Automating business processes is an emerging trend set to transform the way businesses operate. The days of filling out paperwork for every meeting or sale are over. There’s a demand for quick payment to and from clients, meaning business owners must consider using invoicing software to get the job done.
Some software allows business owners to test out their product through a trial, which can help determine if that software is the right fit for you. Consider testing out a handful of software platforms to get a feel for which one will work best for your business.
In 2021, software should do the heavy lifting for the majority of your business processes. Many companies already use different types of software for a variety of purposes, like word processing, document generation, spreadsheets, and databases. Employees can work more efficiently and increase their productivity by using software to complete their tasks.
Suppose you’re thinking about changing your current invoicing software or want to develop a custom solution. In that case, there are several features you should look for. Whether it’s automation or being able to handle different currencies, the characteristics of invoicing software are meant to assist you in your day-to-day tasks.
Let’s explore some of the key features you should look for when using invoicing software.
1. Customizable Invoices
When clients receive an invoice from your company, it should be easily identifiable, with your company name, address, and contact information listed.
Many software companies understand how vital this information is and find ways to incorporate customization into their interface. Customized invoices also strengthen the relationship between your company and your clients because it reinforces your brand and improves brand recognition.
To implement personalized invoices, you will need trigger-based document generation based on HTML to PDF conversion. PDF rendering enables invoicing software to create all kinds of customized documents automatically.
2. Automated Reminders
It can be a tedious process to track down payments from clients when you’re a business owner. You spend most of your time running your business, and trying to receive late payments is a chore. Here comes automation, which can save you all of that time and energy.
When your invoicing software can send out automated reminders, the process is much more efficient and less strenuous for you. Less time spent sending payment reminders means more time spent on the necessary tasks that keep your business running smoothly.
Many other industries are adopting automation as a great feature to benefit from. Business processes are made much easier, and employees can spend more time focusing on other crucial tasks.
3. Multi-Currency Invoicing
Because more digital services are available over the internet, your business may be able to send invoices overseas. Therefore, it’s crucial that your invoicing software can send invoices with the right currency and receive payment in the original currency.
Software like Zoho and PayPal can handle multi-currency transactions so that you can operate overseas worry-free. Keep in mind that there may be a conversion rate when sending invoices with different currencies.
4. Cloud Technology
Software linked to the cloud allows you to access information regarding invoices from anywhere in the world. Some examples of software that use the cloud to operate are Invoicely, CloudBooks, and FreshBooks.
There are other top-rated software platforms, too, that are useful for small to medium-sized companies. More and more companies that offer products and services are transitioning to the cloud for more flexibility and efficiency in their day-to-day operations.
5. Fraud Prevention
The last thing you want for your clients is to experience any fraud or identity protection issues while completing their payment process. In 2019, 1 in 15 people became victims of identity fraud. Clients want to feel secure that your invoicing software offers some sort of protection.
Transferring payment through third parties carries reasonable risks, which is common with any sort of digital payment process. Sharing sensitive customer information increases the risk of fraud, but software can now safeguard that information.
6. Invoice Processing
One popular invoicing software product, Tipalti, uses an automated system to process payments. It’s common now for software to handle more than just invoice sending and receiving. Processing the invoices assists employees and allows them to spend more time on core business processes.
Other software offers a plethora of features that are sure to accommodate both your basic and more extensive business needs. Invoicing software will help you be more productive in the workplace and improve overall efficiency.
Benefit From the Best Invoicing Software Features
As you can see, there are specific features that will benefit your business and contribute to your success. Implementing invoicing software into your current operating system can transform the way you do business.
If you want to upgrade an existing solution or develop a custom invoicing system, you can add some features through API integration. In particular, Inkit Render allows you to get HTML to PDF rendering capabilities in a single day versus months of development time this feature would take otherwise.