Long gone are the days when billings were limited to the paper and pen method. Remember the times when retailers would have a bill book with a pen in hand, filling up the columns, adding items, and calculating the final price. Businesses have gone digital and so have the means of generating invoices and collecting payments.
As a matter of fact, invoices are crucial for a business, considering the rising importance of customer service. Not only that, when it comes to managing revenues, tracking payments, and aligning production, invoices lay the foundation for all. Hence, you must have a robust system that helps you generate invoices while keeping track of all. This is where the concept of online invoice generator free comes into play.
Custom billing software is one that is modified to meet the needs of the business, offering all of the necessary features. This facilitates the creation of invoices and bills without any hassle. There are many accounting software available over the web that help create invoice online free.
In case you aren’t sure if your business needs such software, this article highlights the top reasons why you should invest in custom billing & Cloud accounting software for financial services.
7 Reasons All the Enterprises Must Use Custom Billing Software
1. Have a global presence
Businesses today aren’t confined within the walls of an organization or a city or country. Entrepreneurs target customers from all across the globe, to make sales and earn profits. Now promoting products/services beyond borders might not be a tough task, given the popularity of social media channels and their widespread usability.
However, when it comes to making payments, not all regions follow the same protocol or have the currency. No matter how flawless your product is, and how keen the customer is to make a purchase, if he/she cannot pay for the same, everything else is pointless.
A custom billing software is equipped with one or more payment gateways with plenty of payment options, making it easier for you to connect and trade over the same.
2. Provide reports
Next to facilitating global payments, billing software has a built-in feature where they can not only generate invoices but at the same time keep track of all. Who has paid and when, what are the invoices due and how much, these softwares gives you a holistic view of your finances.
What’s more fascinating is the fact that you can always customize the software to specify what kind of reports you want and when. In addition to the above, the tool makes it easier for you to set up tax rules and other protocols influencing the process of invoice generation. You can set country-wise tax rules simplifying the process and streamlining the workflow.
3. Improves Productivity
It is, however, needless to point out, yet a custom-designed billing software helps enhance the end-to-end productivity of the business. Because the software works on its own, can run in the backend, generate and process invoices, employees have the ease to focus on other important tasks, improving the amount of work done in a day.
Also, the customized software helps reduce the time taken to generate invoices and keep track of them. All of this helps increase the efficiency of the task and improve productivity.
4. Data Safety
Manual billing has been part of the business for a long time. The major threat that the method suffered was the risk of losing data or compromising the safety of the same. Unavoidable circumstances have many a time resulted in complete loss of data, making it hard for the organizations to get back their overdue. Also, tampering with information was pretty easy, threatening the privacy of data.
Custom billing software is such that it can only be accessed by people with login credentials. To add to this, business leaders can also induce two-factor authentication to further prevent unauthorized people from getting hold of the data.
Either way, the data remains safe and protected. Being a cloud-driven solution, the data stored in the software cannot be lost and will prevail even if there occurs a fire or a flood.
It is by all means one of the best and cost-effective way of generating invoices and bills. Owing to the fact that no paperwork is involved, there are no printing operations and the cost of the software (if opted for a premium version) will remain less as compared to the cost spent on bills and paper-printed invoices.
That is to say, custom billing software not only helps reduce the time spent on generating invoices but also the cost associated with it. It also relieves employees so that they can work on better and productive tasks.
6. Compatible with existing software
In case you already have one or more cloud solutions installed and integrated within your platform, don’t worry. The custom billing software is designed in a way that it can gel well with other solutions. Meaning that if you have a CRM or an ERP tool, the software is compatible to work along with them and even share data from the same as and when needed.
7. Seamless account management
Every business is expected to keep track of the goods sold, the discount levied and the amount paid for the same. Manual billing also gives you the ease to manage all the above. However, that is a time-consuming process.
Custom billing software, on the other hand, has all of the data stored, giving you the flexibility to save all your account details, the way you want. From managing invoices to their buyers, rendering information on the payments and the dues, an online billing software takes note of all.
The Final Word
As per Statista, it is expected that the global ERP market would cross 40.5bn worth by 2025. This projects the ongoing demand for online billing software. Whether you decide to add one within your business or not, the mechanism is here and will stay for long. Lest the choice is yours.