Tech
Advantages of Digital Invoicing
Staff Reporter
First Posted: Feb 19, 2020 07:21 PM EST
Unsplash
We already know how using a professional digital invoice will boost your business by saving your money and getting you paid faster, hence increasing the pace of your business and leading to more revenue and profits. But there are several more ways in which you and your enterprise will be benefitted that are not too obvious when we look at the matter, but as we scratch the surface we see the wider picture; it is not easy to see the whole range of advantages accruing from a particular change in a process, but when we get involved and experience it first-hand, it is more likely that we notice more. The same is the case for moving to digital invoicing from manual invoicing, here we are going to give you a ground view of how your business process will change after digital invoice, in a good way. You can download a word invoice template to give that boost to your business. Here is that ground view of the different ways digital invoicing is good for you:
Using a digital invoice, you are less likely to make errors.
Mistakes are bad for business and errors in invoices are even worse. Invoice errors can cause mistrust and confusion between the company's own ranks and also between them and their customers; this is really harmful to business and customer relationships.
-
Invoice errors can have a disastrous effect on the customer experience. For example, some additional dollars added to the total price the customer was expecting are likely to inculcate a sense of suspicion in the customer's mind and they are less likely to trust the company in the future and maybe even stop dealing with them. Whenever someone encounters such a situation where they see a bill that has a grand total of more than they have purchased or used, they instinctively see this as a way of stealing their money. Their chances of considering this as an actual mistake are far less than them believing that they are being ripped off. Once they get such a thought that is associated with your business, it is likely that they share this experience with other people; this deals great damage to the repute and customer base of an enterprise.
-
Invoice errors create an imbalance in the accounts of the business. When an invoice is made that has an error in the shape of extra or less money than the actual sum, an accountant will add this invoice in the list of unpaid invoices; at the same time they will remove the sold items from the inventory list, this means that there will be an imbalance in the different accounts when the payments are received. A significant invoicing error or habitual invoicing errors can affect your company's balance sheet amounts.
-
With all the above problems caused by invoice errors that are commonly made in manual paper invoicing, these errors cause time wastage and inconvenience for you and your customer in addition. If your customer catches the mistake before he pays the bill, you will have to issue a credit or corrected invoice. This will correct the inventory account, unpaid invoice accounts but the extra paperwork to make another invoice and the extra time spent communicating about the mistake and then making a new invoice and sending it is an inconvenience for you and your customer. Worse than that, if you overcharge the customer and he catches the mistake after the payment is made, you will have to go through an even longer process of creating the corrected invoice and paying back the extra money received, moreover they may think your company is dishonest and not trustworthy and choose not to do business with you, and deal with a competitor in the future.
These errors occur much less frequently than they do without a digital invoicing system because digital invoice and financial software designers have come up with ways to reduce the chances of making an error by automating as much of the invoicing process as possible. With digital invoice, you are much less likely to make invoice errors as most of the content is preloaded in the computer and the simple and easy to read and understand templates make it very hard for errors to escape the eye. Furthermore, digital invoice templates come with bookkeeping software that will help you avoid errors.
With digital invoice, your dues and payments get streamlined into your accounts.
When you buy a digital invoice template, you will also get the software to record or register all your payments, your dues and everything else that requires book-keeping. Digital invoicing will enable you to save precious time as it is an automated procedure of automatically adding the unpaid invoices in your account receivables. Not only will it help you keep count, but it will also keep a record of sent invoices and the invoices that are yet to be sent. As compared to manual invoicing where you had to manually check if an invoice had been sent, you can just search a particular invoice using the customer name or date the invoice was made on. Digital invoicing makes business simpler and easier so you can focus on things that require your most immediate attention. You can easily keep a count of days after the invoice was sent and you can then send a reminder of payment to the customers that have not yet paid, digital invoicing will display the date the invoice was sent and you can easily keep a count of days.
You can customize your invoices for a more professional look.
All advanced international businesses have moved towards using digital invoices and they have their custom made digital invoice templates with their logo and important information. If you buy a professional digital invoice template you will have the liberty to personalize it and add the information you want. An invoice with the name of your business and logo on it serves to be a good advertiser and makes your enterprise look more professional.
