For small and medium organization it is not much likely to spend much on hiring manpower for every small and big task. Managing invoices needs investment much time and manpower. And despite this investment, there always remains chance of mistakes. A right billing software may prove boon for such enterprises. It helps in managing invoices efficiently, saving time and money. It automizes invoice management process so that one may invest time in other small business management needs.
Atomization of Process: A good billing software automizes the whole process from opportunity conversion to leads, generate complex quotes, get e-signed approvals, trigger orders with delivery actions, collate costs and produce/dispatch invoices, then collect payment for revenue recognition with Finance.
Reduces Errors: An good billing software involves no need for manual collation of data from multiple systems, provides ready -made API’s make linking to third party systems easy, eliminates collation time and input errors, reduces invoice queries. It reduces the errors of manual process to a large extent.
Better Customer Relation: It helps in staying in regular touch with customers, avoids having anyone slip through the cracks and improves overall customer service also allows to easily manage all of customers and their accounts on computer, eliminates billing errors and ensures a solid relationship.
Enhance Payment Collection: In the manual way distributing bills is costly and time taking. Integration of all current payment methods allows customers to electronically pay Invoices, includes integration with the leading payment gateways, reduces time from lead to cash and improves cashflow.
Benefit: Billing software has the functionality to place minimum profit margin warnings on quotes, so one can stop sales teams processing unprofitable orders without management intervention.
Improve Accessibility: Earlier records of past invoices were typically stored away in a filing cabinet somewhere. If any disparity popped up, you had to go digging through the old paper records to sort out the problem. With digital billing software all the records of your transactions are easily accessible from your computer. Paid and owed invoices for each customer can be examined quickly and easily, making it faster than ever before to sort out any discrepancies or disputes
Integrates with other software: Online billing software integrates with other software to a necessary extend. The inventory management and the accounting software require integration as it helps in tracking the inventory level and to keep the account of the business. This way it makes it easier for you to run your business and all the work gets done at once without you having to go through every other software in your company to look for updates.