Why Custom Invoicing is Winning Over 65 per cent of Global Businesses?
Following the right kind of methodology and understanding the challenges mentioned above will lead you to find the right kind of solutions
Invoice management should never be an obstacle. The day businesses climb the path to flourish and their customer base increases, management of invoices has become one major daunting task.
If you overcharge a customer, then they will never come back. If you miss some charges, then you lose the money. Now you must have understood that the loss is yours. One mistake and you’re on the brink of losing your ROI.
To combat such risks and improve productivity, integrating a custom billing platform is important. It’s wise for you to discover more about all the challenges an organization faces, and how a custom invoice software helps to solve it.
Key Invoicing Challenges Faced By Enterprises:
Managing AR & AP on Cloud
How easy do you think it is to manage receivables and payables for an organization that is bigger than 200 employees? Multiple projects, multiple clients and globally accepting payments are not less than a headache for them. It is not easy to keep track of all these things at the same time. Enterprises, even the global giants face critical AR & AP challenges because processes are complex.
Cloud to Manage a Team of More Than 200
Unlike managing small businesses, enterprises face bulky challenges. Complex tasks, more employees, and efficient time management is needed to achieve the expected ROI.
Larger customer base leading to higher errors.
Managing 300 clients is different from how you handled 3 clients at one point in time. Here each client has different needs, personalities, and demands that you need to cater to. Having a detailed record of each is necessary in order to make sure that your further business exchange remains error-free.
Managing Multiple Clients’ Payment Cycles
Payments are your rewards to the work completed. You desire to receive every penny reflecting on your invoice. But, do you know 65per cent of invoices lose significance post 60 days of issuing date. Businesses and enterprises face the issue of payments and cash flow quite often. Managing multiple payments is tedious. Any cloud in unable to automate and manage payments for such big databases.
Data Security, Theft and Disaster Management
No matter how secure a cloud-based invoice software is, chances of cybercrime and theft never stop haunting you. It is all because the data you’re saving is confidential, and you cannot bear to lose it.
Providing Simplified Methods of Payments
While working with clients globally, you do not have some working environments. Payment gateways can differ from country to country, therefore, client to client. Providing each client with a payment gateway to ensure timely payments is one of the major concerns for enterprises. You need advanced solutions to remove such hassles.
These are the little challenges listed mostly faced by enterprises. The list goes on! We have seen enterprises struggling with such issues on a daily basis. It’s sad to see the power of technologies being wasted due to sheer ignorance.
The market is filled with invoice software systems that provide enterprises with a fully custom invoice software tool with complete ERP & CRM integration. Why don't you give it a try? It is a success mantra for most of the big business houses, after all.
Keep on reading to believe the pros of a custom invoice software that has helped us and won our trust.
Completely Bespoke Invoicing:
A fully custom invoice software ensures you a choiceful set of features as per your specific needs.
Easily add custom functionality features that improve business ROI. For example, you can add a custom in-house invoice approval process to ensure accurate invoices each time.
Automation of Payments:
As per an organization's needs, a custom billing software allows integration of payment gateways of choice and relatability. Completely avoid unnecessary integrations and unburden yourself of loads of management.
Auto credit adjust can be used by clients for making advance payments
Financial Stability to Ensure Strength:
A system to set up cash and transaction flow to ensure your utmost worries are thrown away. Automated payment reminders, a credit adjustment, and late fees are some of the features related to it.
Solutions to Ensure Early Payments
Set up communications for automatic payment reminders and late fees. It will enable ease of management.
As per your requirements, ask for customized automated reports from your software developer. It will help you in calculating ROI and productivity based on time tracking and expense reports. Based on such reports, you can analyse and forecast finances.
One Software Can Work for Multiple Business Units:
If you’re working on different business verticals under the same roof, getting an invoice software customized is the best way you can choose for yourself. Add sections for multiple businesses and invoice easily. Integrate a fully custom invoicing process to ensure your accounts department workflows right.
Data Backup and Security:
One of the major concerns any business owner struggles with is data security and its backup. Customization makes you host a fully custom invoice software in your own environment ensuring zero data going out of the premises.
Following the right kind of methodology and understanding the challenges mentioned above will lead you to find the right kind of solutions. A custom billing platform helps you manage expectations of upfront invoicing and reduces unnecessary nuisances of mistakes and consequences followed in the future.
Solutions of custom invoicing ensure a fully functional invoice software that you can host in your own environment and integrate with your current ERP and CRM.
Veronika Tandon is a Invoicing & Financial Consultant. With her 14 years of experience into the field of finance management, she have been helping businesses to manage cashflow and activities. Each of my writing focuses on sharing knowledge.