You won’t understand the benefits of billing software until you start collecting payments for your business. Of the tons of challenges that come with running any profitable business, three tasks emerge as the most overwhelming: invoicing, receiving payment on time, and keeping track of the payment status of all of your customers.
Imagine the detriments you will face when you take too long to compose and send your invoice. Think of all the money you’re going to lose when your clients decide not to pay you because you took too long to send them an invoice.
Meanwhile, the people in-charge of invoice creation and management also need to make sure the invoice isn’t forgotten. With delayed invoicing, the company will have to compensate by coming up with the necessary funds to cover operational expenses until the payment is received.
One delayed invoice won’t hurt. But if you’re doing it regularly, it becomes a problem you’ll need to solve. Bad invoicing can get complicated and costly. That’s why you should keep reading to learn how modern invoicing works and how billing systems have made it ten times easier.
The Impact of Using Billing Software
Nowadays, most companies rely on billing and invoicing software to help them with their business invoice tasks. This innovative approach has made generating and tracking invoices quicker and easier. It has allowed companies to get paid on time compared to the traditional way.
Credit sales are a common practice. With it having a significant impact on finances, it’s quite surprising to see that many companies continue to rely on manual processes to manage their business invoice.
The Benefits of Using a Billing Software
To give you an idea of what billing and invoicing software can do for you and your business, here are seven proven benefits of using these effective applications:
Faster Invoice Creation
Drafting invoices manually takes a lot of time for you. Fortunately, invoicing software can make it faster and less taxing by allowing users to either download a template or create one straight from their platform. With a billing system, invoice creation is only a few clicks away.
Create and Save Custom Templates
There are many billing and invoicing platforms available online. Each of them has different services to offer in terms of the business invoice. ReliaBills, for instance, provides a comprehensive way for you to create and send invoices. All you need is to create a free account, and you’re ready to create your invoice. Just choose a premade template and edit it all on the platform. No downloading is needed.
For other billing platforms, you’ll need to download a free invoice template. Choose a template of your choice and start editing it on word processors like Microsoft Word or Google Docs. You can also edit it on spreadsheets like Microsoft Excel or Google Sheets.
Other platforms also allow you to save custom templates so that you can use them for next month’s invoices. For downloadable, simply save the custom template on your computer device so that you can use it for later invoices.
Automate Invoicing and Communications
Your company is responsible for making sure the money owed to you by your clients doesn’t get overlooked. However, it’s not that easy to keep track of when you have so many invoices on your plate. Fortunately, billing software can solve that issue. By using a billing platform, you can automate everything. From payment reminders, statements, and late notices, you can set everything up to make sure you won’t miss anything.
That way, you won’t forget to remind customers about their payment deadlines or overdue accounts. And while emails are an effective way of informing your clients about the money they owe you, sometimes, it isn’t enough. You may need to reach out to your clients via phone call. Some systems can go a step further by updating your calendar and reminding you about follow-up calls based on the rules you set up for your invoicing.
Ensure Up-to-date Information
Is the data you’re working off up-to-date? Many businesses that are not using billing software tend to rely on outdated reports and spreadsheets that require manual updates. With billing software, you won’t have to do frustrating, manual updates that have a higher chance of error.
Billing software can be linked directly to your accounting system, ensuring that all of your records are always up-to-date. That way, you won’t have to contact your customers about an invoice they haven’t settled. Simultaneously, you won’t have to go through piles of old information or spend time updating them manually.
All-in-One Invoicing System
With billing software, everything is in one place. You can avoid wasting time going through multiple applications and making this more complex than it should be. With a billing platform, you’ll have everything you need right in front of you. That way, you will know what is due, when it’s due, what is in progress, what is already done, and so much more.
Online Payment Options
When payment is made easier and more convenient, more customers will come back for your services. Easier payments also mean it gets done faster. Billing software gives you the option to send secure links to your invoices via email. From there, your customers will be taken into a payment portal where they can pay their invoices in a safe and secure way. You can even offer other payment options like bank transfer, credit, debit, or even through third-party payment platforms like PayPal or Wise(TransferWise).
Business Intelligence
If you’re using manual processes like spreadsheets as the foundation of your invoice business strategy, gathering and analyzing data can get extremely confusing and time-consuming. By choosing a billing platform, you can access accounts receivable options that give you instant access to all the relevant data. At the same time, it also helps you monitor and measure the performance of your accounts receivable.
