Giddh, October 9, 2020

What is Online Invoicing Software? A Guide to Using Invoice Software For Business Success in 2020

Online invoice software is a product that helps business owners automate their invoicing operations. Since the software is user-administered, it can be customised to the needs of your staff and as per your specific business needs. The software can handle your entire client database, thus helping you easily manage your billing and invoicing process.

The striking feature about online invoicing software is that it streamlines the invoicing process and helps you send multiple invoices within a matter of minutes. It also manages approvals and even receives payments online. If you are an entrepreneur, it’s vital to invest in the right online invoicing software since it can help you manage your entire payment cycle, and process your outstanding invoices in a single click.

Why Online Invoicing Software?

Online invoice software is a truly powerful tool that automates your recurring invoicing process. In addition, the software makes a worthy choice for all businesses because it ensures 100% accuracy, receives payments in a matter of minutes (completely digitally) and manages your subscriptions. With such a software solution, you no longer have to waste precious time preparing invoices with estimates and quotes. Here’s a look at why you need to have online invoicing software.

  1. Simplifies the process and reduces costs for both you and your clients:
    Giddh’s online invoicing software in India is a truly smart solution that helps you automate invoicing tasks that you may have previously had to do manually. It also allows you to use your company’s logo when sending customised notifications and emails.

  2. Payments can be made from anywhere, at any time:
    The best part about this software solution is that it helps your clients create their payments dashboard, which can then help them track all of their invoices and payments on a single screen. The software also helps your clients make payments from anywhere, and at any time, using a number of payment gateways. What’s more, your clients can even make their due payments through their smartphones. Giddh’s online invoice software from India can be accessed from cell phones, and clients can track their invoices and manage payments directly from anywhere – it truly can’t get simpler than this. No more will your payment be stuck for days or weeks on an end because your client is off-site.

  3. Invoices can be converted into PDF files:
    With this online invoicing software, you and your clients will not have to rely on paper-based invoices. The software automatically generates a e-copy and helps you send the file by email as well. The tool even offers a print option, so you can print out the invoice and send it via courier or normal post if this is what your client prefers.

  4. Follow-up reminders can be sent:
    How often have you had to follow-up with a client for a payment? Business owners frequently need to follow up with different clients for payments, but this can be a tedious job since you will need to keep track of all the invoices you’ve sent but are yet to receive the payment. You’ll also need to manually send a reminder to each client. But, with online invoicing software, you can send follow-up reminders directly through the automated settings on the tool.

  5. User-friendly and reliable:
    Giddh’s India-based online invoice software is extremely user-friendly. This means you don’t have to allocate additional resources to train your staff on how to use the platform. The easy-to-use invoice software is also very reliable and keeps you and all your clients updated about the status of their invoices and payments, thus ensuring complete transparency to all parties involved. Given how online invoicing software can streamline the entire payment and invoicing software for you, you and your internal teams can focus on your core business activities and improving sales.

  6. Improves cash flow:
    The whole purpose of your business is to offer your services or products to your clients and get paid for it. But, if you are having trouble raising invoices and getting paid, your business cash flow will likely suffer over time. Online invoicing software can be of immense help here since it helps you accelerate the entire invoicing process and bring in the payments due quickly. Also, by helping you quickly follow up with your clients and making it easy for your clients to pay you from just about anywhere, it can improve the overall cash flow, and make your business more profitable.

  7. Invoices don’t get lost:
    If you rely on traditional methods to send your invoice to your clients, there’s always a chance that the invoice may get lost. If this happens, you’ll need to create the invoice again, and then repost it to your client – again, there is no guarantee that it will reach them safely. Even if your client does receive your invoice, there’s always a chance that they may miss seeing it amongst all the paperwork they get. Online invoice software eliminates such problems, and you’ll always have a digital copy of your invoice for reference even years from when you raise the invoice.

  8. A lot less paperwork:
    With companies becoming greener and reducing their carbon footprint, it will certainly benefit your business and society at large to avoid paperwork and opt for an online invoicing solution. The problem with traditional invoicing is that it can take up a lot of desk space, and there’s a high probability that important invoices may get misplaced. Online invoicing solves this problem since you have a lot less paperwork to deal with. You will also have easy and quick access to all your invoices as an when you need them

Process of Online Invoicing

An online GST invoice software works by way of using a database that is built into the system to pull out unbilled work items. The software has the capacity to differentiate between unbilled items and invoices.

