80% of small business owners spend 22 hours per month on their phones for business activities “
For any organization, maintaining a positive cash flow is extremely important. For small businesses, managing finances, generating bills, and tracking invoices can be extremely difficult. This is why more companies are switching to mobile invoicing platforms and gaining an edge over competitors.
As per a survey in 2015, half a trillion invoices were generated all over the world. But, only 10% of them were generated electronically. Take your business to higher levels of success by switching to online invoicing software that offers mobile functionality.
Here is a rundown of benefits provided by mobile invoicing for your small business.
1. Faster Payment Collection
Mobile invoicing is an excellent way to expedite payments. This will not only help you improve business margins significantly but will also boost your cash flow.
Moreover, you no longer need to spend hours in front of your computer typing out invoices and then emailing them to your customers. Online invoicing and payment software lets you automate the whole process of sending out invoices.
2. Invoicing On The Go
What if you could carry your office in your hands? It would be great. Right?
Well, most free accounting software for business give you the flexibility to do that. The mobile functionality of these apps let you generate invoices with just a few clicks and eliminate delays in payments. For this you need to pick a platform that offers mobile invoicing and stay on top of customer payments and demands.
3. Reduce Costs
Online invoicing software can reduce your operating costs to a great extent. This is because you no longer need to spend resources on data entry, taking approvals, and invoice routing. Moreover, mobile invoicing reduces the risks of duplicate, over, and fraud payments.
Did you know that eliminating duplicates can save your business a whopping $12,000 per month?
Furthermore, you save on staffing costs as you no longer need a resource to fill out, send and manage all of your business’s accounting paperwork. All this and much more is possible with free accounting software for business.
4. Better Serve Customers
Having satisfied customers is the key to growing your business. By switching to online invoicing software with a mobile interface, you get the flexibility to go beyond traditional payment methods. These include debit and credit cards, digital wallets, and even cryptocurrency.
Going mobile also boosts customer confidence and makes your business look legitimate. However, before you pick out software, it is very important to ensure that it is PCI (Payment Card Industry) compliant.
Another reason to opt for online invoicing software is that you need not make additional fees to make payments.
5. Centralized Storage
Data storage is another issue faced by small businesses. However, mobile invoicing lets you store all relevant materials instantly on the cloud. So, how can this benefit your business?
Well, it significantly reduces the office space required for storing files. Moreover, it eliminates the risk of misplacing loose papers.
Another advantage is that a centralized cloud database can offer you real-time analytics and comprehensive reports. Furthermore, it can make collaboration with business owners and their advisors super easy. Lastly, worrying about data backups will be a thing of the past with free accounting software for business.
6. Organize Billing Process
Mobile invoicing lets you develop a smooth and easy way to collect your bills. These applications let you integrate with other platforms and achieve operational efficiency. For instance, if you use separate applications for accounts receivables and payables, you will need to switch between both platforms continuously. Integrating them will streamline the whole process.
7. Build A Brand Identity
What if you could make customized invoices and add logos on them?
Well, it would not only boost your brand identity but will also help make the payment experience memorable for your clients.
You can even choose to color-code your invoices as per your client preferences. This will leave a positive impact on your clients, and they will feel that your organization cares for them.
Well, as we are moving faster towards a completely digital economy, transactions will go paperless. There will be a steep rise in the users of online invoicing software. Small businesses will look forward to simplifying their bill settlements and opt for mobile invoicing solutions.
However, to fully adjust with digitization, you need to keep up with the latest trends and understand how free accounting software for business can benefit your organization in the short and long term.
But, it is not always possible to keep up with so much information. Cast aside your worries, as we are here to help you stay updated and gain a solid competitive edge!