Maintaining a consistent cash flow is a top priority for every business. As a small business owner you know that the process of generating, sending, and tracking invoices can be a major burden on your work day.
That’s why businesses are becoming more tech savvy and switching to mobile invoicing platforms to help streamline their operations.
In a survey collected in 2015, industry specialists estimated that nearly half a trillion invoices were generated annually around the world and of those only 10% were done electronically. Help your business stay ahead of the curve by switching to mobile invoicing today!
Here are 7 benefits of mobile invoicing that can help catapult your business to the next level:
Efficient Payment Collection
Mobile invoicing is a great way to cut down on the lag time between sending and receiving your invoices. This can significantly improve your cash flow and business margins.
No longer do you need to sit down in front of your computer or hand write individual invoices for your customers. A good mobile invoicing platform allows you to send out invoices automatically.
Send and Create Invoices Anywhere, Anytime
With mobile invoicing your office rests in the palm of your hand. Mobile invoicing gives you the flexibility to do business wherever you find yourself. In order to stay competitive, you have to be able to manage your business from the road, and mobile invoicing is just one more key component you can add to your ever growing repertoire of mobile business applications.
Increase Your Bottom Line
With mobile invoicing you can greatly reduce operating costs by eliminating paper, data entry , and invoice routing and approval expenses. This automation also minimizes your risk of errant payments, such as overpayments, duplicates, or even fraudulent payments. Duplicate payments alone are a major hindrance and monetary drag on a business. One paper estimated that eliminating duplicates can save your small or mid-sized business (SMB) as much as $12,000 a month.
Additionally, with mobile invoicing you needn’t hire an extra employee to manually fill out, send, and file all of your business’s accounting paperwork. Your business can easily save thousands by switching to a digital billing solution.
Better For Your Customers, Better For You
Customer satisfaction is key in any industry and can make or break a business. By switching to a mobile platform, your business is given the flexibility to accept payments beyond traditional methods including ACH, debit, and even Bitcoin.
Going mobile also increases customer confidence and adds legitimacy to your business. Check to make sure the processor is PCI compliant which ensures transactions meet the industry security standards.
Furthermore, online interim invoicing platforms do not charge customers any additional fees to make a payment. Companies like Due, for example, give your SMB an astonishing transaction fee of 2.8 percent for all card and payment types.
Centralized Storage That Is Easy to Manage And Access Anywhere
Mobile invoices and their relevant accounting materials are instantly stored in the cloud. Not only does this reduce the office space needed for filing cabinets and the risk of misplacing loose papers, but it can also be a real boon to your business.
A centralized cloud based database can offer your company real time financial reporting and analytics. It also makes collaboration easy, as all parties, including business owners and their advisors have access at the same time from wherever they happen to find themselves. Finally, backing up your data is seamless and often done for you automatically.
A Standardized Billing Process
Going mobile gives you a clean cut and smooth way to collect your bills. These mobile invoicing applications also give you the ability to seamlessly integrate with existing technologies. For example, if you use separate platforms for account payables and account receivables you’ll likely be able to integrate the two and create a streamlined process.
Ability to Customize And Further Your Business’s Brand
Mobile invoicing gives you the ability to play around with your invoicing platform. Try uploading an image. This helps provide an efficient and memorable payment experience for your customers.
Furthermore, you can customize the interface of your invoicing platform. Start first with uploading your business’s logo, or images of your storefront etc. This will leave your customers with a sweet taste for your customer that will encourage them to come back for more.
Final Thoughts
It’s no secret that we’re moving closer to a completely digital economy. As transactions go paperless it’s important for business owners to keep up to date with new technologies. With that said, you should definitely look to implement a mobile invoicing solution today, as invoicing can become a free marketing tool.
[Related: Should You Use Seasonal Invoice Template Designs?]
