We all know that manual work processes can be a hassle. Here are our tips on why – and how – to get started with automatic billing.
Before we give you some good tips along the way, do you recognize yourself in the following statements?
* I don’t know what invoice format the customer can receive, and this often leads to a lot of extra work and invoices have to be resubmitted
* It is difficult to get an overview of whether the customer has outstanding invoices
* I need to check the status of online bank deposits manually
* There are no routines for clearing on accounts receivable
* We have to handle signature manually on order and invoice basis, papers disappear and revenue get lost
* The invoice does not contain the information requested and it is difficult to change
* Setting up invoice templates is time-consuming
* Customers complain that they have not received the invoice
If you are guilty of any of the statements above, it indicates that it is time for a change. With automatic billing, you can keep track of the routines and processes around billing.
Efficient invoice distribution
If the company does not have an overview of what invoice format the customers can or want to receive, and a lot of unnecessary time is spent on monitoring and sending invoices manually, this can be solved with automatic invoicing. With a modern distribution solution, all invoices can be distributed directly to your customers as PDF files. Bottom line; it is easy for the business to send, plus easy and more efficient for the customers to pay.
But what happens if the customer does not pay the invoice? Manual processes related to the follow-up of unpaid invoices are time-consuming and unnecessary. This can quickly affect value creation and take focus away from the core tasks. As well as allowing for efficiently distributing invoices, you should choose a system that allows for easy billing and follows up of overdue invoices. This will help simplify liquidity planning and improve financial stability.
Do you bill your customers with recurring invoices? Make sure you have regular invoicing routines, automated from all devices, as soon as the invoice basis is clear. Furthermore, choose a system that allows you to set up recurring or repeating invoices to completely automated your invoicing process.
If you have customers that you invoice on a regular basis, repeating invoicing is a must. Repeating invoicing lets you invoice automatically every month, regardless of whether you:
* Operates a fitness center
* Operates a daycare
* Manage rental properties
* Invoices for an association or sports team
* Sells subscription services. For example, cloud-based software
Once you set up and send out the first repeating invoice, it is automatically generated and distributed on the frequency of your choice, such as each month, and until the end date, you set.
Appear professional with custom invoice templates
There are strict requirements for the design of an invoice, and for the invoice to be valid it must contain the following information:
1. Invoice number
2. Invoice Date: The date the invoice is generated
3. Seller’s name an EIN / Tax ID
4. Buyer’s name, address or EIN / Tax ID
5. Description of goods/services/ quantities sold
6. Time and place of delivery of the goods/services
7. Specified price and any sales tax at the correct tax rate
8. Due date
By choosing a solution that offers standard templates that take this into account, the job will be easier for you. Solutions that allow you to design templates the way you want, also make your business look more professional. When you choose a modern system, you`ll get the functionality that can support different rules for handling invoice and order templates, such as layout.
Summed up, the possibilities are many when you choose the right system.
A connected system
In order to effectively create an invoice basis, it is advantageous to have all services seamlessly connected to the invoice basis. It may be to create offers and sales orders in the CRM system, record hours and costs on a project, or attach necessary documentation to the invoice.
Make sure you use systems that interact and contribute to more efficient routines and processes. However, the reality is that many companies have to deal with different systems.
A good tip on the way is, therefore, to choose a system with open API and good integration possibilities with other systems, which allows you to obtain order and invoice basis from third party systems.
Curious about the benefits of a modern cloud-based system?
Do you want to get control of your accounts and billing, and take advantage of a true cloud-based system? Contact us to experience the 24SevenOffice benefits today!