Invoice processing for small businesses prevents financial leaks. By turning the repetition and complexity of creating a new invoice from scratch for every sale into a computer-generated, automatic process, you prevent the small trickle of mistakes that can add up to substantial lost income.
With a set-and-forget customizable template in place, every sale ends with a simple digital invoice that saves you money. Invoice processing can give you confidence that you’re maximizing every potential dollar in every sale.
What Is Invoice Processing?
Invoice processing is a powerful but easy-to-use business tool that simplifies the sales process. You can add the feature to a digital point of sale system—just like you download an app to your phone—and have it up and running within a few hours.
The feature lets you create and deliver digital invoices over email, offering your customers the ability to pay online, in-person, or over the phone and rapidly settle their accounts.
You can create a fully-customized look for your invoices and messages to best capture your brand and voice, and then use this master template to capture the details of each individual sale without getting bogged down with tedious repetition.
Once you’ve created the perfect look for your business, you can fill out an invoice with the full range of transaction variables, such as returns, taxes, bundled items, and loyalty incentives, and deliver it directly to the customer—with a copy to the bookkeeper—in just seconds.
It means you can close a sale in three easy steps:
- Click to create an invoice.
- Enter the customer and product details.
- Press send.
The process is just as simple for your customers. Within just a few seconds, they’ll be sent an interactive email with a clickable link that takes them directly to a payment screen. All they have to do is enter their payment details, hit send, and the bill is paid.
This straightforward payment system can streamline your entire sales system, saving you money by reducing mistakes and making sure every available dollar is captured. This kind of invoice processing can provide the following five key benefits:
1. Faster Payments.
Invoice processing gets the payment cycle running more efficiently and helps you avoid nasty late fees and penalties that can be incurred when your cash flow gets held up. After all, there’s a significant portion of every sale that a small business has to rapidly pump back into operational costs, such as utilities, staff salaries, inventory stock, and promotional materials.
Invoice processing for a small business gets your accounts settled quicker, sending money back to you in time to be reinvested elsewhere. You’ll save ample money just by speeding up the transaction process, and your standing with suppliers and lenders will catch a boost as well.
2. Fewer Costly Mistakes.
Every time you simplify your business practices you reduce risk. When you adopt a digital, automated invoicing platform, you make it easier to process each individual account. There’s a smaller amount of form fields and moving parts because each new invoice is based on a proven template you’ve already spent time perfecting.
When all you have to do is enter a customer’s basic details and their order information, there’s little left to chance. This allows you to solely focus on the sale and customer experience.
The result should be a dramatic drop in the number of discounts, returns, and other incentives you have to offer disgruntled customers just to keep their business.
3. Lower Costs With SaaS.
Cloud computing has taken the danger and cost out of accessing the world’s best business tools. Today, even small businesses can use the latest in invoicing, accounting, and inventory tech without having to pay big up-front fees or staff an IT department to keep everything running smoothly.
Software as a Service (SaaS) is the process of using cutting-edge business technology by paying a small monthly subscription cost and leaving the host company to maintain, update, and supply the software over the internet or cloud.
Under such an arrangement, you can install an entire point of sale system with the invoice processing functionality built right in. You can end your subscription if you’re unhappy or you can expand your platform once business takes off—plus, you’ve got technical support on standby whenever you need it.
4. Simpler Tasks.
Invoice processing for small businesses reduces your need for specialists with costly skills. Once you’ve customized your invoices to suit your business, even the largest orders can be processed quickly by anyone who can operate your POS system. An invoice becomes just another step in the sales process, meaning you don’t need to invest in staff training, large-scale software, or dedicated invoicing talent.
Everyone can be trusted to finalize the sale and send off invoices, leaving you more room to efficiently use your time and expertise.
5. Better Accuracy.
Invoice processing for small businesses can greatly improve the accuracy of every account so that you get the full benefit of every sale, no matter how complicated your growing inventory becomes.
The presentation is more transparent, allowing you to rapidly assess each invoice before it goes out. All the critical details are built into the template, so you’ll immediately know if something’s missing. Plus, all the calculations, financials, taxes, and discounts are automated so you’ll never need to doubt your work.
Invoice Processing for Small Businesses Will Save You Money
A modern invoicing system will save you money by introducing big business efficiencies that prevent cash leaks and maximize sales. Once you’ve modified it to best represent your business, the system will repeatedly and reliably churn out accurate and trustworthy invoices.
The result is an affordable yet professional accounting system that provides you with the peace of mind that every dollar you deserve is making its way into your pocket and back into your growing business.
Automated digital invoice processing for small businesses from talech can add back valuable hours to your day. Our innovative solution helps take the complications out of creating, distributing, and paying invoices.
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