In earlier days, businesses used to maintain daily accounting and bookkeeping records manually written on paper or prepare an Excel sheet for tracking. The entire process was time-consuming and prone to human errors. This traditional practice often led to inappropriate financial decision-making, but nowadays the scenario has changed a lot. The introduction of invoicing and billing software made the entire process much easier. It helps the business process to generate invoices and bills automatically and sends the customer or vendor via mail.
Benefits of using invoicing and billing software
Invoicing and billing software helps every business to grow by providing accurate financial data, eliminating the chance of human errors. Here is the list of benefits that a business can gain from this software.
- It enables users to generate invoices or bills from anywhere and time. Users can access the data from any location, as it uses the cloud-based application for storing and managing the data.
- The generated invoice or bill is directly sent to the customer by the system. Moreover, the availability of different themes, colors, formats, and styles of templates enables users to customize the design in a professional manner.
- It stores the customer and vendor details that the user can access according to the need. If you set an alert, it can send a reminder automatically upon receipt of payment. Similarly, you can set a reminder for overdue bill payments that you have to clear within a specific time.
- One can understand the daily cash inflows and outflows from the invoicing and billing software. It provides deep insight into profit and loss analysis, and customers with overdue payments, and helps in preparing expense budgets. Moreover, it also includes the feature of bank reconciliation that enables a business to match the statement with actual financial transactions and gives the chance to get accurate data.
The process of managing and processing invoices and bills becomes complex as the business grows with time. Without efficient software, it is very hard to make any business decision without the availability of proper financial data. Invoicing and billing software replaces the traditional manual invoicing and billing practice. It saves cost and time, both of which further help the business in achieving success in the future.
Frequently Asked Questions
Whats e-invoicing?
E-invoicing is an electronically generated invoice, and all applicable taxpayers need to report Invoice Registration Portal (IRP) to receive a unique invoice reference number (IRN) and a signed QR code for validation for GST. However, IRN registration is not mandatory. If annual turnover is below INR 5 crore, then the business must register the e-invoice under this portal.
How can I make an invoice in a different currency?
Invoicing and billing software supports the multi-currency features. You can set your base currency from the setting and generate invoices or billing in your preferred currency without any hassle.
Can I customize my invoice format?
Yes. You can customize invoice design according to your preference by adding a company logo, contact details, a theme, and terms and conditions.
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