All About Selling

Exploring Invoicing Software Solutions for Small Online Businesses

16/06/23

An invoice or a bill is a document or receipt that a seller provides to a buyer as written proof of a sales transaction. It usually includes the product code, name, quantity, payment terms, and the prices agreed to be paid. Invoices can be of various types [1] and play a major role in accounting internal controls and audits. copy 1

What are Invoicing Software Solutions?

The traditional way of generating, printing, and giving paper invoices to customers can be costly, time-consuming, and less eco-friendly. As a result, online invoicing for small businesses can be considered useful. Online invoicing or e-invoicing is the process of using invoicing software solutions to automate the entire billing process. Such invoice management software can create a list of products and services along with their prices, generate bills using ready-made templates, and send them to the customers via text messages or emails.

Importance of Invoicing Software Solutions for Small Businesses

Here are a few benefits of e-invoicing to explain why invoicing software solutions may serve as a good alternative to the traditional billing process:

Saves Time and Money

Consider having a system that is equipped to enter the following details on your behalf:

- Invoice number
- Product details (product name, code, color, quantity purchased, etc.)
- Date of invoice generation and product delivery
- Name and contact information of the buyer and the seller
- Payment details (cost breakdown, amount due, the sum paid by customer, balance returned, payment due date, etc.)

Invoicing software solutions can perform all these, possibly creating invoices more quickly and accurately. This may solve the problem of slow payment processing faced by 33% [2] of SMBs (small and medium sized businesses).

Research suggests that e-invoicing costs 60% [3] less than traditional paper invoicing. So in addition to saving your time, invoicing software solutions can also potentially reduce the costs incurred to prepare and print receipts.

Simplifies Invoice Scheduling and Tracking

There can be times when either you or your client forgets about paying off bills. This can lead to delayed payments, which may affect your cash flow management. Invoicing software for small businesses can solve this issue by scheduling and tracking repetitive and due payments as well as sending friendly reminders, if needed.

Offers Easy Access to Invoice

Invoice management software is equipped to sort and store all your invoices. In case you need to access them, all you need to do is search through an organized database and find the needed information within minutes.

Moreover, cloud-based invoicing software solutions give you easy access to invoice data from anywhere. This feature has been helpful when people started working remotely during the COVID-19 pandemic.

Eliminates Error

Invoicing software solutions enter aforementioned details on your behalf. This can reduce the chances of missing some information or entering wrong information – errors that are quite common if the process is completed manually.

Allows Customization of Every Invoice

Though an invoice management software enters the needed details on your behalf, it also offers the flexibility to easily modify them as per your need. By making some basic changes in the software’s settings or editing the auto-filled information, you can easily customize every invoice.

Secures Invoicing

Thanks to SSL encryption, invoice management software is very secure and safe to use. All e-bills sent from you to your clients are end-to-end encrypted, which minimizes the chances of any data leak.

Aids in Regular Backups

Your invoices are a storehouse of sensitive data. If lost or misplaced, they can lead to several discrepancies. One of the benefits of e-invoicing is that it regularly backs up your data. So even in case of a crisis (system failure, malware attack, etc.), you can resort to backup to rely on.

Offers Multi-Currency and Multi-lingual Convenience

Online stores are not limited by physical boundaries. Through e-commerce marketplaces, you have the option to sell your products to customers in other countries. Billing software for small businesses are equipped to handle foreign currencies and generate invoices in different languages.

Helps Go Green (Removes use of paper for invoicing)

A survey conducted by the Federation of Finnish Financial Services revealed that the carbon footprint for a single online invoice is 33% lower than paper invoices. Therefore, shifting to e-invoicing may not only make economic sense to some – it is also eco-friendly!

List of Top Invoicing Software Solutions for Small Online Businesses in India

Vyapar

Vyapar is a customizable, scalable, and GST-compliant invoice management software that has an excellent user-interface and sends reminders to ease payment processes. Besides designing professional invoices, it also manages stock, generates reports, and securely backs up data.

Zoho Invoice

With built-in automated tools that can send invoice reminders to customers, Zoho Invoice has emerged as one of India’s most popular invoicing software solutions. This invoice management software provides a mobile app, a client portal, and dashboard, all of which streamlines bookkeeping and takes up all boring, repetitive invoicing tasks.

TallyPrime

Besides sorting out your regular invoice management, TallyPrime also generates Income Tax returns with the standard deduction. This simplifies filing your GST returns. This easy-to-setup, user-friendly, and cost-effective billing software is ideal for small businesses.

MARG Billing

MARG Billing is one of the best invoicing software for small businesses in India. Its bill audit feature minimizes the chances of invoicing errors, while its detailed MIS reports and automated recurring entries ensure accurate ledgers. MARG Billing supports bar-code scanning and can file GST returns, which makes it a good fit for all kinds of businesses.

HDPOS

HDPOS is an automated easy invoice software that can manage invoicing as well as financial accounting and inventory. This all-in-one solution applies discounts, customizes bill prints, and provides multi-payment modes. With a picture-based interface, HDPOS is perfect for small businesses.

QuickBooks

QuickBooks is a cloud-based invoicing and billing software that helps users easily access accounting data from different locations, using different devices. Besides sending invoices to your customers, this invoice management software also helps to clock an employee’s billable hours.

QuickBill

QuickBill is an ideal invoicing software solution for SMBs that can manage inventory, accounting, and invoicing. It can be embedded with CRM, supports order tracking, and easily solves your invoicing issues.

Invoicera

Invoicera is a cloud-based invoice management software that helps to easily manage clients, accounting, billing, and other invoicing-related tasks.

Horizon ERP

Horizon ERP is a simple and easy invoice software that can work wonders for small businesses. It can easily handle billing, accounting, and inventory management and helps get rid of all invoicing-related woes.

Giddh

Giddh provides a simple and accurate invoicing system to SMBs (small and medium sized businesses). Its GST-compliant automated invoicing solution minimizes human errors and prevents any data tampering once invoices are finalized.

So, the benefits of e-invoicing are quite remarkable. If you are a small business owner, gear up to explore invoicing software solutions for increased productivity and efficiency. Happy Selling!

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