WHY TRUST ONLINE ACCOUNTING SOFTWARE FOR INVOICING?

If you own a small business or a startup, chances are high that you are handling different business processes like accounting, sales, marketing on your own or with limited human resources. And while handling different tasks, you may end up ignoring one of the most important business processes - Accounting & Bookkeeping.

If you are handling accounting tasks manually, there is a high probability that you will find bookkeeping and invoicing monotonous and time consuming. However boring, but these accounting tasks cannot be taken for granted or ignored. So, the best way is to outsource it! You must be thinking about outsourcing the accounting work to another individual or an organization, but you are sadly mistaken! In the era of automation, you can always seek benefit from an online accounting software.

If you will talk about an online accounting software to an accountant, chances are high that your conversation will turn into a debate. Gen X accountants might argue that online accounting software proves too expensive for the company and are difficult to use.

However, cloud-based accounting software have brought a major change in this perception. An online accounting software makes it easy to complete every accounting task in a hassle free manner with minimal monthly subscription charges. It not only helps you in maintaining accurate financial records but also gives access to them anytime, anywhere. It augments everyday task and gives clear insight into the business.

Use of online accounting software has increased by leaps and bounds in last few years, especially for the purpose of invoicing. It is a complete solution for handling tasks like invoice generation & scheduling, payment reminders, notifications, etc.

Reasons why online accounting software is popular amongst SME buyers, have been explained below:-

• Helps Businesses Go Green

Although the heading is self-explanatory and you must have an idea what is it doing here. The traditional method of invoicing involved pen & paper but with online accounting software everything is done online from generating the bill to its payment.

Thus, an online accounting software is favourable to both you and environment.

• Invoices Can Be Shared Speedily

Online Accounting Softwares helps you in sending your invoice on specific time and date, without any delay. And it happens automatically. Your accountant will not have to write invoices, look for envelope & invoices to send them via post. In other words, it will also reduce your overheads. Also, bills can be generated and sent irrespective of the place and time.

• Timely Tracking of Payment Status

Traditionally, you will check the due date of invoice. The bank account will be checked if payment has been received or not. However, an online accounting software gives you the option of automatic tracking. You can check who has paid and how much is due simply on a single screen. Since all clients aren’t same, you can generate customized reminders & notification within the invoicing software. As you can track the payment record of your clients, therefore, you can check who is slow payer and you can modify your payment terms accordingly & specifically.

Last but not the least, online accounting software makes detailed audit trail easy, as you can share a record of transactions in case of any query from the government, client, etc.

• Facilitates Prompt Payment

One of the benefits of online invoicing is that it reduces the time between sending an invoice and receiving payment. In fact, such software even gives you automatic update w.r.t bill opening by the buyer. Also, with pay now button, on invoices shared online, you need not wait for cheques to be cleared. Your customer can make the payment online and instantly. Moreover, e-invoicing is safe as it uses encryption (as used by the bank), so, your customer finds it reliable and makes a quick payment.

• Saves a Significant Amount of Time

An online accounting software saves a ton of time. It automates the repetitive tasks namely, invoicing, generating statement, sending payment reminders, payment collection, et al. Also, it is a saviour when it comes to complicated account reconciliation and managing cash flow statement. This is not it as such a software is completely equipped with reporting features which helps in preparation of insightful reports.

It never hurts to travel extra mile for your customer and the benefits that your customer derive from an online accounting software is the very extra mile. Moreover, the benefits you enjoy are plenty. Therefore, such software puts you in a win-win situation.