Best Invoicing Software Tricks & Tips to Help Your Business Become More Efficient
When you invest in invoicing software for your business, you must definitely maximize the various tools that come with it in order for your chosen solution to usher in greater organizational efficiency.
Get An Invoicing Software That Also Reduces Data Entry Load
Some solutions providers will pack in a whole lot more into your invoicing software package. The best invoice app allows you to even use smartphone grabs to extract vital data for accounting and bookkeeping purposes. Optical recognition tech picks out useful data from pictures of invoices, bills, and receipts. The tech also had the capability of extracting information from data-heavy bank statement PDFs and also from online sources.
Choose wisely to ensure you also get this benefit with your invoicing software package.
Opt For a Professional Invoice Format
With the help of invoicing software, you can zero in on a professional and standardized appearance for your invoices. Pick a look and feel and stick with it – logo placement and size, font and font size, overall format, and layout must be standardized in the same way as giants like Amazon and Flipkart give you very standardized invoices.
Ensure that your format includes all key details relating to you and your client including all contact information and order/delivery information.
Collect Additional Client Data
Invoicing software comes with a client dashboard. Collect client data that might not be absolutely vital but could be useful, such as alternate mobile numbers and email addresses, postal addresses, and any other details that might be useful to maintain a better relationship with your client. The software can send prompts automatically using the client dashboard, and can thus save you time.
Develop Sops for Checking Invoices
Invoicing software often comes with the best invoice apps to partner with the main desktop solution. This means that you can approve invoices at a click and on the go, and can even add additional approvers before your invoice goes to the client.
You can also get clarifications on specific data within an invoice using the in-app chat that comes with premier solutions providers like Dext.
Thorough vetting of invoices for accuracy and correctness is imperative to ensure quicker invoice turnaround and settlement, which in turn, is essential to sound cash flow.
Send Invoices Early or On Time According To Your Client’s SOPS
Invoicing software equips you with automatic invoice generation and alerts for when invoices are due. Be sure to action these – all you need to do is approve the invoice submitted to your client at the click of a button.
You can toggle your alerts to ensure that your invoices are sent to match your client’s bill processing cycle. If some of your clients prefer to receive invoices prior to the month’s end while others prefer to receive them only after the month/ service period is concluded, you can easily set alerts, reminders, and automated invoice generation dates accordingly. No more excuses for late invoices!
Include An Invoice Deadline
This becomes tremendously easier to achieve with a crisp and professional invoice format. Include an invoice deadline or a bay before the date in the invoice literature. Again this must be standardized across all invoices.
Although your client might already be aware of when payment is due, including a deadline on the actual invoice also lights a proverbial fire under the seats of others in your client’s office who might be involved in your payment process.
It also creates grounds for what we are about to discuss next..
Penalties And Discounts to Discourage Tardiness
Every professional has countless tasks begging for prioritization, but the fact of the matter is that the first to receive attention are the ones that cost hard capital.
Learn from your credit card company and include nominal penalties for late payment as well as discounts for early payment.
To make this work, however, your invoices must be delivered on time – as per the billing cycle agreed upon with your client – and must clearly mention the invoice deadline, penalties, and discounts applicable.
Get Volume Insights and Action Them
Because of the tremendous amounts of data running through your invoicing software, it can intelligently analyze the business flow from various clients.
Additionally, if you took our advice and are also using the software to input data related to expenses, it also has access to your expenditure.
The best invoicing software can even have data flow directly from your business bank account to your books.
Using all of this readily available data, invoicing software is able to deliver spontaneous business insights on revenue and expenditure. Prioritize clients based on how much they bill you. Plug wasteful expenditure. Divert resources where necessary. The software will deliver the intelligence; all you need to do is make a wise move.