Starting your own business
Accounting and bookkeeping: A guide for sole traders
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FINANCE, BUDGETS AND CASHFLOW
To stay current in the modern world, more and more functions in our lives are becoming automated - this is especially true of various business processes.
Automated invoicing is one of those processes that can save you, your business, and your customers time and effort, while also seeing you get paid quicker.
Learn more about why and how this modern payment process can serve you and your business better.
Where invoicing is the action of sending a bill to a customer for products or services rendered, automatic invoicing is similar, but these billing documents are scheduled in advance to be sent out at a specific time and date. Businesses can use software to help them automate this process to ensure invoices are sent at the appropriate time to the corresponding client.
Once you have included everything on your invoice that you need, you can configure your invoice process to function automatically by preprogramming and scheduling client payments using software.
There are many advantages to automating the invoicing process. Companies can use automated invoicing software to help with these essential business operations that would otherwise take more time, effort, and money.
Not just that, but invoice automation benefits businesses by:
Saving time and effort
Increasing employee productivity as it frees up time to be spent elsewhere
Improving customer satisfaction through an easy payment process
Reducing the need to track down late or unpaid invoices
Reducing accounting and administrative errors
Collecting valuable customer and sales data
Automated invoicing can save your business and your customers time and effort - while also seeing you get paid quicker. Learn more about how and why this can serve your small business!
Don’t waste time posting the invoice through the mail or waiting until the client comes into the location to pick it up. One way to automate your business invoices is by using an electronic invoice format instead of paper invoices. Sending an invoice is easier when you can email it directly to the client with a click of the button.
Emailing electronic invoices allows you to track the document to ensure the customer is aware of the charge and paying for your services. It also decreases the time it takes to get paid since clients will receive the bill directly to their email. In addition, many people get their emails on their smartphones, which they carry with them at all times, meaning they’ll be notified of your invoice almost instantly.
Automated invoicing can save your business and your customers time and effort - while also seeing you get paid quicker. Learn more about how and why this can serve your small business!
After automatic invoices have been sent out, your business can also automate further reminders to clients that have yet to pay. Track which customers have outstanding invoices and automatically send reminder emails to them.
Payment reminders can be sent before the payment due date, on the due date, and afterwards to ensure your clients stay on top of what they owe you. This is especially useful when you need to collect on unpaid invoices.
Automated invoicing is a snap when you add a ‘Pay Now’ button to your business’s electronic invoices. An online invoice with a Pay Now button will directly link the user to the payment portal where customers can quickly and easily pay by credit card to take care of that expense.
Making your business’s payment portal easily accessible through a link can also see you getting paid quicker as it offers a simple and quick way for them to take care of their business. By linking the invoice to your business’s payment portal, you can streamline the process for everyone involved.
There are apps and downloadable software that offer users the ability to electronically sign online documents. You may not necessarily need your clients to sign their invoices, However, should you need any other documents signed alongside this payment method, such as with ongoing projects or extensive contracts, then it can help streamline the process.
Authorising online signatures on your business documents can make it easier for your clients to sign off on what they owe. With more and more business being conducted online, this is just another way to stay current in the market.
Just as you would set up recurring payments for patrons, you can also set up recurring invoices. If any of your customers enlist your products or services regularly, you can save time and effort by sending invoices out without touching a button.
Schedule and send out these billing documents on a monthly basis, or whatever time frame you wish to set, then forget about them. The software will do the work for you and automatically deliver invoices electronically to your clients.
If your business offers various products or services, you may require different types of invoicing documents. Instead of using just one invoice that must be updated or changed each time, consider creating a collection of invoice types. Having a resource of different templates means you can easily pick and choose one that suits your specific needs.
In just a few steps you can create, save, and download the document you need to get paid. With branding options, like uploading your logo and adding your business colours, you can keep your invoices consistent with your brand.
Invoicing software works wonders, but invoicing software that seamlessly integrates with your business’s accounting and bookkeeping software is even better. Quality software like QuickBooks Online or QuickBooks Sole Trader offers a whole set of features to automate invoices and match payments to your business’s books seamlessly.
Easily schedule recurring invoices, and once customers have paid, the software will match the payment in your books to the corresponding client invoice to easily track and manage your revenue. Since QuickBooks automatically updates your accounting records so you don’t have to, you gain peace of mind over your finances, while also freeing your time to spend elsewhere in the business.
At the same time, QuickBooks accounting software can automatically calculate the sales tax for you when creating customer invoices, so you don’t have to worry about mistakes. The software can even turn estimates and quotes into professional invoices, with the option to add discounts, payment terms, and more. All that is needed is a push of the button, and you’re done.
Everyone can benefit from financial tracking and automated billing software like QuickBooks Online! Learn first hand how QuickBooks makes it easy to invoice clients and process payments. Try out the extensive invoicing feature for free when you sign up for a QuickBooks free trial today.
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