Invoicing is a term that is loosely used in business. For example, delivery manifests and coffee shop sale records both qualify as forms of receipts, making it highly probable that your business invoices in some form. The broad spectrum of services and business types using invoicing illustrates the need for you to take how you manage invoices seriously. But will this be a costly project, or can you offset the initial costs with a great ROI and the ability to invoice with discount, yet innovative, POS technology?
Discover How POS Technology Can Reduce Invoicing Costs
Maximizing the benefits of invoices does not need to be expansive or time-consuming. In fact, invoicing will become simpler and almost enjoyable when powered by the right set of business tools, in particular, the POS system. The tools in the most highly rated POS systems will present any small business owner with the right mixture of:
This combination ensures that invoices are accurate, paid on time, and recorded in a manner that makes the information accessible at any time.
POS software accomplishes this through the ability to apply data management processes to every piece of information generated in a transaction. Then, included customizable reporting tools present the business with the capability of easily managing invoices and keeping track of payment statuses in one easy-to-access tool. Using POS software in conjunction with invoicing software means that the information from one will update the information in the other.
Use Cloud-Based Technology to a Build Smooth Running Strategy
But you must walk before you run, which means that the POS technology you use must first be capable of supporting modern invoicing processes. At a minimum, the POS tools in your business must be cloud-based. This ensures that a number of time-saving and profit-generating processes can be supported, including the seamless and automated transmission of information from POS transaction data to invoicing software and back.
The optimal way to create a scenario in which data flows unencumbered and without the worry of compatibility issues is to find a POS provider that can offer web-based invoicing software. In a case such as this, the web-based invoicing software can quickly access cloud-based POS software to query for the data it needs. And, perhaps the best part of this ideal scenario is that both systems will easily integrate into one another by design, making all of your data consistent and shared by both systems.
Integrate POS Payment Processing Into Invoicing Software
Integrated POS and invoicing tools are a great start to getting a high rate of return from your invoicing process. But this would be incomplete if the way in which payments are accepted and managed were not included in the integration process. It is here that a large portion of discounts will derive from, which makes sense considering the costs that can result from payment processing terms that do not support digital payments or invoke rate increases when reaching certain volume levels of transactions.
This is another area where the ideal scenario involves the assistance of a POS solutions provider. Choosing a POS provider that offers to take payment acceptance negotiations out of your hands, while working diligently to get you optimal terms, will help take your business and invoicing to the next level. In this situation, you become better able to adapt to changes in customer behaviors, and have the ability to add new types of payment methods quickly and at a minimum of cost.
Improve Customer Service Using These Tools
Pause and think for a moment about the pieces discussed so far. You have two cloud-based solutions using the same data from the same solutions provider. And, you have gained flexible and inexpensive terms that allow you to accept a wider spectrum of payment types. This all sounds like an incredible position for your business’s internal processes to be in, but how will this impact the level of customer service that is provided?
The cloud makes it possible to send digital invoices that can include payment links. For those situations where customers are standing in front of you, just having the ability to not make minimum charge requirements for some payment types, or having the ability to accept a wider range of payments, is a huge plus in the customer service column. And, let’s not forget that you now have the ability to send receipts to a customer’s email or phone via SMS text.
Invoice With Discount Options to Improve Revenue Streams
As important as invoicing is to conducting business, it is surprising to see how many entrepreneurs do not take it seriously. The benefits of modernizing invoicing can cut costs, attract more customers, and reduce the time you spend balancing your finances. Modern invoicing tools can be had at a minimum of cost when purchased through the same provider that supplies flexible, innovative POS tools to small businesses such as yours.
We understand the challenges faced by small businesses, which is why the engineers at talech have taken the time to design our solutions to be interchangeable with each other. This gives you the ability to build your business software one piece at a time while having confidence in its ability to be fully compatible with all of your other software tools. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
Want to learn more about invoicing with point of sale?
Get your free Demo