More often than not, technology has always been more of a boon and its advancement has helped us in many ways. One of the advancements in the technological evolution point of view is that we all can be relieved while implying the thought of invoices or rather paper invoices.
Gone are the days of the time-consuming and costly way of sending paper invoices; with the introduction of easy-to-use and convenient online invoicing tool. That is the definitive advancements that drive technology more and more attractive and making it more addictive for us to have a total usage of it in every sector.
An estimated 500 billion electronic invoices zoom across the globe every year already. According to researchers, the e-invoicing market is growing at a rate of between 2-3 percent every year. As the trend is constantly shifting towards e-invoicing and people are getting more adaptive to it, let’s see what makes e-invoicing so appealing:
Government and regional authority across the world have agreed upon e-invoicing being more advantageous to all segments of business and is urging more usage of the same. Few of the governments such as from U.S and Europe, even announced that the year 2018 should be considered as a deadline to move to e-invoicing. An urge from the other authorities is also observed to take part in this invoicing system transformation industry as it is fast, secure, reliable and most importantly allowing business and other services to get their funds on the same day. Bringing such changes which benefit businesses in both money and time, is the move that makes business in being more effective and better, says one study.
Benefits For Businesses
Because of the intrinsic simplicity of e-invoicing, most companies are in absolute comfort in welcoming this solution. The immersive solution that this platform offers the benefits of allowing the multiple payment solutions to their clients takes away any arguable point from the conversation. Moreover, they can send and receive payments from all around the world and even transact money in their local currency if its an international client. The other financial salient feature which companies cannot neglect is that they do not have to hire an accountant or a bookkeeper to manage their invoices and do the necessary filing for it.
E-invoicing tools provide immaculate data analysis of your business. If used properly and at its optimum level, it gives you every small but crucial detail and insights of your business and of course, you can have the real-time preview of your business performance. Multi-purpose features can give readily available information such as past due to invoices, purchase order, outstanding payment, expense tracker, etc. All-in-all an invoicing tool could easily replace a small team otherwise required by a business entity in order to manage all the tasks related to invoicing.
On The Go Solutions
Eliminating the need for being physically present in the office, is the humongous benefit of e-invoicing. Mobile invoicing and its related apps implications have truly made invoicing industry on the go. The opportunity to send and receive invoices from around the globe has also expedited the process of getting paid and funds on time which is quite crucial for startups and small & medium enterprise.
If your business is on the verge of growing hence, you must have to manage your time efficiently with being cost effective as well simultaneously. Managing invoices on your own and looking through the old ones in the tax season, could be a tedious job and will definitely take up a lot of your precious time. However, with e-invoicing, you have everything in one place. From old invoices to new ones, from the invoices that are due soon to upcoming or recurring invoices, everything you can manage merely at the few taps of your finger.
The future of e-invoicing includes more aesthetic, holistic and customized services for buyers and suppliers. However, if all the industry players could rise to the obstacles then a universally crafted solution comprising of automated, secure, reliable and cost-effective practices could be established that will strengthen economies throughout the world.
Moon Invoice, a simple and easy online invoicing platform can streamline your entire expense management process with its ‘Expense Tracking’ feature. Also, other features such as billing, payment, notifications, reports, time tracking, sync and many more seem to be the functions will help you in performing business analytics and much more.