Generating invoices and managing your business’s billing are crucial elements of running any business. But most of the time, these processes are done manually or with outdated tech that complicates things further and makes it difficult to maintain records.
This is where invoice-as-a-service comes in. Through invoice software, you can generate digital invoices and get much more control over your billing process.
Understand what invoice-as-a–service is and how it’ll help simplify your business process.
Invoice-as-a-service, or IAAS, is a digital solution offering customization, automation, integration, and reconciliation options for billing and invoicing.
As an automated process, it saves time by eliminating manual tasks and optimizing workflows. IAAS allows you to use predetermined templates complete with your company’s logos and branding to create invoices.
It also accelerates the payment and cash flow management process and allows you to track your overdue payments and improve reconciliation.
IAAS streamlines the billing process through different features and functionalities. You don’t need to manually create invoices, send them to the customers, and keep track of the payments.
With digital invoicing, you get a user-friendly interface that shows you the data of your invoices and allows you to have more control over the receivable collection process.
Besides that, you won’t have to go back and forth with your clients to determine surcharges and penalties. Instead, you can simply add them to the invoice directly, along with the deposit account details.
Sending reminders, that too on time to your clients is another challenge. You’ll have to manually check which payments have been made and which ones are still pending. After that, you’ll have to send reminders and keep track of those reminders.
On the other hand, with digital invoicing, you can check payment statuses and send reminders directly from the dashboard with just a click.
Payment visibility is the ability to monitor the status of your invoices. Traditionally, you need to get in touch with your bank if you want the latest data-degrading payments. But digital invoicing allows you to have payment visibility, which means that you can check overdue payments or any other issues with the invoices generated and proactively deal with them.
Additionally, you can also make informed decisions regarding your cash flow forecasting in the case and closing accounts in case a client is late with their payment.
Reconciliation allows you to address discrepancies in your cash flows and invoices and make sure that the payment received is equal to what’s mentioned in the invoice. But the process isn’t this easy.
Reconciliation involves checking invoice numbers, amounts, dates, and payment status to make sure everything is in order. Normally, you’ll have to contact your clients and the bank to get proper information on the reconciliation process.
But with digital tools, you can just go to your dashboard to check the reconciliation and rectify any issues, such as missing payments, incorrect amounts, or mismatched invoices.
Digitizing your billing process through IAAS reduces the amount of manual work you need to do for each transaction. Not just that, but it also minimizes human errors and increases accuracy.
In the long run, minimized errors and faster billing processes save time and money. With IAAS, you only need to pay for the service once, and you can use all the features at will without the need for any permission and long waiting times.
Using digital invoicing software means that there’s no information leak. All of your data is secured on the system, and you can choose who can view it and how much visibility they can have.
This reduces your security risks by a huge margin and makes your billing processes secure. In addition to that, your digital invoice systems can be integrated with other business processes, such as automated emails and bookkeeping. You can even export your invoice data and analyze it using third-party services.
Loop, a fintech solutions company offers a proactive invoice management system that enables businesses to create invoices in no time.
Our system also lets you keep track of your payments, send reminders, and add payment methods directly to the invoice. With Loop’s unmatched efficiency, you can also send bulk invoices in a few minutes and improve your reconciliation process.
Not just that, but we take your security seriously, which is why our digital invoicing system is 100% safe and secure. Besides that, our user-friendly dashboard is clutter-free and easy to navigate.
So what are you waiting for? Give our invoicing system a try, and start creating invoices today.
Sign up with email to receive news, blogs and updates about Loop