Once all the unbilled work is retrieved, the software will organize invoices for different clients, and project all of this data on a single screen. This is customisable, so you can edit the various fields that are displayed like the hours worked, bill rates, and descriptions. All-in-all, it will take you just a few minutes to review each invoice. Once you make all the changes required to different invoices, the software will be ready to invoice the unbilled items.

Once you have created the invoice online, you can send it to your clients through the software, by email, or post it or courier it to them, based on the agreement you have with your client.

How to Generate Invoice Online

Are you wondering how to generate invoices online? With an efficient online GST invoice software, you can create, manage, and track your invoices with ease. To generate an invoice online, you will need to follow the steps mentioned below:

  • . Fill your details and the details of your client in the invoice template.
  • . Add a brief description of what the purpose of the invoice is.
  • . Include the details of the product you are billing.
  • . Adjust the quantity and the pricing of each item.
  • . Specify your business’ payment terms and preferred mode of payment.

Once this is done, the invoice can be sent to your clients through the online invoicing software. If you need to generate invoices online on a recurring basis, you will need to select the right frequency, which is the time interval for sending the invoice. Once you do this, you will be able to raise the same invoice for your clients periodically. Also, you can select the auto-billing option if you would like to automate the billing process and receive payments automatically from your clients. With a tool like this, you’ll never again be confused about how to generate GST invoices online.

Online Invoicing Software: Features and Highlights

Online invoice management software not only helps companies manage and generate invoices online but also helps with things like client management, vendor management, staff management, project management, inventory management, and credit note management, among other things. The software also helps you with expense tracking and time tracking. Here are the various features and highlights of online GST invoice software.

  1. Invoice management: Online invoicing generation software helps with invoice management, which lowers costs, improves visibility, and increases the efficiency of an organisation’s operations. The software also helps you automate your invoicing process, and increases the speed at which you get paid.

  2. Online payments: Online invoicing software supports a number of payment gateways, so your clients can make the due payments online through a gateway of their choice. Doing this reduces unexpected delays in receiving payments.

  3. Financial forecasting: The software can also help streamline your business finances. The software can give you some very useful insights and help you keep an eye on the revenues, overheads, expenses, and the overall growth of your business.

  4. Expense management: Manually listing out your business’ expenses is time-consuming, and the data may also have a lot of errors. The software allows various users to update their expenses online, which is then stored at a central location so users can retrieve their expense data at any time. Using expense management software also provides companies an easy way to analyse cash flow, profits, and losses.

  5. Staff management: Online invoicing software can help you optimise the size of your team since you can automate a number of tasks that may have been done manually to date. Rather than have a team of staff solely for the invoice generation and management process, a single user can be trained to use the online invoicing software.

  6. Client management: Rather than maintaining invoices for different clients in separate locations, online invoicing solutions help to keep all the databases in a single, centralised location that you and your staff can access from anywhere.

  7. Time tracking: With online invoice management, all your hassles regarding time tracking is eliminated since the software helps businesses bill their exact minutes efficiently. The software has a timesheet feature, which helps you track and bill your time.

  8. Multi-lingual and multi-currency support: The software also offers multi-lingual and multi-currency support, so your company is not restricted to a particular region and can grow internationally.

  9. Helps create custom workflows: The software also helps companies create custom invoice workflows so they get paid for their services or products sold a lot faster. This makes the process a lot more efficient and simplified.

  10. Estimate management: The online invoice management software also helps you convert your task estimates into invoices. You will also be able to track the exact status of your invoicing actions through a single dashboard.

  11. Task management: With online invoicing software, you can manage your tasks online in a hassle-free manner. This helps teams collaborate and be more productive. Important documents can also be shared between stakeholders on a priority basis, whenever required.

  12. Project management: The software helps you increase your efficiency and visibility, and, thus, as a result, makes it much easier for you to collaborate with your employees and clients on different projects. You can also create sub-projects and set milestones to track your team’s progress.

  13. Credit note and purchase order management: When you are dealing with multiple vendors, it’s likely you will receive many purchase orders and credit notes for the goods you return. Manually entering this data and keeping track of it is quite difficult. Online invoice generation software, however, makes it easy for you to manage your credit notes.

A number of businesses in the country are still dealing with the struggles of using traditional solutions and templates, because these tools are time-consuming and make it difficult for you, as a business owner, to create, organise, manage, and track invoices for the different clients that you have. This is why it is important to use an efficient online invoicing software solution so the time that you are required to invest in the invoicing process can be slashed and made almost insignificant.