If you’re still doing invoices the old-fashioned way by sending them in the mail or handing them out in person, you need to get with the times. Invoice management software has made it so easy to deal with outgoing and incoming invoices!
It’s true that initially making the switch can be confusing and time-consuming, but once you’ve got everything settled into place, and your entire team knows how to use the software, you can enjoy some serious benefits.
You Can Ditch the Paper
Paper used to be a way of life. Each and every one of us had desks overflowing with paper. That doesn’t have to be the case anymore. There are many ways to reduce paper clutter, but one of the most effective ways to get rid of all that extra paper is to use invoicing software.
Instead of digging through a filing cabinet to find an invoice, you can access your invoicing software. Thanks to technology, you can now use a web based free invoice template instead of making your own from scratch. It can catalog invoices from years and years ago, and file them away in an orderly fashion. That way, when it’s time to pull up invoices, it’s as easy as conducting a search in the program.
You Can Pay Suppliers Faster
Keeping your suppliers happy is important. They can provide your business with countless benefits that include:
- Providing you with high-quality supplies
- Quick turnaround times
- Competitive prices and financing
- The latest innovations
Because they have a direct impact on your business, you need to keep them happy, and the best way to do that is to pay them quickly. Invoice software makes that easy.
The right software enables you to process payments as quickly as they come in. That way your supplier isn’t left waiting days or weeks for your payment.
The latest tech can also provide your supplier with transparency. They can receive status notifications that inform them exactly when they can expect their invoice to be paid, eliminating the need for them to call and ask you directly.
You Can Check the Status of Any Invoice
Chances are, you have more than one active invoice. Not to mention, in addition to the invoices you’re sending clients and customers, you are also likely dealing with invoices from suppliers that you need to pay. It’s easy to forget if you sent that invoice, if another invoice has been paid yet, or if you’ve paid that important supplier.
Instead of searching through the filing cabinet, you can check the status of any invoice quickly and easily with invoicing software. That includes current invoices that require your immediate attention, but it also includes invoices from months or even years ago. That’s important if you discover an invoice mistake, or if you’re audited.
You Can Check Invoices Anywhere
Mobile devices are changing society. Some might argue that it’s for the worst, but when it comes to keeping track of invoices and other business-related matters, it’s definitely for the best.
Dealing with paper invoices meant you were tied to your desk. Even keeping track of invoices on the computer can mean you have to have access to your desktop. Today’s software means you can check your invoices anywhere.
If you have a laptop, a tablet, or even a smartphone, you can check invoices when you’re on the go. That enables you to simplify approvals by making them in real time, greatly reducing the amount of work you have to do when you get back to the office.
You Can Minimize Risk
Compliance is hugely important to every business. Not only should you engage in internal compliance reports, so you can see exactly how your business is operating, you’ll likely have State, national, and industry compliance requirements you have to meet. Invoicing software can make that a lot easier.
Keeping track of all your invoices makes creating an annual statement a lot easier. It can also make it obvious if the records you are keeping are clear, enabling you to make adjustments if something isn’t quite right.
Keeping meticulous track of your invoices makes tax time a lot easier too! Instead of bringing your CPA piles of paperwork to weed through, they will have access to a streamlined system, ensuring your return is as accurate as possible.
In the short term, it may be easier to do invoices the way you always have, but if you want to make things easier for your business in the future, it’s time to look into the latest software that makes keeping track of your invoices easier. You’ll be glad you did!
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