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2018-08-08 01:15:42Finance and Accounting: InvoicingEnglishAs India goes digital, online invoice creates opportunities for your small business to streamline its workflow. Here are top benefits of an... of Online Invoice: Easy Tracking, Fast Payment %%sep%% %%sitename%%

5 Benefits of An Online Invoice

2 min read

As more of India goes digital, an online invoice creates opportunities for your small business to streamline its workflow.

Programs like QuickBooks allow you to create and send invoices from the internet — no printers or paper needed. If you make frequent sales, this process can save time, reduce errors, and make the most of your budget.

Convenient Design Options

As your business grows, it’s normal to need new invoice formats. You might add extra lines for tax after you register for the goods and services tax scheme, or you might need to add a new logo after a brand refresh.

With online invoices, creating new layouts is quick, convenient, and cost-effective. You can make the change once and apply it to all future invoices — and you won’t be stuck with a stack of unusable paper invoices afterward.

Accounting Integration

When you run a small business, it’s crucial to keep tabs on every sale and expense. If you issue paper invoices, you must keep copies and manually enter each one into your accounting software.

Online invoicing eliminates both of those tasks. You can generate and send the invoices directly from the mobile app or the cloud software. That means that you never need to worry about losing an invoice before it’s recorded, and your sales information will be updated in real time. If you already have an estimate in the system, you can convert it to an invoice for a continuous record. Working with limited space? Online invoicing also eliminates the need to store hard copies.

Instant Delivery

An online invoice system enables your sales staff to prepare and deliver an invoice in a matter of minutes. Instant delivery eliminates the wait time, so you can get paid faster. A digital system also means that your invoices never get delayed by the postal service or lost in the mail.

Easy Tracking

Have you ever wondered if a client has seen your invoice? Online invoicing takes away that guesswork. Programs like QuickBooks track the invoice from the moment it’s sent to the client.

That means that you can see exactly when a customer opens the invoice, and you can even set up notifications to tell you when it’s paid in full.

You can even set up automated payment reminders, so the software notifies the client when the deadline is approaching.

Faster Payments

Online invoices give you the option to add a hyperlink to your online payment system. When the customer receives it, all they have to do is click the link to pay their bill. If you’re selling to busy businesses or professionals, this convenience is a big benefit.

It allows customers to settle their bills quickly, and means that you don’t have to wait for cheques to process and clear.

Want to make it even easier? Poll your customers to see which online payment systems they prefer, and include links for the top options.

Online invoicing can be a valuable investment for a small business. After it’s set up in your accounting software, this feature makes invoicing fast and cost-effective.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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