The right e-invoicing software should be able to send automated messages and reminders. It must simplify and facilitate the collection of payments. It is important to have an e-invoicing solution that:
- Integrates with your accounting software,
- Sends invoices and reminders
- Reconcile invoices
- Scalable – for when your business grows and needs more powerful functions.
Integration/Reconciliation
Without having to re-learn how to use a different accounting software, modern e-invoicing solutions have the ability to integrate with the accounting software you already use. This is convenient since you don’t waste time learning a new interface and integration can take minutes. It can be as simple as hitting one button.
Perhaps one of the most important and beneficial functions of e-invoicing software is the ability for payments and other transactions to directly reconcile with current invoices.
For example, a fee is applied to an existing invoice and the customer pays the fee, this would automatically reconcile to the accounting software, immediately reflecting the new balance to both you and your customer – in real time. This process occurs autonomously and instantly, reducing time spent on administrative work.
Sending/Reminding
E-invoicing software can improve your cash flow with its useful features such as the ability to send out invoices and payment reminders. With 82% of businesses failing due to cash flow issues, the automation of such notices ensures that invoices are paid faster and on time. This frees up capital, and when time matters, invoices are processed much faster than traditional invoicing methods. It is important to distinguish that not all e-invoicing software provides automation features.
Collecting Payments
Customers are becoming more savvy and according to research by Milo, 56% of online shoppers have confirmed that they expect a variety of payment options. By providing various payment options you are making it easier for customers to pay, prompting faster payment, and a seamless payment experience. This is why it is important to choose an e-invoicing software that has the capability of accepting various payment methods, with a user friendly design.
Creating a memorable customer experience involves having a seamless design which makes it easy to pay – translating into customer loyalty. Now, it is not necessary to accept every payment option, seeing as how this would be inefficient and costly, but by narrowing down which are the major payment methods your customers are using, you can increase conversions.
Some of the more innovative e-invoicing platforms provide customer portals which serve as payment gateways, where your customers can log in, see their transaction history, and make payments anytime. Some even provide the ability to personalize the customer portal with your branding to create a familiar customer experience.
Scalability
E-invoicing software is usually selected depending on the functionality needed, such as how many invoices are being processed per month. As your business grows, it is important to keep in mind that you will need software that can handle a higher volume of invoices and transactions – and provide more powerful features.
Many businesses that provide e-invoicing software offer a suite of products, tailored to each particular business need. When it comes time to upgrade your accounting software, solutions that are scalable can be more cost effective and efficient than transitioning to a different software altogether.
Conclusion:
When looking for products that can enhance your business, it is important to think long term. E-invoicing software is a game-changing tool that can improve your accounting processes and also provide productivity enhancing features. E-invoicing software solutions that integrate and reconcile with your existing accounting software, can send invoices and reminders, can collect payments, and are scalable, are ideal for the growth and longevity of your business.
Biller Genie
Overdue invoices negatively affect your cash flow, with 82% of businesses failing due to improper cash flow. Biller Genie’s automation and e-invoice solution reduces your outstanding balances by 40% and gets you paid up to 15 days faster. We wish to help. Click here to improve your cash flow with Biller Genie.