account
If you’re just starting out, it’s better to invest on a billing and invoicing software for small business. If you’re an established enterprise looking to upgrade your current platform, then look for a billing and invoicing software that can accommodate your operations.
You should search for a software that resolves all, if not most, of your listed pain points without majorly disrupting your workflow. Focus on their available functionalities and narrow your options to a shortlist of the most useful systems.
3. Features for faster invoicing
Each paid invoice equates to more revenue coming into your small business. To make your organization appear professional and to cut down time spent in the billing and invoicing process, make sure that the software you acquire is equipped with easy-to-grasp and customizable invoice templates. It is important to have configurable invoice templates so that you can enhance your brand when you create an invoice.
Additionally, check if your platform also conveniently allows you to conjure PDF files and send invoices to your customers in a matter of seconds. There are so many reasons to switch to paperless invoices, and boosted productivity is but one of them.
4. Options for recurring invoicing
Another time-saving function offered by most online invoicing solutions is the power to store and reuse information for future invoices. Once you purchase a billing and invoicing platform, you can establish recurring invoices and preprogrammed credit card payments for repeat customers to promote productivity and stop chasing payments. Look through your chosen provider’s list of features for this function before sealing the deal.
5. Centralized hub
A key advantage of a billing and invoicing software is the centralized data, which can be accessed across the web anywhere from any device at any time. When looking for a platform for your billing and invoicing process, make sure that your software allows you to manage all your invoices in a single location.
If your software has a centralized management system, all your authorized team members can access necessary data without any hassle, which steers forward the mobility and availability of crucial company information.
6. Painless administration and reporting
The best software for invoicing will give you a versatile user interface that allows you to drag and drop features that fit your enterprise’s needs. It will also let you broaden your reporting capabilities so you can deliver the essential numbers demanded by business drivers.
Setting up tools for administration and reporting should be as easy as falling off a log. Automated processes are among the most sought-after accounting software trends. Various processes can be done with only a few clicks and leave out the option creating and running a custom code to modify your billing invoice.
7. Integrated approach
One of the vital components in eliminating stress during the billing and invoicing process is integration.
If your software is streamlined in a cloud-based solution, you are less likely to be preoccupied by data and contractual errors. You can also eradicate the tedious process of data migration along with the unnecessary administrative hours that go along with it, ensuring efficiency while boosting visibility and payment turnarounds.
Zion Market Research reports that the upsurge in the adoption of cloud-based billing and invoicing services is the primary factor driving the growth of the world e-invoicing market, since cloud computing plays an integral role in getting to the bottom of organizations’ inefficiency and propelling sustainable business growth.
As a bonus, your customer service will receive pragmatic returns and real-time account updates, which include bottom line balances and a timeline for the succeeding billing cycle.
Which billing and invoice software should I select?
Keeping your business needs in mind, it can be tough to choose the best software for invoicing.
In your selection process, ask yourself which features you need the most. If you are committed to your business or if you are thinking of ramping up, pick a robust invoice platform that can grow with you through the years. If you are just freelancing and don’t hand out more than a couple invoices per month, then pick a simple, reliable and affordable tool that can still solve your workflow’s hurdles.
Whatever you decide, we hope for the best outcomes as you organize your billing and invoicing process. You can also check out Docbrew to give your search a head start.