7 Reasons Why You Should Use E-Invoicing and E-Payments
E-invoicing is short for electronic invoicing, a method of generating invoices easily and sending your request for payment online. There are a number of advantages of using this method to replace traditional paper invoicing and that’s why more and more businesses are adopting it today. Let's take a closer look.
It saves valuable time
It’s been estimated that e-invoicing can save the average business approximately 60% of the time normally spent going through the process in the standard way. This is because it works with invoicing software for small business so the whole process is fully automated. That means you or your staff can spend your time more productively, for example by servicing your clients’ needs or trying to attract new business. Because everything is done electronically, e-invoicing software also includes “self-filing” functionality - a process that would otherwise take up valuable time as paper invoices are sorted and stored away.
It cuts invoicing costs
There is no physical element at all to the process of e-invoicing, meaning that there’s no need to use paper or printing ink or to pay for postage, all of which has distinct environmental advantages too. Of course, that’s not to say that it’s a zero-cost alternative as you will have to have both the computer hardware to carry out the process as well as invest in the best invoicing software for your needs. Nevertheless, the initial expense will soon be recouped as you use the e-invoicing system until it’s effectively costing you a negligible amount of money and time for each invoice.
It’s free for clients
One of the most common questions people have, besides “what is e-invoicing?”, is whether it will cost their clients anything if they themselves choose to use it. You can be reassured that there are no costs at all for the clients getting invoiced. Instead, it gives them real convenience when it comes to paying you - and it makes your invoices less likely to contain errors too.
It’s simple to manage
Today, we’re all supposed to be working towards the paperless office. Adopting e-invoicing is an important step to take on that journey. With paper invoicing, you not only have to physically print out each invoice for your records, but you also have to file it away for future reference. This takes time to carry out, and it also means that valuable office space is used for the storage of these records. On the other hand, with e-invoicing, all records are stored electronically and can even be uploaded to the cloud for safekeeping.
It’s instant and safe
Compared with the time it takes to produce a paper invoice, e-invoicing is far quicker, especially if you’ve downloaded an invoice app onto your tablet or business cell phone. Because the most reputable invoicing software comes with multi-layered encryption, you can also be sure that invoices won’t fall into the wrong hands, either.
Payments are faster
E-invoicing speeds up the whole process, from the issuing of the invoice to receiving the payment automatically. What’s more, most e-invoicing programs also include an automatic payment reminder feature to prompt faster payments. One more step to take towards faster payments is accepting e-payments, which e-invoicing software can also help you keep track of.
Filing’s made easier
We’ve already mentioned that e-invoicing means that there’s no need to file away hard copies of your invoices. However, this handy, tech-forward way to invoice makes filing much easier in another way too. When you need to quickly refer to an invoice, you can use the search system in the software to find it almost straight away. Many systems also have a dashboard feature that can provide you with a great deal of information and analytics about a given client at a glance – information that would take a considerable amount of time to collate if you were doing it manually.
We hope you're beginning to see the benefits of e-invoicing software and why it can make your life easier, no matter the size of your business. If you're ready to take the next step, start exploring the best invoicing software available on the market right here at bestinvoicingsoftware.com