Billing is a fundamental part of every business. It is also one of the most time-consuming and repetitive aspects of it. A small mistake in the billing has the potential to snowball into a massive loss for the business. Humans err - this is a fact of life. However, billing or invoicing software does not make any calculation mistakes. It is accurate and reduces the manual workload.
Most invoicing softwares are easy to use and comes with a plethora of features that enable smooth business accounting. The features offered by these software solutions vary from vendor to vendor. Some software creators even customise their products as per the needs of the business. However, there are some features that are essential for all businesses, and every billing software must offer the same.
Here is a list of 8 key features of billing software for businesses:
Creation of invoices and permit modifications
The invoice is the official record of the sale of products and contains all the necessary information regarding the same. The most basic feature of billing software is invoice creation. The software should let the user create professional and clear invoices.
The information from the invoices can also be integrated with customer records, projects, etc. to enable the collation of data. It also aids in creating and maintaining a centralised data repository.
Create and send estimates
When you are approaching a client regarding a potential purchase, the client will need an estimate. The estimate gives the client a ballpark figure in addition to other details such as the services provided, scope, timeline, exclusions etc. The best invoicing software should enable you to send estimates to the client along with a link for payment. Once the client has accepted the estimate, they can pay using the link and the estimate will be automatically converted into an invoice by the software. The seamless transition from estimate to invoice will ensure the smooth functioning of your accounting section.
Invoicing is one of those things that are absolutely necessary but also takes up a lot of time and effort. Invoicing software can make things faster by allowing for bulk invoicing. The software should take APIs or data from Excel as input and automatically create invoices for all the customers listed. It frees up the staff from having to create invoices one by one and lets them concentrate on more pressing matters. You can also email the invoices to a large customer base at once.
Track customer base and set your financial goals
Customers are at the heart of every business. No business can function without having good customer relations. And free invoice software should collect all information about the customers, especially their purchase history and personal details. You can use this history to target appropriate customers when you launch a new product. It will also help you develop a marketing strategy when you want to expand your business and target new customers.
You can also use the information to set goals for your business. Customer information speaks volumes about your revenue and expected profit margin. When you are aware of the expected profit, you can make plans for utilising these funds to expand and improve your business. Also, when you can set goals for the expected sales, you will be notified when you are falling short of this goal, and you can subsequently amp up your sales and marketing to meet the shortfall.
GST panel integration from approved GST suvidha provider
Since the implementation of GST, all invoices need to add GST information. However, the GST law is complicated, and you may need additional help to ensure you are in full compliance. GST Suvidha Providers or GSPs are government-approved institutions that aid businesses in their GST filing via a web platform. The GST invoice software should allow for integration with GSP. Having this feature will ease the GST filing of businesses, and this makes it a necessary feature for any invoice software.
Hassle-free online and offline payment collections via central dashboard
The preferred payment method for customers can vary between online and offline. You should enable both methods instead of insisting on the one that is convenient for you. Customers will appreciate the flexibility. However, when payments are made via different modes, tracking them with accuracy becomes challenging. The best invoice software, therefore, is one that makes it easy to track online as well as offline payments via a central dashboard.
Bundled with various customised invoicing templates
While it is important to allow users to create their invoices, it is also equally important to provide a host of predefined and customisable templates for the same. Businesses, who want to customise, can do so in a short duration without spending all the time needed to create one from scratch. Creating one from scratch lets businesses make decisions on every aspect of the invoice, but it is a time-consuming process. Customisable templates are the perfect balance between saving time and still having a unique invoice.
Automate late fee and payment reminders
The ideal scenario for any business is when all the customers make the payments on time without any reminders. But, we live in a less than ideal world, where you need to prepare for late payments. By charging late fees, you can recover your losses for the delayed payments while also reducing the chances of late payments in the future. It is the free invoice software solution's responsibility to keep track of all payments, calculate the late fees, and send reminders regarding the same. It should perform all these tasks without any prompting.
Get the best billing software for your business!
When it comes to something as crucial as the billing software for your business, you shouldn't settle for anything but the best. The billing software by Swipez is the best in the market. You get all of the features mentioned above and more.
The Swipez billing software was developed to make invoicing easy for businesses. It makes no compromises on this front only offers the best billing solution. It will streamline your billing process and organize your payment collections and accounting. Swipez already has a loyal customer base with over 4000 happy businesses in tow. Join the Swipez family today!