Cash flow is a synonym to the blood of business. According to recent studies by QuickBooks, 69% of SMB owners fear cash flow problems. Moreover, 52% of the US small business owners lost 10000$ and more due to insufficient financial management.
And here SMBs’ fears come into reality.
61% of them struggle with cash flow.
That really hurts!
While there are plenty of ways how you can get viable financial injections, online invoicing, is for sure, not around the most obvious ways to secure your business from blood loss. While having good invoicing habits at your venture is highly recommended, let’s think about the cons of not having them.
Poor invoicing management leads to:
1. Significant reduction in the number of invoices sent.
As a result, that causes a decline in potential cash flow, as it takes more time to prepare and send a huge bunch of invoices.
2. Lack of control over payment terms.
This point logically flows from the previous one. The more invoices you create – the harder it is to control their payment status. Also, despite difficulties in identifying and maintaining the actual status of your invoices, you will be unable to remind your customers about the terms of payment. Avalanche of overdue invoices awaits you.
3. Increase in operational costs.
Serving that monstrous mechanism might be costly, right? And there is no actual difference between your time and the time of your employees. It all costs money.
So, when the problem is identified, it is easier to find a solution.
Online invoicing may not only give your business the desired control over cash flow and a tangible boost to the revenue but will entail six more positive changes in your business.
6 unobvious advantages your business will gain after implementing online invoicing
Transparent, controlled, and measurable cash flow management
This is the most juicy perk you gain after moving from Excel/spreadsheets manual invoicing (heaven-forbid, if you are still creating paper invoices).
Imagine a well-organized system that allows you to:
- Create new invoices in a few clicks;
- Set up recurring payments for long-term clients;
- Send custom notifications to customers before they paid or after the invoice is overdue;
- Track the statuses of invoices and create profound analytical reports to manage your cash flow.
Sounds like heaven, but it is the reality to those who are already there. And you can easily become one of them and power your business.
Data cloud storage and 24/7 access from any point of the world
Using online invoicing software provides you with anytime access to your financial data securely stored in the cloud. Choose your customer and use its requisites to form a new invoice or check what is going on with the existing one. From any device. In any part of the world. Your business will be running with no strings attached. Isn’t it a dream while you are sipping your cocktail in the Bahamas?
Significant reduction of time on manual operations
It takes 12 minutes on average to create an invoice. That includes manual data entry, correcting the occasional mistakes during the input and approval process. With an automation solution, you will reach 2 minutes per invoice on average. 6x times reduction.
Impressive, isn’t it?
Just think about how many invoices you can form during one hour and how much money can be saved on manual operations. Win-win situation both for costs and productivity.
Increase in the customer satisfaction rate
While a business must maintain the cash flow stable and forecastable, you have to be customer-centric. If you provide your customers with convenient means of payment, it will level-up both your revenue and the customer’s satisfaction rate. Don’t let the customer think about how to spend their money on your product or service. The more obstacles are between you and payment, the fewer chances you get it. Just keep it simple.
No more errors from manual processing
As it was previously mentioned, human errors are unavoidable during manual processing of invoices. Add here time spent on correcting them, and you get a total mess around your invoicing process. Automating invoicing and excluding humans from it allows you to control this error factor, bringing it to the minimum. Stop paying for others’ mistakes.
Ability to operate with multiple currencies and languages
No matter how small a business is at the beginning, all entrepreneurs dream to go global. Actually, online invoicing provides you with that solution in the early stages. Receive payments from any point in the world. Create invoices in the local customer’s language. Get both money and satisfied customers. There is no other way to succeed.
Ok. Here is our action plan. In Synder, we know how to help you with online invoicing in a few clicks going beyond the words.
Because with it you can:
- easily create invoices both in QuickBooks or inside the app;
- send invoices to customers and receive payments at your Stripe account;
- automatically and simultaneously record detailed transaction data from Stripe into your QuickBooks account.
Get paid faster on Stripe. Make payments easier for your clients. Record transactions into accounting books. Keep your books up-to-date.
All-in-one accounting app.