What is an Online Invoicing Portal?
Eleven to fifteen hours. That's how much time small businesses are likely to spend on financial processes like invoicing every month.
Think of all the other things your company could achieve with an extra 15 hours added to your work time (maybe longer coffee and tea breaks?)
By switching to an online invoicing portal, business owners can optimize operations for increased productivity. In this guide, you'll learn trusted tips for choosing the best online invoicing software for your small business.
Here’s What We’ll Cover:
What is an Online Invoicing Portal?
Whether you handle a few transactions or large volumes of client billing, invoicing can be a chore. And frankly, you could do with some help.
An online invoicing portal is an automated system for generating and processing invoices. Switching to an electronic invoice system translates to improved efficiency and fewer invoice disputes.
The right billing software takes care of tasks like client support, tracking payments, and invoice delivery, which frees up time for companies to focus on their core operations. It allows businesses to send out custom invoices or request advance payments from their clients.
When Do You Need an Online Invoice Software?
At the early stages of your business, you might be able to pull through without invoicing software. However, as your operations expand and the company acquires more customers, an electronic invoicing system becomes a must-have.
Specifically, you should invest in an online invoicing portal if:
- You're tired of manually creating reports for clients and other billing paperwork.
- Your accounting team is overwhelmed with client requests and financial transactions.
- It has become difficult to track payment status and update your financial records on time.
- The business records high volumes of disputed invoices on an ongoing basis.
- Employees spend lots of time chasing payment backlogs and unpaid invoices.
- There's a lot of mix-up in your current invoicing process, and clients are constantly asking you to resend billing information, transaction documents, and other details.
In summary, if you need a more straightforward way to send, process, and receive payments, then an online invoicing portal might be one of the most significant additions to your business.
What Should You Look Out for When Choosing the Best Online Invoicing Portal?
Every small business has its unique needs and goals.
For example, you might be looking to ramp up sales for existing customers while another company is focused on brand visibility. Specific business objectives should guide your choice of the best online invoicing software.
Here are some other things to look for when choosing the right portal:
- Choose a portal with a simple but stylish interface.
- An invoicing platform with a customer payment portal for client support is a smart buy.
- Choose an invoicing tool that allows you to set automatic payment reminders, duplicate invoices, and send recurring bills and receipts.
- Go for an accounting invoice software that supports applications and integrations you already use in your business. For example, some platforms work with online payment processing portals like Paypal and Stripe.
- Invest in a billing portal with an automated payment feature.
What are the Benefits of an Online Invoicing System?
There are many benefits of utilizing an online invoicing system for your business, and they aren’t limited to simply sending and tracking invoices.
Here are a few reasons why you might want to adopt an online invoice platform:
- Save time. Switching from paper invoices to an online invoicing portal means you do not have to spend a lot of time on manual billing processes like printing and mailing invoices to your clients.
- Resolve disputes. It helps you resolve invoice disputes on time by serving as an effective communication channel.
- Track invoices. A cloud-based invoice portal provides an easy way to track and record online payments in real-time.
- Cut costs. Utilizing an online platform helps you to cut down the cost of processing invoices.
- Several invoicing software comes with several customization options which allow you to align your invoices with your brand image. For example, you can add your business logo and colors to bills and receipts.
- The right invoicing software is an invaluable tool for understanding consumers’ preferences and behaviors.
A company's invoice processing time has a direct impact on its cash flow. If there's too much back and forth on payment transactions, customers might lose interest in your product or service.
By choosing an e-invoicing solution like FreshBooks, businesses can create better experiences for their clients to drive revenue growth.
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