Who is creating invoices anymore? Pretty much every business…
Invoices (or ‘bills’) are the currency notes that precede actual money. It is an official paper that states the service you provided, and the amount that you are charging for it. Additionally, it is supposed to mention any discounts you offered your client. Or any tax additions that have been incurred on the amount, depending on the nature of the service.
To be fair, there is a lot that goes into invoice generation. And these days, even a free invoice software can keep your invoices good looking and compliant. Such a tool automates invoice generation, and at the very least, makes invoices professional and structured.
However, there is a lot more that an invoice tool has to offer. Here are a few benefits of invoice tool that you can leverage for your business:
Organized Invoicing and Payments
Most businesses generate paper trails left and right, creating a major negative impact on the global environment. So, you can cut down your paper costs, and improve sustainability by using a free invoice tool.
Not only does an invoicing tool reduce your paper costs, but it also lubricates the process of creating invoices. You no longer have to refer to a huge cabinet of files to find out templates for specific services. Instead, using free invoice software, you can set up and use templates for specific services and clients.
It creates a virtual library of sorts that contains all the invoices that you have ever generated, which can be accessed for auditing and compliance checks later on. This also alleviates the pressure on the accounting team during the tax season.
Share Multiple Payment Channels
How many times have you had to pass on a client because they were overseas and you couldn’t navigate their payment channels? You don’t need to do that anymore now.
Most online free invoice tools offer payment channels as an additional paid service. You’ll be surprised at how much your clients prefer different methods of payments instead of just a wiring method.
This will actually allow your clients to pay on time, and pay directly using the invoice you provide. You can set up redirect links on virtual invoices that take your client to the payment channel for instant payments.
Policy and Legally Compliant Invoices
An absolutely remarkable thing about using a free invoice tool is that not only do these create professional looking invoices, but they are also policy compliant.
So, for example, if a service you provided requires some amount of additional tax or a formal template, it is beneficial to use invoicing options that cater to that.
As you might know, you can be fined for creating illegal invoices. Every transaction you make is represented by an invoice that should comply with a set of standards as laid out by that industry.
Cloud Based Invoicing
One of the greatest benefits of using an online invoicing tool is that everything is securely stored on a server on the cloud. This means, you can access and create invoices whenever you want, wherever you are. So, you are never tied to your desk, or even dependent on your office to recheck invoices or revisit an old invoice. Of course, invoice tools are access control friendly and not everyone can view your private information.
Setup Reminders and Alerts
By using free invoice software, you can set up payment reminders for your clients and follow these up with overdue reminders. This is extremely helpful for both you and your client, given that businesses incur a lot of losses on missed out payments that they deserved.
Also Read: Free Invoice Templates
If you have a client with a long running contract, why waste time every week on excel sheets? By using a free invoice tool, you can set up monthly, weekly, even daily recurring invoices.
All in all, invoicing tools are making their presence felt in accounting operations and are here to stay. Even absolutely free tools can make your life at work much easier, especially if you are a small business or freelancer.