Have you ever made a mistake in multiplication while billing a client and realizing that after sending it to the client? Does your business accounting system is still doing good with manual billing processes? Does your overhead cost and administrative costs are all-time high? The only way to get rid of such an issue is to use online billing software.
Professional billing and invoicing software are simple to use and have many features that facilitate company accounting. The capabilities that these tech systems provide differ by provider. Don’t worry if you operate in a non-conventional manner; some vendors can deliver customized softwares and apps according to your need.
Top 7 features which are must work in an online billing software
However, some of the basic features stay the same, no matter what scale of business you are doing or in what business segment you operate. The following is a compilation of seven critical features of online billing software.
1. The facility of professional invoice creation is a must
The invoice is the legal document of a product’s or services’ selling, including all relevant details. The most basic role of a specialist professional online billing and invoicing software and application is the production of bills. The software which you are deploying should allow the consumer to produce professional-looking and easily understandable invoices.
Additionally, invoice details should be combined with customer accounts, programs, and other data sources to facilitate data collation.
2. It should have a built-in feature of making estimates and converting them into bills
When you approach customers and prospects for a potential order, the user will need an estimate in front to decide. The forecast provides the customer with a ballpark number and information about the services offered, the duration, the timetable, and any exclusions.
Intelligent online billing software and the tool will allow you to send projections and estimates to clients and link them to a payment service. If the consumer approves the same, the app can translate it to an invoice automatically. The streamlined transformation from estimation to invoice would ensure the accounting segment operates efficiently.
3. The software should be able to maintain a consumer database and establish financial targets.
It’s the customers who drive the company. No company will work effectively without positive customer ties. And an online billing software can collect all of the customer’s information, especially their buying history and personal information.
When you launch new products and services, you can use your past data and knowledge to target the most critical customers. Additionally, it can assist you in developing a communication plan if you want to extend your company to reach new clients.
4. Robust Analytics and Reporting
Data can do wonders for the business if they are analyzed and presented correctly. Professional billing and invoicing software can provide a summary of the financials. For instance, the amount payable after each quarter, receivables, expenses, benefit, and loss statements, No. of bills generated, and much more.
Online accounting software may assess critical business factors and communicate them to management. The software provides quick access to current and related compliance issues, financial transfers, and business processes.
5. Facility for Integrated Payments.
If an online invoicing software is not having a feature of integrating and multiple payments – scrap it straight away. This feature allows consumers to pay directly from the location – no external app or website required. As a consequence, the accounting scheme can support you in electronically collecting customer transactions and paying vendors.
It frees up job time, eliminates logistical headaches, and accelerates payment collection. Account books are also updated automatically as online transactions occur.
6. Data synchronization with the cloud
Data is a critical component in companies of all sizes. Let us discuss technical advancements over the last few years. Businesses want data protection, but they still want a network that keeps their data secure and accessible at all times.
Therefore, ensure that an excellent billing software that you purchased for the business enables you to manage and access data from everywhere – even while you’re not in the office.
Professional billing and invoicing software provide features for backing up and recovering data in the case of server damage/failure.
7. Maintain a Record of Expenses
Whatever accounting tool you use can help you control your company’s finances and make more informed decisions. It would be ideal if online accounting software for non-profit businesses or law firms had a monitoring function.
Online billing software will include a detailed overview of the bills, allowing you to see when you are spending the best and where you need to focus your efforts.
So, that was just the top 7 features when it comes to professional billing and invoicing software. Remember one thing while dealing with online billing software: it should fit your company’s needs, and all the required features should be in your budget.
Also, it would be great if you bring your current accounting team or an external accounting agency into a loop that can help you.