The Power Of A Client Portal For Invoicing
A client portal is an interface equipped with tools that facilitate “self service” for customers, and enhances the flow of information between authorized personnel in a secure workspace.
It can help you collaborate with clients while avoiding discrepancies using machine-driven payment management processes. SMBs and freelancers will find that this feature creates seamless processes while eliminating the tedious task of uploading, exchanging and assessing accounting data.
Find out the key five benefits of how client management portals help invoicing for small business accounting processes today.
A Variety of Benefits
To ensure the sustainability of your business, customer relationship must be the chief priority. The following describes the top benefits of choosing an invoicing platform with a dedicated client portal that helps you grow.
Customer Collaboration
Collaboration software for teams and clients optimizes the billing process with little or no interference on your part, so that you can move onto more important tasks.
When there is active collaboration between a client and yourself, productivity increases by up to 30%. Together, you will be able to compare data using invoice tracking and reporting. This way, the client portal helps to create innovative strategies.
When there is no collaboration, it becomes impossible for the customer to find accounting records so as to pay promptly. As a result, payment processes can take more time and attempting to collaborate can turn into a burden.
Save Time And Money
Client portals boost the efficiency of billing processes by keeping track of payment records in one place.
Time Is Money
Using an online client portal helps to cut down on repetitive tasks. Moreover, this offers the opportunity to allocate resources such as the time of accounting professionals to other important tasks, as traditional billing takes time to print, upload and so on, until the bills reach the customer. This is particularly helpful with recurring bills.
Save The Back & Forth Communication
Purchasing software which includes a client portal is essential for seamless communication. You can exchange files and other data in one place, with ease. Such a software also eliminates the need for phone calls or snail mail to settle disputes, which is a major benefit.
No Need To Send Emails For Following up
The client portal clearly displays accounting data to anyone who is authorized to log in. It removes the hassle of sending enquiry emails, and you can even set up automated payment reminder workflows to save more time.
Better Cash Flow
A client portal can mitigate the risks of payment delays by creating quick disbursals. It does so by creating online payments, which are faster than traditional methods. You can even improve cash flow management with consistent financial forecasts.
For example, suppose you have a client who owes you $1,500 for an animation project you did recently. When the client logs into the client portal, they will see the due amount, as well as the date. Moreover, they can directly pay via the client portal without wasting any time on questions or requesting payment information.
Your Customers Can Access Any Time
The client portal improves transparency and creates more trust by streamlining multiple processes in one place and making all information accessible. It not only keeps things organized, but also improves your relationship with your customers. By being able to cross-check transaction history from anywhere at any time, clients will fall in love with paying on time.
For instance, suppose you have a client who paid you $500 in advance for a project five months ago. If they want to check whether you factored in the advance to any of the future invoices, all they have to do is go through the payment records on the online portal. This is how client management portal helps to mitigate disputes, and keep everyone on the same page.
Overall Peace Of Mind
When you actively use the client portal, it can help to keep both yourself and your clients at ease. The following lists some of the key reasons of how a client interface can give peace of mind.
- With an interactive portal, you can keep a track of client activity such as ‘invoice viewed’ or ‘invoice paid ‘, so as to take necessary action
- Keep your confidential payment and transaction history safe with advanced digital security tools
- From virus protection to SSL certificate and firewalls, businesses can customize security protocols for their business
- Eliminate the probability of manual errors as invoicing software can automate AR & AP tasks with accuracy
- Fraud detection features of invoicing software keeps your business safe from hackers
Summing Up
A client portal makes it easy for customers and suppliers to keep a tab on transactions while tracking progress of projects. It can lead to innovative collaborations whilst saving your money and time. The best thing about a client management portal is how it improves cash flow and customer relationships. If you do it right, such software can help you attain a peace of mind too.
Take a look at the following list of leading invoicing service providers with client portal features so that you can pick the right one.
- Access client books, track updates, customize generation of reports and reviews including client status reports at one place with QuickBooks Online (QBOA)
- FreshBooks offers over 10 software integrations to improve and manage client relationships.
- Segment and create customer directories using Square Up invoicing software.
