Whether you like it or not, invoicing is simply necessary for businesses of all sizes. Small business owners have to invoice as well, so there‘s no way out of it! How you invoice is totally up to you, but we heartily recommend to get to know the basics and importance of online invoicing, in order to protect your money, cut down expenses and get paid on time. Eliminating manual processes can cut down invoicing costs up to 80%, and sending invoices in real time improves account receivable conversion rates, because electronic delivery is certainly faster, more accurate and more efficient than using traditional means.
All successful small business owners must know that free invoicing options do exist, and you don‘t have to pay a great deal of money to maintain an effective invoice process. Here are a few tips how to protect your money, make the most of the e-invoicing and considerably improve your business.
Creating an invoice and sending it to the customers is quite a time consuming process. Moreover, you are never sure if an invoice will reach its destination. Online invoice software handles all these tasks smoothly and also reduces the time duration in which the payments are made.
You have to keep in mind that there‘s no one way to handle your invoicing – it differs from one business need to another. But everybody, by all means, agrees that they want to get rid of massively time-consuming and unnecessary manual invoicing. So what options for free invoicing do we have? In fact, the options are numerous – they appear in different forms, and they are easy to find. Choose a simple invoice creator, a quick invoice maker or wisely decide on a quality invoice software for little or no money at all!
How to invoice for free?
- Use a free invoice template - these templates are quicker than building a manual invoice, making your formatting consistent and layout simple yet thorough.
- Download invoice app – it‘s the best way to make your invoicing process fast, to keep tabs on your companies invoices and nail the best home invoice design. Excellent design maximizes the odds of payment, and diminishes the chances of delinquencies.
- Easy invoice generator allows you to master invoice design and ensure an aesthetically attractive invoice. If you want to send or print your invoice, all you have to do is push the button!
No more time wasted at the post office! Deliver your invoices electronically, forget about going to the post office and spending money on stamps, envelopes and gas. The faster you send them, the sooner you‘re likely to get paid, so you should make the most of the invoicing software:
- send out invoices automatically at specific dates and times;
- send your invoices directly – forget about an accountant or bookkeeper;
- invoice anytime and anywhere;
With online invoicing you don‘t have to wait until the due date or keep checking your bank account to see if you‘ve been paid. Now you‘ll have a complete overview of the money owed to you. We suggest that you create a reminder for each client and invoice and keep reports of your account receivables and transactions.
The invoices, once scheduled, will automatically be sent to the desired customers at a fixed time. So you don’t need to worry about sending invoices to each and every customer. It reduces the cost of sending the invoices to the customers manually.
Besides the fact that electronic invoice is cheaper, another benefit results in a company’s protection against fraud. Electronic invoice systems have been designed to block these kind of practices by the simple and effective process of linking suppliers and customers with a unique digital purchase number. This means a fraudulent invoice becomes impossible to process and it’s very easy to spot.
Electronic systems can also help save money by making a company faster and more responsive. Many times, there is quite a lag between when a bill arrives at a business and when it’s paid off. This happens because it takes a while to confirm that the goods or services were rendered properly, then more time is taken to get the various approvals from payment managers.
When paying invoices, there are almost always penalties for late payment, and more often than not, there are discounts for early payment built into the contract. More streamlined e-invoicing system allows a company to make the most of this. Faster payments save money and avoid late fees, two things that greatly benefit any business.
Either you handle invoices yourself or you are helped by a bookkeeper or accountant, you‘re still be paying for the time taken to do the work.
- Keep track of your company‘s cash flow – send invoices to your clients directly;
- You are tired of wrestling with paperwork and digging out old invoices – reuse an old template and send out a new invoice in no time.
Except for being faster and more cost efficient, online invoicing reduces paper costs. Even more modern accounting software developed within the last decade still requires that you print several copies of every invoice you enter: you would usually need two, one for your records, plus a copy that would be mailed to the client. Online invoicing eliminates the need for these copies. You don‘t even need to print the copies of essential monthly and quarterly reports, since they can be easily checked out using the computer screen.
Manage your finances directly from any computer connected to internet and avoid printing hardcopies. Sending reminder notices or thank you notices will further reduce the need for paper copies.
To conclude, any successful businessman knows that time is money. Less time spent invoicing means more time to spend managing other important areas of your business. Get the best results from your invoices – have a better cash flow and make more time and money for your business to grow.
Mark is a biz-dev hero at Invoicebus - a simple invoicing service that gets your invoices paid faster. He passionately blogs on topics that help small biz owners succeed in their business. He is also a lifelong learner who practices mindfulness and enjoys long walks in nature more than anything else.