Invoicing is an integral part of any business. For any product purchased or services rendered, an invoice is provided as proof of transaction. Earlier, there was no such system. A verbal proof of transaction used to take place. However, this system was soon rendered as fallible. Later on, manual invoices became popular and exist to date. But even this system is not full-proof. Since most of our transactions are cash-based and books are kept manually, there is still a large scope for errors. However, those who have moved to electronic transfers, card payments, and online payments are no longer suffering from these issues. To make this system even more efficient, business owners use invoice billing software. Let us look into details what does invoice billing software do:
Create customizable invoices:
Billing software of today comes laced with many features. Creating customizable invoices is just the tip of the iceberg of features. It allows you to create professional invoices that can be personalized to carry your brand. It comes with in-built templates to reduce your work. Apart from this, it allows you to maintain a secure database of your clients. You can auto-populate all the details of your existing clients and simply send the invoice. This cuts down the time spent on sending the recurring invoices to a long term client.
Facilitate billing and payments:
Online platforms do not require additional set up. Using invoicing software you can create an online portal and ask the clients to directly make the payments. It also allows you to generate invoices and accept payment in foreign currency. The billing software of today is capable of handling multiple foreign currencies. There is a facility to track offline payments as well. Additionally, it also helps you in filing tax reports. Features like these averages out the billing software price. Nonetheless, most of them are not even expensive. Software like Tally Solutions is one of the most pocket friendly billing software.
Reports:
Billing software enables you to generate various types of reports. These reports help you in tracking finances. You can automate the process of report generation. These can be exported and be shared. You can use these reports to analyze several things like average time for a payment cycle, outstanding invoices, which clients make payments on time, which clients make payments late. You can extrapolate any information about your clients whenever you want.