For years, businesses have been relying on traditional paper-based invoicing which is both expensive and time-consuming. Today, there are still some businesses that still use paper checks and invoices, spreadsheets stamps and envelopes to handle payments and invoices. If you are a business owner, then you’re conversant with the hassles that come with generating, printing and mailing invoices. Well, it doesn't have to be that way anymore.
Thanks to advancement in technology, innovative apps, and online payments, billing and invoicing have undergone a rapid transformation. It is now possible to streamline and improve your business at any location. Processes like invoicing that were laborious and time-consuming, now can be safely and remotely done with a simple click. Tactica says that “Mobile invoicing apps provide a convenient way to bill your clients’ right from your smartphone. They are increasingly gaining popularity worldwide due to the many benefits attributed to them like minimizing cost, increasing scalability, improving connections and simplifying businesses.“ We will discuss the benefits in detail later.
If you have been unsuccessfully searching for information on what mobile invoicing is, and what benefits it will bring to your business, you are reading the right article.
Why Should I Consider Using Mobile Invoicing?
Studies have shown that over 80 percent of small and medium companies use mobile devices to run their businesses at least once a day. There are many mobile invoicing apps created by different app development agencies that will do most of the work for you. This gives you time to worry about other important tasks like growing your business or spending more time with your clients. A major advantage of mobile invoicing is that you’re no longer tied to any location as it is based on cloud technology, and it is more practical to ensure efficiency only in managing the cloud and not many locations. This means that you can send invoices anywhere, anytime you want. A mobile invoicing app simplifies the online invoicing process by creating estimates on-demand, tracking invoices, billing clients, paying vendors and monitoring payments or latest project updates for you.
If you are still doubtful whether or not mobile invoicing is necessary for your business, maybe the reasons below will make it easier for you to make an informed decision. Let’s dive straight into the benefits!
- Faster payments
Delays in billing lead to delays in payments received. Mobile invoicing lets you send invoices instantaneously regardless of your location. An online invoice solution enhances faster payments by swift processing of the whole invoicing process. It is even possible to print receipts or capture signatures while the client waits. You no longer need to wait until you get to the office to start preparing your invoices. Speed is of the essence in business and the sooner you send your invoices, the sooner you receive payments.. When your clients pays their invoice electronically, this saves them time and money spent on preparing and mailing a paper check.
- Greater Savings
One of the major selling points for mobile invoicing is the ability to minimize costs. Unlike traditional paper-based invoicing, mobile invoicing doesn’t need physical materials or for you to manually track your invoices by making trips to the post office or bank. You just need a smartphone and data connection to download an invoicing app for free and work on the go, which helps you manage your finances more efficiently. Smartphones are also cheaper and convenient when compared to computers. By saving the cost of printing and mailing traditional paper bills, you can channel the funds to other projects. When your customers pay you more quickly thanks to mobile invoicing, this can improve your cash flow position.
- Better Data Management
As mentioned earlier, mobile invoicing is dependent on cloud-based technology. What this means that invoicing apps have built-in features that sync incoming payment records with your office. You can easily integrate a mobile invoicing app to an accounting software like QuickBooks. You can send info from the app to the software, or vice versa, allowing you to share info with your vendors over a secure network. It is now possible to duplicate recurring invoices to avoid recreating them from scratch. Regardless of your physical location, you can see all the transactions and statements of your sales team in real time. This will enhance the efficiency of your business operations in the long run. Moreover, having your payments and invoices done electronically, will be easier to track the past records and improve your cash flow.
- Standardized Billing Process
Embracing mobile invoicing provides you with a smooth and clean-cut way to collect your bills. Mobile invoicing apps are designed with the emphasis on interoperability. By seamlessly integrating an invoicing app with cutting-edge technology, you will standardize your billing process at every level. For instance, if you utilize separate platforms for account receivables and payables, you are in a better position to integrate the two platforms and come up with a single streamlined process
- Enhanced Transparency
When you streamline payments processes with mobile invoicing, you will improve the relationships between you and your suppliers. Invoicing apps provide easy access to info when needed, thus creating customer satisfaction and guaranteed security. Online invoicing increases transparency as suppliers can easily access payment data automatically. You can post payment remittance info and notify your suppliers on the availability of payment data ahead of time, helping build long-term relationships.
Each day, we move a step closer to an entirely digital economy. Forward-thinking businesses in the finance industry are embracing new technologies by switching to mobile invoicing and if you ignore this vital technology, you will be left behind. Operate your business on the go by embracing mobile invoicing.