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First Posted: Feb 19, 2020 07:21 PM EST
Unsplash
We already know how using a professional digital invoice will boost your business by saving your money and getting you paid faster, hence increasing the pace of your business and leading to more revenue and profits. But there are several more ways in which you and your enterprise will be benefitted that are not too obvious when we look at the matter, but as we scratch the surface we see the wider picture; it is not easy to see the whole range of advantages accruing from a particular change in a process, but when we get involved and experience it first-hand, it is more likely that we notice more. The same is the case for moving to digital invoicing from manual invoicing, here we are going to give you a ground view of how your business process will change after digital invoice, in a good way. You can download a word invoice template to give that boost to your business. Here is that ground view of the different ways digital invoicing is good for you:
Using a digital invoice, you are less likely to make errors.
Mistakes are bad for business and errors in invoices are even worse. Invoice errors can cause mistrust and confusion between the company's own ranks and also between them and their customers; this is really harmful to business and customer relationships.
-
Invoice errors can have a disastrous effect on the customer experience. For example, some additional dollars added to the total price the customer was expecting are likely to inculcate a sense of suspicion in the customer's mind and they are less likely to trust the company in the future and maybe even stop dealing with them. Whenever someone encounters such a situation where they see a bill that has a grand total of more than they have purchased or used, they instinctively see this as a way of stealing their money. Their chances of considering this as an actual mistake are far less than them believing that they are being ripped off. Once they get such a thought that is associated with your business, it is likely that they share this experience with other people; this deals great damage to the repute and customer base of an enterprise.
-
Invoice errors create an imbalance in the accounts of the business. When an invoice is made that has an error in the shape of extra or less money than the actual sum, an accountant will add this invoice in the list of unpaid invoices; at the same time they will remove the sold items from the inventory list, this means that there will be an imbalance in the different accounts when the payments are received. A significant invoicing error or habitual invoicing errors can affect your company's balance sheet amounts.
-
With all the above problems caused by invoice errors that are commonly made in manual paper invoicing, these errors cause time wastage and inconvenience for you and your customer in addition. If your customer catches the mistake before he pays the bill, you will have to issue a credit or corrected invoice. This will correct the inventory account, unpaid invoice accounts but the extra paperwork to make another invoice and the extra time spent communicating about the mistake and then making a new invoice and sending it is an inconvenience for you and your customer. Worse than that, if you overcharge the customer and he catches the mistake after the payment is made, you will have to go through an even longer process of creating the corrected invoice and paying back the extra money received, moreover they may think your company is dishonest and not trustworthy and choose not to do business with you, and deal with a competitor in the future.
These errors occur much less frequently than they do without a digital invoicing system because digital invoice and financial software designers have come up with ways to reduce the chances of making an error by automating as much of the invoicing process as possible. With digital invoice, you are much less likely to make invoice errors as most of the content is preloaded in the computer and the simple and easy to read and understand templates make it very hard for errors to escape the eye. Furthermore, digital invoice templates come with bookkeeping software that will help you avoid errors.
With digital invoice, your dues and payments get streamlined into your accounts.
When you buy a digital invoice template, you will also get the software to record or register all your payments, your dues and everything else that requires book-keeping. Digital invoicing will enable you to save precious time as it is an automated procedure of automatically adding the unpaid invoices in your account receivables. Not only will it help you keep count, but it will also keep a record of sent invoices and the invoices that are yet to be sent. As compared to manual invoicing where you had to manually check if an invoice had been sent, you can just search a particular invoice using the customer name or date the invoice was made on. Digital invoicing makes business simpler and easier so you can focus on things that require your most immediate attention. You can easily keep a count of days after the invoice was sent and you can then send a reminder of payment to the customers that have not yet paid, digital invoicing will display the date the invoice was sent and you can easily keep a count of days.
You can customize your invoices for a more professional look.
All advanced international businesses have moved towards using digital invoices and they have their custom made digital invoice templates with their logo and important information. If you buy a professional digital invoice template you will have the liberty to personalize it and add the information you want. An invoice with the name of your business and logo on it serves to be a good advertiser and makes your enterprise look more professional.
See Now: NASA's Juno Spacecraft's Rendezvous With Jupiter's Mammoth Cyclone