You send bills to your customers and you want them paid quickly -- that's why efficiency in your billing process is key. Ultimately, the quicker your business can get invoices to customers and clients, the faster your business will be paid, which will have a positive impact on cash flow. Delays in payments can even put your business at stake.
This blog post will look at 6 benefits you can get from setting up an efficient invoicing system.
Companies that run subscription based services know that it can require a high level of administration to keep billing and invoicing processes efficient and well managed. Thankfully, cloud based invoicing software easily supports services that are billed on a recurring basis, as well as free trials, discounts, refunds, renewals and one-off transactions.
As more and more companies roll out IoT (Internet of Things) initiatives, there is the need for a way to monetize these services. Typically, monetization includes adding the ability to bill for IoT services through a combination of usage- and subscription-based billing. With billing software from Salesforce, your company can handle complex usage- and subscription-based IoT monetization needs out of the box.
Effectively managing cash flow means automating and standardizing your invoicing process, and effectively reducing administration overhead. Fast, efficient invoicing vastly reduces the margin for error compared to manually processing invoices from scratch. It also creates time savings for your staff, and that time can be reinvested into more profitable areas of the business.
An efficient invoicing system will automatically compile costs and quotes, and then generate invoices from this data. This greatly reduces the number of people required to produce quotes, thereby reducing the chance for human error. This in turn saves your business time, which saves your business money.
By connecting a set of complex systems, individual processes and administration can be greatly reduced. From the initial quote all the way through collecting payment, businesses can save time by connecting all the systems and software they use, including CRM, CPQ, ERP and Finance systems.
When a client or customer has a query about the billing process, it is important to have information easily accessible so you can provide answers quickly. One of the key benefits of cloud based invoicing is the clear and easy to understand audit trail, including every action, from lead generation all the way to payment collection. An efficient invoicing system makes finding information quick and painless, so customer questions and queries can be addressed immediately. Not only does this save time, it also makes customer care simpler and this can even lead to improved team morale.
By using one integrated solution, it is straightforward and simple to create useful, all-encompassing reports. Custom dashboards can be turned into convenient reports, allowing your business to quickly identify your most profitable clients and customers, as well as reporting on buying patterns, and projecting cash-flows. Automated reports can be created and scheduled, further removing manual administrative tasks from your processes, improving business profitability.
These are just some of the many ways that efficient billing and invoicing software can greatly improve the efficiency of your business, which can in turn create substantial savings in administrative costs, as well as improving cash flow.