Businesses are encouraged to stay small till there is want, not need. But the need of the hour is for businesses to remain relevant. In more generic terms, organizations need to remain profitable.
Improving cash flow by expediting payments is one way to increase profits. For organizations, generating and tracking invoices is time-consuming. In addition, any time lapse between the generation and payment of the invoice will affect all the concerned parties. Organizations cannot risk not receiving payments on time. The cumulative buildup of pending invoices is a reflection of bad management practices.
Listen to one boss, your customer: Customers like firms that respond quickly. They don’t like waiting, even when they are the ones footing the bill. Software helps process invoices quickly.
Improve approval rates: Invoice software creates custom templates that can be unique for each customer. Now, you can set payment reminders, payment terms and conditions, and the list of products being billed. Taking such affirmative action will help in receiving payments quickly.
Run the extra mile: Automation helps put everything in one place. Now you can track invoices and create a payment portal for immediate payments. Late fees can be added based on a percentage of the invoice amount. An online portal helps accounting personnel monitor those invoices that need attention.
While a smile and a handshake may get you that deal, payments come only when invoices are generated. Software gives firms the ability to automate invoicing.
Other features include:
Reduced processing errors
Easy and multiple payment portals
SutiInvoice provides an intuitive user interface for effective invoice management.