There is nothing more important to a business organization than money. However, the process employed by business owners to collect that money from their clients plays a crucial role. Establishing and maintaining the cash flow of a company can make or break the business, especially if the owner started the company recently. Fortunately, technology is readily available to everyone in 2020.
Technology makes things easier and more cost-effective for business owners like you. That is why you should cast away all those age-old methods of creating invoices and embrace technology. With a billing software program or smartphone app, you can enhance the rate at which you earn money from your clients in return for the products and services that you cater to them. Here you will learn how to choose one such application that suits your business.
Selecting an accounting and/or invoicing software program is a massive decision that will affect your business. If you are planning to digitize your billing procedures, then it proves that you take your bottom line seriously. According to business researchers, about 18% of the small business companies of today don’t use accounting or invoicing software programs or applications of any kind. Only 21% percent of small businesses resorted to the integration of accounting and invoicing applications.
Now, the task of selecting a small business billing app is up to you. With it, you will be able to manage your company’s finances. However, if you want to make things work in your favor, then you must choose the right software package or smartphone app.
Here you will go through the guidelines that you must stick to while choosing a small business invoice app that suits your company.
#1. Recognize your requirements
Before anything else, you need to understand your requirements to be able to choose your billing application or software program properly. Maybe you want something simple to keep track of your time and deliver invoices. Probably you expect the billing software program to work in tandem with your accounting software solution or another system, such as a scheduling system. Understandably, there’s much for you to take into account.
The hosting process of a one billing app can be on the cloud while others remain on desktop PCs. One way to evaluate your requirements is to consider how many people will require access to billing info. You should also think about how you will use the program.
#2. Your budget
You have to assign a specific budget for your invoicing software program. The difference in payment models can influence your purchasing decision. For instance, software programs and smartphone applications based in the cloud come with a monthly fee.
You may also get to avail a discount if you pay for the app or software solution in advance. Conversely, billing applications that you host yourself will require you to pay a larger sum up front, and you won’t need to shell out a penny as long as the developer doesn’t release new updates and upgrades. You mustn’t hesitate to spend money on resources required.
#3. The specificity of the app or software regarding industry
Every business organization is unique just like the one that you own. Therefore, you need to choose a software package or application that would be unique to your business. You shouldn’t stick to the one-size-fits-all approach. Every industry has specific requirements.
For instance, a physiotherapy office would use a software program or smartphone application that focuses on insurance claims. It’s mandatory if they expect to receive payments on time. On the other hand, a general contractor will need something different. They will focus on job costing and bid management programs that they can integrate with their accounting software solution.
#4. Feature comparisons
You have to examine every software package that you find and inspect the features of each. The first point to check would be the type of information that you can add to your invoices. A basic software program or mobile app will create invoices with the logo of the app or software designer. You won’t be able to replace the existing logo with yours. You will probably have to upgrade the program to apply your logo on the invoices. The best invoice app for small business would allow you to have your own invoice codes and have separate line items that would include start and end days.
You should also inquire about notifications and whether or not you can automatically send invoices to clients as soon as it becomes past due. Smartphone invoicing applications also provide you access to billing and invoicing systems on the go. These apps work on cloud-based systems and you’ll be able to view your system everything on your hand-held device.
#5. Inspect integrations
Maybe your office is currently using multiple systems. You have something for payroll, billing, accounting, HR, and invoicing. When the situation appears ideal, these systems can communicate with each other and provide all info on one dashboard.
Such a system will save you a lot of time as you won’t have to jump from one system to another to find information. Furthermore, integration with other systems will save time through error reduction and ease the work of data entry.
#6. Learn what others are using
Your colleagues and accountants should know a thing or two about invoice programs for small business. You should ask them what they use or used in the past so that you can make the right choice for your business. In reality, you can speak to anyone connected to the world of business for ideas. Finally, you will investigate all the solutions that you receive if one or more among them match your requirements.
#7. Start questioning
When you evaluate billing or invoicing software programs and mobile phone apps, you should prepare a list of questions and keep it with you. You have to place those queries before the individual from whom you will purchase the software solution or app for your business.
The following questions are just a few of them. You can add more if you think.
- Can you use it easily? Is it too complicated?
- Does it come with hidden expenses, such as setup fees and monthly costs?
- What kind of security system does it have?
- Can you customize the program to align it with your business?
- How does it backup and restore data?
- Will the software program or app enhance itself with time? Will it be able to accommodate everything when and if your business grows in the future?
- What kind of support can you get from the application or software solution and its developer? Will you have to pay additional money if you require technical support?
The list given here contains a few questions that you must ask when selecting a software program or smartphone application. When you will be able to narrow down your decision to a few choices, you must take a demo of each to experience the features, usability, and proficiency of the software solution or application.
Research doesn’t cater to the world of science and technology only. It can pry out lesser-known and unknown information concerning every subject. Researchers inspected the performance standards of small businesses. According to their inferences, most small businesses end up in the dirt due to issues that those business owners experience regarding cash flow. You probably don’t want to chew the cobblestones either.
That is why you must send invoices to your clients on time and track your finances simultaneously. The designers and creators of invoicing software programs and smartphone apps prepare them in a way so that they can take away the pressure of sending invoices. Before you reach a decision, you must analyze your requirements. With proper pre-preparation, you will surely find an industry-specific software program that suits your business.
Of course, if you have to be on the go most of the time, then an app would be a more tangible choice for you. After all, you will be able to access your data whenever you want. The invoicing apps that are available these days will coordinate with your accounting software program and your HR system too.
About the Author!
At the center, Moon Invoice – free invoice generator app is driven by the vision, sharpness and flourished under the leadership quality led by none other than the founder & CEO: Mr. Jayanti Katariya.