Businesses used to rely heavily on paper-based invoicing to handle payments, which is both expensive and time consuming. The hassle of generating, sending, and tracking invoices can be a heavy burden for small business owners. However, businesses are switching to mobile invoicing platforms for easy payment collection, better customer service, centralized storage, and invoice reconciliation.
Some of the major benefits of mobile invoicing are:
Easy Payment Collection
Mobile invoicing is very efficient and saves both time and money. It creates a shortcut between sending and receiving your invoices. Therefore, your business’s margins and cash flow are highly improved.
A good mobile invoicing platform will also allow you to send out invoices automatically without the burden of handwriting individual invoices for your customers and monitor financial data trends.
Better Customer Experience
Customer satisfaction is a cornerstone of any industry and can either improve or hold back your business. By switching to a mobile platform, payments are flexibly accepted through contemporary methods, such as bitcoins and ACH.
In addition, online invoicing platforms boost customers’ confidence in your business, as it solidifies brand image, and increases transparency and trust.
You can now invoice on the go! The flexibility of mobile invoicing solves a major issue; it speeds up the process of sending and creating invoices anywhere and anytime. Invoicing-related work no longer needs to depend on office systems.
Moreover, all mobile invoices are automatically stored in the cloud and this eliminates the risk of losing important papers. Mobile-invoicing can offer your company real-time financial analytics and reporting, where every business owner and advisor can have access at the same time anywhere and anytime.
Keeping your accounting records up to date and avoiding fraud is very important and invoice reconciliation is the solution. Organizing your data and matching bank statements to the invoices you have going out or coming in, keeps you up to date of who has and hasn’t paid you and which bills of yours need to be paid.