Invoices – One of the most essential documents you need to create for your business but when you’re a sole trader or small business owner, you’re juggling many demands of your time. It means your invoices can end up being overlooked, issued in a rush, prone to costly errors and haphazardly stored.
This is where online invoice generators can come to your rescue.
But, what is an online invoice generator?
And what are the benefits over a Word document or a handwritten piece of paper, like the Tallon pad you already use?
To help you make an informed decision about whether online invoicing is the best choice for you, we’ve provided a basic outline and covered the top 5 benefits to your business.
WHAT IS AN ONLINE INVOICE GENERATOR?
An online invoice generator is a web-based tool that helps you create professional invoices for the goods or services you provide.
It makes your invoicing process quicker, simpler and more accurate through a streamlined system, where you input relevant financial information into an existing template and the software automatically generates an invoice.
Alongside the digital record, it also creates a digital document which you can email to your customers (sometimes directly from within the online invoicing system) or print a paper copy to send through the post.
Online invoice generators have lots of benefits for your business and we’ve compiled a list of the top 5, we think you need to be aware of.
BENEFIT 1
ONLINE INVOICING INCREASES YOUR PROFESSIONALISM
Although this might not seem a main benefit, professionalism in business can be a sign of being legitimate, trustworthy and reliable. Many customers will respond more positively to a professionally produced invoice and are more likely to take you seriously when it comes to making payment.
Professionalism can also increase the likelihood of repeat orders because customers usually feel more confident spending their money with an organised and competent business.
Accuracy is essential to appearing professional, alongside a well-executed design that reflects your business brand identity. At Invoicenet we provide lots of features to help you create a bespoke invoice template, including the option to easily upload your logo.
BENEFIT 2
ONLINE INVOICING SAVES YOU TIME
One of the biggest benefits to using an online invoice generator is the ability to streamline your processes.
Being able to save your customer’s details in an interactive database is unique to digital invoicing and makes creating a new (or recurring invoice) very quick.
Unlike a handwritten invoice where you have to painstakingly write out each customer’s contact info and other important items, an online invoice can automatically populate your customer’s details once you’ve stored them on the system.
It also beats a word processor for speed by not requiring you to duplicate and edit every new invoice you need, while making the tracking, storing and retrieval of each invoice easier than hunting through files on your computer.
BENEFIT 3
ONLINE INVOICING KEEPS YOUR RECORDS SAFE
There might be some worry about switching to online invoicing because of the concerns over online security, this is why choosing a reputable online invoice generator is essential.
Established companies such as Invoicenet, that have a track record in providing online invoicing, invest extensively in online security and backup systems to keep both your invoices and your customer’s personal details safe.
Although it might appear easier and safer to store paper invoices in your office or word documents on your computer, these are prone to tragic incidents such as a fire and are potentially more open to hackers or viruses than a financial company’s specialist systems.
Once you include the additional legal demands for storing documents to meet both financial and data protection legislation, it becomes much easier and cost-effective to use a tried and tested online invoicing system.
BENEFIT 4
ONLINE INVOICING HELPS WITH YOUR CASH FLOW
It’s great to be profitable on paper but the well-known saying “Cash is King” holds true. Money in the bank is usually a sign of a healthy business.
Depending on the system you use, online invoice generators can be more than a tool to create a professional document. If you choose a service like Invoicenet you have the ability to track your payments and keep on top of your finances.
Being very successful at sales but being disorganised with your financial management can put you out of business. Most businesses have to cover the costs of production and overheads from their own pockets until invoices are paid. If you have chronically late paying customers, it can seriously affect the health of your business. At best it will slow your growth. At worst the debt might become too much to manage.
Being able to see at a quick glance, which invoices are due and which are late, can help you manage your bank balance and help you improve your customer relationships too. Unlike paper or word processor documents, an online invoice generator like Invoicenet helps you proactively deal with potential payment problems before it’s too late.
BENEFIT 5
ONLINE INVOICING SAVES YOU MONEY AND YOUR REPUTATION
At first glance, it might seem more expensive to purchase a subscription for an online invoice generator when compared to the cost of a carbon copy invoice book or the word processing software you already own. However, the multiple cost saving benefits of a digital invoicing system means it soon pays for itself and over time it can even save you money.
If you choose a subscription based online invoice generator like Invoicenet, you’re able to access advanced features specific to your business. These additional features are very cost-effective at producing, tracking and managing the payment of your invoices by automating most of your invoice generation, personalisation and notifications.
As an example, customer contact details are stored safely and populated at the click of a button and mathematical calculations are computer generated. Both these features reduce the time you spend doing paperwork for your business and also the chances of costly invoicing errors.
This reduction in errors can save your business reputation too, both with your customers and the tax man! While we can’t guarantee using our online invoice generator will save you from late payment fines with HMRC, the features and benefits we provide can go a long way to helping you better manage your business finances.
THE BOTTOM LINE
Switching to online invoicing can save your time, money and reputation by improving efficiency, accuracy and the professionalism of your business invoices.
As more of your customers and suppliers move to online financial systems, we hope the benefits we’ve outlined above can help you make an informed decision about whether switching to digital invoicing is best for you too.
We understand you might be concerned about taking the leap to adopting a new way of creating, sending and tracking your invoices, it’s why we’ve intentionally designed our system to be quick and simple to use.
If you’re still on the fence about ditching your old carbon copy book or feel very attached to your Word docs, did you know we offer a 30 day trial for all new subscribers?
