Subscription is the way of business for so many industries around us, whether it is TV, Netflix, or household items like milk. For businesses looking to manage a subscription-based model, a billing software that supports subscriptions is a necessity. From managing your entire bill book, to keeping your financial records in prime condition for tax season, the advantages of using billing software are many! We will explore some important features of the billing system that can help you manage your subscription billings better!
Let’s dive right in.
1. Customized Billing
How many times has a new invoice format baffled you? If you intend to offer customized subscriptions or add-ons on subscriptions, you need dynamic billing. A billing software comes in handy to create customized bills for different subscriptions sets for each client. And it gives you the ability to edit formats to add various elements specific to a client or your industry in a jiffy. And no matter what stage of billing you are in, you can go back and make changes within seconds. Moreover, you can create your own standardized format by using a billing software. You can include your business’ branding and preferred colour scheme to create professional looking invoices that impress clients. From adding a logo to adding payment channels, a billing software has you covered on all fronts.
2. Efficient, Faster Billing
One of the most important billing software advantages is how quick they are. You never have to worry about billing if you have software installed. Say you bag a client today, and they require you to send them daily invoices despite having gotten a monthly subscription. But unfortunately, your bookkeeper is not available today! Nothing to worry though, as any manager or in fact any team member can easily use a billing software to create professional looking invoices in seconds. Billing software offers an intuitive interface that is easy to understand for anybody.
If you are sending out the same invoices every week or month to subscribers, then you have the opportunity to automate. Recurring subscription invoices can be sent automatically using a billing software. All you need to do is mark an invoice as recurring, and the software does the rest.
3. Safe and Secure
Businesses go to extreme lengths trying to secure their data files not just from outside attacks, but even within their own office boundaries. Endless paper documentations require endless security measures. A billing software safely stores all your data on a secure server. Most software solutions use the cloud to save data, and this data is easily accessible to you wherever you are. A billing software lets you set up access control, and password protect your files. And for any number of documents, there is always a primary backup. In case you lose your files to a system crash, or a failure, no need to worry. Your financial history is backed up on a secure server in case of any such accidents.
Also Read: Benefits of Billing and Invoice Software
4. Payment Gateway
Once you start expanding, you need a system designed for scalability. When it comes to billing, you can’t afford to have any setbacks, let alone setbacks for payment channels. When you set up a customer billing system, it should give you the ability to take clients from all over the world, regardless of their mode of payment, right? Correct. That is why the perfect billing software lets you create multiple channels of payments that cater to each one of your clients. Not only does it give you the ability to accept payments from around the globe, but it also lets you plug payment channels within the invoice to give your clients a subtle push towards quick payments.
From setting up payment channels to completely automating invoicing, the features of a billing system are many. So, get the ideal billing software for your subscription-based business and manage invoices without breaking a sweat!