Let’s take a gruesome reality into the picture of doing business apart from building and maintaining client relationship, growth, stability, etc.is receiving regular on-time payments from the clients or customers. Because without that cash-flow it becomes very hard for your business to be in smooth operation.
Let me hit you hard with certain aspects-to-figure ratios that might be an eye-opener as to how traditional business models is affecting your business?
It might really be surprising to know but still, 80% of the businesses are still adapted to traditional invoicing. Now, here is the repercussion that this 80 % of them are facing, as follows:
49% – Preferred to make no payment in case of delayed invoicing
40% – Of small & medium businesses has unpaid invoices as clients or suppliers became insolvent
25% – Inculcating higher instances of late payment fees
However, the other drawbacks of traditional invoice models that affected Customer-Vendor relationship were:
– Negative cash flow
– High operational cost per invoice
– More entry errors for sender/vendor and receiver/customer
Well to sum up, neither your business could afford to waste time waiting for the receivables to be paid nor you will have time to personally follow up on each unpaid invoices. Considering business as a whole where there are lots of other things on the plate, it is understood that payment for your support/services/products, etc. is one thing that no business would like to worry about.
There are online invoicing programs (apps) available that does this job very efficiently and are completely reliable. These apps ensure that the invoices are directly emailed to the client. Some of these internet invoicing apps also go an extra mile by offering follow-up notices to send a gentle reminder to the client about outstanding amount. Follow-ups from these programs look professional as well as it does the job in a way that does not offend your customers. With certain features and inbuilt preference, you could also choose to receive the notification confirming once the client has received and approved the bill. Upon the acknowledgement of payment received, these invoicing apps also allow sending a thank you note, to further strengthen your relationship with your customer.
Let’s see in numbers few benefits of using mobile invoice processing system:
36% – Reduction in procure-to-pay cycle time
34% – Marginalised increase in improved visibility of business processes
34% – Efficient improvement in an audit process
29% – Proportionately lowered processing costs
Some of the other salient features are as follows:
Instant Billing – Save Time: Mobile invoicing solution offers instant billing transactions; helping clients to make payment electronically once the purchase or sales order is finalized.
Streamline Process: Removing the risk of double entries, these apps are integrated with accounting software program which saves a considerable amount of time on accounting paperwork.
Centrally Stored Data: With information & data stored remotely on the cloud, SMB’s can access, input and edit these records which can be accessed through any authorized device. These records could even be customized as per the unique expenses and costs on a need to need basis according to business specifications.
Enhancing Business-Client or Supplier-Vendor Relationship: Mobile/Online Invoicing solutions allows to manage the transparency between suppliers and vendors in entire payment process which bolster the relationship.
Moon Invoice lets your business be on top of the competition with Instant Invoicing & Billing, Easy track of Payment & Notifications, Accurate Insights & Reporting Data. Few amazing add-on with Moon Invoice is that you can add & “Manage Multiple Businesses”, “22+ Professional PDF Templates”, “Import/Export & Print Utility” and data backup “iCloud sync support”.
To put it in a nutshell, with the interconnectivity of devices and cloud computing, mobile devices have become the fastest growing business tools. With the adaptation of such technology, next-gen businesses would not only increase the operational productivity & profitability but also cater a drastic reduction in the complexity of doing the traditional invoicing methods.