Invoicing has been a real headache for businesses for a long time. However, today, many invoicing tools exist and allow you to edit and send personalized invoices, to manage the payment of invoices, to secure payments, but also to be able to keep track of each transaction …
How to make the right choice between these many tools at your disposal? Use the criteria detailed in this article, as well as this comparison of invoicing software found at Salesdorado, to identify the right solution for your business.
Much like online accounting firms, like Amarris Direct, the invoicing tool you choose allows you to save time and work more efficiently by automating certain tasks and limiting errors.
By choosing the right invoicing tool, you will benefit from many advantages:
Indeed, without a tool to rely on, the invoicing process is very complex, sometimes it takes days or even weeks for a payment to be fully processed. Yet good invoicing software can process the payment in just a few minutes.
Reducing payment terms allows you to reduce interactions with your customers and above all to maintain healthy relationships with your suppliers and partners.
Billing software can also reduce the risk of forgetting to pay. Due to work pressure or human errors in the accounting department, payments can be forgotten or worse, they can be made to the wrong entity.
Thanks to the invoicing software, these errors are greatly limited since they keep a detailed record of each transaction. Thus, the chances of forgetting a payment are almost zero.
The invoicing tool will allow you to have a streamlined process. A clear and efficient process saves you human time and therefore limits the hiring of people in the finance and accounting departments. A well-established process also helps to limit errors and oversights.
As you know, the invoicing process can involve many risks: fraud, scam, payment error, etc. Today invoicing software is equipped with quite powerful security features which guarantee the security of the invoicing and payment process. Thus, the invoicing software allows you to manage your company’s accounts more serenely.
Thanks to your invoicing software, your invoices are processed more quickly, there is also less risk of loss of payment, your approach is more rational and more secure, all these advantages allow you to significantly improve your reputation in the market. Customers will have more confidence in you and will be better able to continue working with you.
The functional perimeters of invoicing software vary greatly, as these tools adapt to the needs of different types of companies. It is therefore important to ensure that the tool you are going to select meets the needs of your business.
To choose the ideal invoicing software, it must meet the following characteristics:
Good invoicing software should be able to create professional invoices that are customizable according to the requirements and characteristics of your business.
To be able to create detailed invoices, your software must also allow the extraction and integration of information from timesheets, projects and customer files. This feature allows you to save time and have up-to-date invoices with information related to your customers and projects.
The invoicing tool must allow you to summarize personal details (company contact details in particular), but also to summarize the customer’s purchase history with the corresponding files. These documents should be brought together in a single, centralized, easily accessible database.
Billing software should be linked to credit cards so that you don’t waste time and to simplify billing. Some of these tools have an automatic billing feature so you don’t miss a single payment.
The steps when paying by credit card are therefore done automatically. Managing your expenses is therefore easier and you can devote your time to other tasks.
The appearance of your invoices plays an important role with your customers and contributes to your reputation. Invoice templates allow you to personalize your accounting, but also to showcase your business. You will also save time using the predefined templates since you will not need to create the templates from scratch.
If you have an international presence, support for multiple currencies is a crucial feature. Indeed, the management of invoices with foreign customers or suppliers can be a real headache for your accounting and finance department.
Currency management will allow you to easily issue receipts, accept payments, and manage taxes. This makes possible the continuity of the financial operations of your business.
Customer information should be easily accessible when processing an invoice. This information should be able to be easily updated as your customers’ contact details change.
Sending information to customers is also a necessary functionality, for example you need to be able to send transaction details by email so that your customer has proof that the transaction was successful. The functionality of sending and receiving customer information is only possible if you store the information in a centralized database.
One of the main advantages of invoicing software is the support for tax returns. It is therefore essential that your tool integrates this functionality. Indeed, your software must be able to perform tax reporting within the same software.
Be careful, however, these tools should not be confused with recruitment and payroll software. A billing software itself will not manage the payment of salaries for your teams. On the other hand, some complete “Management” tools such as Sage or EBP integrate payroll and personnel management within a single tool. Turn to this type of tool if your need is not limited to invoicing.
To choose a good invoicing software, it is important to know the issues that you may face while using such a solution. Poorly chosen invoicing software can lead to many complications, costing you money and time, so it is essential to understand what challenges it must respond to.
Here are some issues that businesses regularly encounter when it comes to invoicing:
With the use of prospecting tools, like Waalaxy, you will grow, your business will grow: customers and suppliers will become more numerous. It is very important to be able to rely on a tool to keep track of all transactions and manage the process transparently.
You need to have a history of transactions in the cloud so that you can quickly view them and verify payments.
As your business grows, you have more customers and it becomes more and more difficult to manage their invoices. The invoicing software must be able to support the plurality of customers, but also the entry of data in quantity and the numerous payments.
It is not easy to manage all payments and meet their deadlines when there are multiple customers. Invoicing software can keep track of all transactions and therefore payment cycles by alerting you or automating certain payments.
A good consideration of deadlines and payment cycles, allows you to avoid cash flow problems and allows you to have a better customer relationship.
When working with international clients, each country has its preferred means of payment and must comply with different regulations, this can lead to certain conflicts in payment and invoices.
These conflicts are often the source of late payments. You must therefore choose invoicing software that works effectively with the standards of the countries where you develop your business.
You have to prepare for the risks. Indeed, no online system is impenetrable, your data can be the target of hackers. It is therefore necessary to choose a billing system equipped with all the necessary security mechanisms to prevent data theft, cybercrime and loss of data in the event of a disaster.