Invoice management cannot be a hurdle. The time the businesses reach glory and their consumer rate rises, management of invoices has become a scary mission.
It’s a dilemma, if you hike your prices, then the customer won’t return ever. If you undercharge them, then you end up at a loss. One error and you could at a potential risk of losing your ROI.
Thus integrating a custom billing platform becomes very crucial to tackle such risk and improve overall productivity. It’s advisable for you to look all the challenges an organization is facing so that a tailor made invoice software is there for you when you need it.
Basic Invoicing Challenges that an enterprises goes through:
- Cloud management of AR & AP
It’s a headache of an organization over Bottom of Form200 employees to manage its receivables and payables with multiple projects, multiple clients and payments being accepted on a global level. Managing all these affairs at the same becomes one daunting task. As the AR & AP processes are complex, even the global giant enterprises have a hard time.
- Cloud Management of a Team more than 200
These mega enterprises working on a mega scale, face ample management challenges unlike some small businesses. In order to achieve the expected ROI, handling complex tasks, more employees, and efficient time management is must for an organisation.
- Higher errors due to larger customer base.
With each client having his own unique personal needs and demands, it becomes far more difficult to handle 300 of such at the same time. In order have an error-free business exchange, having a detailed record of each becomes mandatory.
- Management of Clients’ Multiple Payment Cycles
As the businesses grow bigger, invoices lose 65per cent of their significance after 60 days of issuing date. Managing multiple payments becomes hectic and businesses and enterprises face the issue of payments and cash flow often. With such big databases, any cloud fails to process and manage payments.
- Disaster Management, Theft and Data Security
With the organisation expanding, your confidential data is never secure enough with any cloud-based invoice software against cybercrime and theft.
- Easier modes of Payments
As the enterprises accept payments globally, the payment gateways can differ from even region to region, therefore, client to client. It’s an enterprises’ one of the biggest struggle to ensure every client’s timely payment and providing them a convenient payment gateway. Advanced solutions can remove such stresses.
With a market full of invoice software systems providing enterprises with a fully custom invoice software tool with complete ERP & CRM integration, it’s a guaranteed solution for all the big business houses.
Keep reading for more pros of a custom invoice software.
Completely Personalised Invoicing:
- A completely custom invoice software offers you a tailored set of features catering your specific requirements.
- You can seamlessly add custom functionality features that will help you achieve the desired ROI. For instance, to ensure accurate invoices each time, one can add a custom in-house invoice approval process.
Automised Payments:
- A custom billing software allows integration of payment gateways of choice and relatability completely as per an organization’s needs. Relieve yourself from loads of management by avoiding unnecessary integrations.
- Advance payments can be done by the clients using the auto credit feature.
Ensure Strength by Financial Steadiness:
With features like automated payment reminders, a credit adjustment, and late fees reminder ensure your utmost concerns are thrown away.
- Early Payment Solutions
- Automatic Payment reminders will take care of the late fees and ease out the management further.
- Tailored Reports
- You can ask for customized automated reports from your software developer as per your requirements. It will not only help you in boosting productivity but also calculate ROI of the organization. You can analyse and forecast finances based on such reports.
Multiple Business Units, One Software:
It is advised for you to choose a customized invoice software based on your needs, if you’re working on diverse business verticals under the same roof. You can seamlessly add sections for multiple businesses and invoice easily ensuring the right workflow of your accounts department.
Security and Data Backup:
Any business owner struggles with is data security and its backup. To ensure any data going out of the campus, you can host a fully custom invoice software in your environment.
Conclusion
By following the appropriate methodology and considering the challenges mentioned above will address all your issues and concerns. A custom billing platform not only manages prospects of upfront invoicing but also reduces needless blunders and its future consequences thus allowing you to host in your desired environment integrating with your present ERP and CRM.