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How to Simplify Invoicing and Billing

Tag: e-invoicing

PayTabs

How-to-Simplify-Invoicing-and-Billing

Invoicing is an important function in an organization as an efficient system ensures that the bills are collected promptly, leading to better liquidity in the market. Simplified invoicing system also ensures that your clients are assured that they are billed correctly. Integrated payment technologies may be used for this purpose of simplifying the process. Whether you run a small business or a big one, it is important that your invoicing and billing process is smooth and timely. Here are some of the pointers which may help you in simplifying the entire process. 

Fix the Terms: In order to simplify the process, it is important that the organization has clear terms and conditions related to invoicing. Once you have set the terms, you can proceed with communicating these terms to your clients so that there is no ambiguity on this front. Some of the most important variables which should be covered under the terms are the duration of billing i.e. whether the billing will be done on project basis or hourly basis and the duration within which the invoice is required to be paid. Further, the terms which need to be fulfilled before the payment is made should be included. 

Automate the Process: With the easy and economic availability of various tools, it is easier than ever to automate the process of invoicing. The process involves the transfer of data from invoices to electronic system and thereafter carrying out the task of interpreting and validating the invoices. Some of the other aspects of the process are approvals, payments, resolution and storage. The investment in Enterprise Resource Planning or ERP systems tends to pay for itself in a short duration of time as it brings about efficiency in operations. With the elimination of manual intervention, the firm can optimize its human resources. 

Choose Appropriate Payment Options: In order to keep your billing and invoicing process simple, it is essential that you choose your payment options carefully. With a plethora of options available, it has become more difficult for vendors to keep track. The businesses should ensure that they fully balance the pros and cons of providing a range of payment options to their clients. While it is imperative that you offer a wide variety of payment options so that your clients are assured of ease and convenience, it is also important that the selection is kept at a manageable level. The offering of multiple payment channels is also expected to boost your liquidity and reduce the chances of defaults. 

Integrate Different Variables: Invoices comprise a wide range of variables which may make the entire process complicated and time consuming. The integration of these facets are helpful in ensuring the efficiency. You can start by using integration tools for aggregating the expenses incurred for a particular project or a job. Such integration also helps in exercising proper control over expenses and thus keeping the project on a proper path. Timely integration of expenses ensures that you are able to send the invoice in a prompt manner. 

Pay Attention to Analytics: It is essential to keep proper track of your invoicing system. Once the system is automated, it becomes a lot easier to gather the data and then to compare it against the set standards to find out the deviations. There are several tools available for the purpose of collecting such data and then analyzing it. Various aspects such as time tracking solutions may help in making the process more efficient by providing relevant data. Time tracking solution is especially helpful in improving the productivity by generating detailed reports. These reports provide better communication to the clients about the progress of work and thus render invoicing more helpful to them. Analytics are also useful for the purpose of forecasting, which is helpful in planning. 

Overall, the importance of efficient billing and invoicing cannot be overemphasized. The automated invoicing process may be augmented by the addition of terms and conditions such as levy of penalty in case of late payments. The combination of such online and offline measures helps in making the system more amenable to your business. The installation of such system may require significant amount of resources in the beginning but it proves to be more efficient in the long run. 

Let PayPage Simplify your Business

Let PayPage Simplify your Business

Let PayPage Simplify your Business

Invoicing is an important yet often neglected function of any business. It may not be as glamorous as marketing, but efficient invoicing not only helps in retaining your clients but may also provide valuable data for analytical purposes. A clear yet concise invoice provides transparency and aids in creating better rapport between the merchant and the client. So, revamp your invoicing style and increase the efficiency of your business with PayPage.

PayPage brings you a host of features which not only optimize your business operations but provide superior services to your clients as well. We can help you overhaul your invoicing operations, saving you time and money, while our detailed reports will offer food for thought when you prepare your future plans. Here are some of the top reasons why you should shake hands with PayPage and take your business to a whole new level.

 

  • Integration: Instead of having an invoice system which is all over the place, PayPage lets you consolidate all your invoicing operations. It offers you a single dashboard which provides you a place to have a bird’s eye view. You can manage all your customers from this dashboard, saving you time, energy and money. The single dashboard also makes it easier for you to track all your invoice related activities and follow them up accordingly.

 

  • Increase in Efficiency: PayPage allows you to simplify your invoicing processes. Whether it is the matter of sending recurring invoices to your customers or sending multiple invoices of the same kind to different clients, PayPage can help you in carrying out these tasks in a much more efficient manner. With us, you can track your payments to exercise better control over your receivables management system. Further, you can also set up recurring invoice process so that you do not have to undergo the hassle of sending repeated invoices.

 

  • Faster Turnaround Time: Receivable management is an important function in an organization as it ensures that you are getting dues paid in a prompt and scheduled manner and that your resources are not unnecessarily tied up. PayPage helps you in receiving your payments faster as now you don’t have to waste your time doing everything manually. It lets you use online payment options which further reduce the float time, helping you realize your payments faster.

 

  • Safer and Secure: In today’s world of spamming and phishing, it is not enough to have a fast payment system; you need to ensure that the system is secure too. It is vital that proper steps are taken so that the sensitive data belonging to your business and your clients is kept away from the prying eyes of hackers. PayPage uses advanced technologies to provide you with a payment system that you can rely upon.

To know more about our services, just get in touch with our representatives who will be happy to design a payment system to best meet your invoicing requirements. Together with PayPage, you can make your business more efficient and your clients more satisfied.

 

 

Invoicing in a Jiffy!

Invoicing in a Jiffy!

As a merchant, one of your primary concerns is the invoice generation for your customers, who has placed bulk orders or offline orders with you, for the products you have sold or the services you have delivered. Especially, you are in the space of taking international orders, it is a necessity to have an invoicing system that works for you and takes care of multiple currencies and has provision for multiple customizations and itemizations as per your requirement.

Over the years, with the advent and penetration of e-invoicing, the transactional process between a merchant and a buyer has been made easier. Automated workflows help you save time and receive payments faster and leads to reduced exceptions and disputes.  All in all, switching from manual to e-invoicing is a win-win proposition for you that enable your business grow.

Don’t pay heed to certain misconceptions in the marketplace that paints a picture of e-invoicing being only for businesses that have a website. That’s not true. If you are a brick and mortar business, you can still benefit from e-invoicing without owning a website or a marketplace. In fact, it is not just convenient; an optimum e-invoicing solution comes with user friendly features such as logo, discounting systems, taxes, invoice terms, etc.

Ideally, an e-invoicing solution should provide you with multiple benefits:

  • Manage Multiple Invoices
  • Recurring Invoices
  • Speed, Reliability and Security when it comes to payments
  • Single Dashboard for all your transactions

Besides the above, an intelligent invoicing solution should help you keep a track of your productivity through financial reporting which results in better financial management, apart from providing real time financial analysis.

PayTabs has been at the forefront of revolutionizing the invoicing space with an intelligent and robust solution known as PayPage which adds tremendous value for merchants. Click here to learn more about PayPage and Sign Up for a Free Demo!