If you’re a growing business that believes to adopt new technologies to leverage productivity and ROI then you must be using the billing and invoicing software. This is a tool that has become indispensable in today’s digital world. And why shouldn’t it be? The way it reduces the error and efforts in billing is commendable.
Incorporating online payment processing software in one’s business ecosystem is one step that harvests benefits at multiple fronts. Errors and delays on the cash flow front have been the major reason for the downfall of nearly 82 businesses. Using the right kind of billing and invoicing software keeps this terror at bay.
However, this is going to happen only if the tool that you’re using is equipped with the right set of features. It is the features-suite of online payment processing software that makes it as worthy as it is.
Hence, knowing the essential features and ensuring that they are part of your chosen one is imperative. This is why we have come up with a list of the most crucial and important features that every billing and invoicing software must-have.
Feature #1 – Invoice Creation
Of course, the very first crucial feature that any billing and invoicing software should have is invoice creation. It should be capable of generating professional looking invoices in a blink of an eye.
You should allow adding/delete/modify any part of the invoice detail. The ideal online payment processing software is the one that comes with in-built invoicing templates for quick processing.
It should be capable of automating the entire invoice generation process and grant great customization abilities to the end-user. Such a sort of invoicing facility cut-downs the invoicing efforts and improves business financial reporting.
Feature #2 – Payment
The ideal billing and invoicing software is the one that comes with great payment processing capabilities. It should have an impressive payment integration suite to support every payment.
Accepting payment via multiple modes and currencies is also a very crucial ability of online payment processing software. The payment processing should be entirely automated. It should send auto-reminders for pending payment, auto adds the payment details, and auto sends the payment confirmation email to the clients.
Feature #3 – Estimates
Sending our professional-looking and accurate estimates are what lays the foundation of a company’s cash flow. Hence, a billing and invoicing software should be capable of handling the online project estimation with full accuracy and estimation.
This feature must include facilities like in-built templates, history tracking, online quotation sending and acceptance, and auto receipt generation.
Feature #4 – Time Tracking
Online time tracking is one of the keys and basic features that every billing and invoicing software should have in it. This feature is essential to determine the employees’ productivity. Research shows that daily time tracking can reduce productivity leak incidents by 80%.
This feature is useful to find out the billable work hours of employees and helps a business to optimize the business cash flow.
Feature #5 – Expense Management
Expenses are as important as revenue. Hence, its management is very important. For detailed business finance reporting, you need expense details as well. The billing and invoicing software should be equipped with facilities offering a complete break-down of the expenses, categories the expenses, end-to-end expense tracking, taxing, per project expense tracking, and so on.
When all these features and facilities are included in any of the billing and invoice software, expense management would be effortless.
Feature #6 – POS Billing App
To gain supreme mobility in the billing and invoice process, the POS billing app is a must for any business. This feature lets a business accomplish any job related to billing and invoice from anywhere.
The ideal POS billing app is capable of handling every basic to advanced operations like online time tracking, online project estimation, invoice creation, and payment process.
Feature #7 – Import/Export
Billing and invoice is a multi-dimensional operation and needs to gather detail from different departments. The in-built import/export feature of a billing and invoice software makes this job effortless.
It lets you get hold of any document over a single tap. Documents like purchase orders, online estimation, order history, payment details, etc. can be shared with anyone in multiple formats.
This feature is important for quick, dependable, and error-free billing processing.
Some of the advanced billing and invoicing software allows you to make the file import/export password protected. Such software is a must-have as it increases the business’s credibility.
Feature #8 – Mobile Sync
Billing and invoice is one key operational area that should be independent of factors like availability, device compatibility, and accessibility to the needed tools. This is why your billing and invoicing software should have a mobile sync feature for all data including online project estimation done for projects that are yet to begin.
With the help of this feature, businesses can enjoy easy data accessibility on all the leading data-driven devices. The same sort of functionality can be enjoyed on PC, mobile phones, laptops, and tablets.
This feature needs to ensure around-the-clock availability which has a positive impact on the revenue, sales, and cash flow at the end of the day.
Feature #9 – Reports
Invoicing reports, sales reports, business financial reporting, expense reports, and many other kinds of reports are required to ensure hassle-free business operations. Reports are crucial to determine business growth and existing lacuna.
However, reporting is a tedious job. The in-built report feature of billing and invoice software is no less than a blessing. With its help, a business can get hold of quality and data-rich reports, of all kinds, over a single click.
Billing and invoicing software is the spine of any business that wants to enjoy uninterrupted success. However, to suffice this purpose, every billing and invoicing software should have the right set of features. The features that we discussed here make any billing and invoicing software worthy and viable.
Do you have them? Tell us in the comments.