Essentially, most billing and invoice software will allow business owners to summarize important performance indicators such as the following:
- Percentage of overdue/delayed receivables
- Average time to receive payments per invoice
- Average days receivable
- Accounts receivables turnover ratio
- Current accounts receivable aging by invoice date
- Average days pass before customers pays
- Current days sales outstanding
- A view of the 6-month DSO trend
- Top delinquent accounts
- Cash summary
- Summary of collection activities
Of course, not all of these metrics are found on all billing software. Some will lack essential features, so make sure you choose the one that provides all the data you need for your business.
Recurring Payments: The Future for Commerce
In the past two decades, businesses have been utilizing recurring billing to build customer relationships and market their products. Many companies offer customers an option to subscribe online or through mobile applications – making it even easier to sign up for a service that’s billed regularly. The future of commerce is digital, and recurring billing will play an essential role in the way businesses deliver goods and services to customers. That’s why as early as right now, it’s time for you to future-proof your billing system by transitioning towards recurring billing software.
The Billing System Customers Will Also Love
There are several reasons why many customers prefer recurring payments over standard payment methods, including automated invoicing and ease of signing up. Another reason is that they can cancel their subscription at any time with just one click – instead of worrying about dealing with an invoice or having to contact the billing department.
With recurring payments, customers can change their subscription or cancel it at any time without having to worry about invoices and administrative fees that come along with manual payment processing. Customers also enjoy the convenience of automated invoice emails, which they don’t have to open every month when a new one comes in; instead, they can view all their invoices in one place.
Complements Any Business
Recurring billing will also give customers more control over how they pay for products or services delivered physically or digitally to them. This payment method benefits businesses that offer digital goods and services to streamline their billing process and get paid faster.
Future-Proof Your Billing with ReliaBills
Many companies pay for manual invoice processing, which is time-consuming and expensive; others use various tools or spreadsheets to manage recurring payments – but those can be ineffective and costly as well. The best way to future-proof your billing system is by utilizing a recurring payment processing tool like Recurly, which will allow you to automate the process for good.
Recurring payments are becoming increasingly popular worldwide because they provide many advantages for both businesses and customers alike – that’s why it’s time to use a capable recurring billing software like ReliaBills to make sure you make the most of this opportunity. Transitioning from traditional to recurring billing will open up new ways for you to earn more and have a consistent and reliable income source.
Benefits of ReliaBills Recurring Billing
Recurring billing has many benefits for both businesses and customers, which is why it’s growing in popularity. Here are just a few reasons:
- Automated invoicing
- Less costly to manage billing errors
- Steady cash flow with no surprises
- Customers don’t need to open or act on monthly bills
In addition, recurring billing gives businesses the opportunity to retain customers who might otherwise churn. According to research, most people are unlikely to re-engage with a business that’s delivered poor service in the recent past, even if it offers something they want or need. This makes recurring billing an ideal customer retention tool when used correctly and consistently.
Get ReliaBIlls Now!
If you’re a complete newbie when it comes to recurring billing, you’re not alone; it’s a complex process that requires advanced tools and expert support. That’s why we’ve created ReliaBills, our invoicing and recurring billing software designed to simplify the way you bill your customers for subscription services on a recurring basis.
Reliabills is perfect for businesses that want to grow through recurring revenue. You can manage multiple payment gateway integrations in one place and create new recurring billing plans with ease – which is why most of our customers choose to save time by automating their processes instead of managing them manually.
ReliaBill’s automated invoices benefit your customers by not having to open every invoice email they receive from you. Instead, they can view all their invoices in one place. This makes it easier for them to control their budget and track which payments have been made over time.
Our automated recurring billing software also streamlines your business operations by allowing you to cancel or update a customer’s subscription without having to contact the billing department. ReliaBill’s recurring billing software is the perfect solution for businesses who need to future-proof their billing process by automating it and growing their recurring revenue without adding any extra expenses along the way. For more information on ReliaBills and its recurring billing system, click here. If you’re interested in ReliaBills and what it has to offer, you can create an account now to access our basic plan. However, if you want to experience recurring billing, you can upgrade to ReliaBills PLUS for only $24.95 per month. Cancel anytime! Try it today!
Wrapping Up
By using accounting software, you can create better invoices and a more professional online business profile. Improve customer experience and overall business operations by introducing a better and more comprehensive invoice system using professional billing platforms. Your customers will certainly appreciate you more once you make their payments easier and more convenient.
ReliaBills can help create professional-looking invoices, as well as manage your invoice system as a whole.
