Recurring invoices are those sent to the client by your online invoicing software. All your information is saved here so that you don’t have to worry about copying the same information repeatedly. You don’t have to schedule reminders or sending the invoice every month, as the software will do it automatically.
Moon Invoice is a simple and easy to use online invoicing software and cloud accounting software that is easy to use. It offers features for all types of businesses and proves to be a robust cross-platform building solution. It is appropriate to keep track of all your invoices, generate them automatically, and send them when desired by you. There are several other invoicing and billing solutions that bring along a myriad of benefits.
That’s not all! Here, we have compiled some of the best advantages that recurring billing and invoicing systems can offer to enterprises.
Recurring Invoices: Uses & Its Benefits
1. Get Paid Regularly
As it knows where and when to get money from, your month to month cash flow is improved. Recurring invoicing and billing software helps you have a steady stream of income every month and improve your cash flow projections with its automation characteristics.
2. Spend Less Time Invoicing
You and your client, no longer need to worry about late payments. Once the invoice is ready, the system notifies the payee. This makes it easier for your client to avoid late payments and build a mutually healthy relationship. Besides, it eliminates the fuss of sending emails or messages time and again. Your invoicing system takes care of it all.
3. No Need To Chase Your Payments Around
A recurring billing and invoice system cultivates professionalism and avoids any miscommunication. Once you set the routine, you no longer require checking on whether the client has made the payment or not. Moreover, your accounts team need not worry about sending follow-emails for payments. The system will inform your clients about the due date or payment terms.
4. Automation of the Payment Process
As the online billing software for enterprises automates the complete payment process, you can assure no redundancy in the system. Right from sending reminders before the due date to following up once the due date passes by, the software keeps a check on everything. Furthermore, it provides you with several customization options to ensure that the system is set as per your business norms.
5. Value Client Relationship
With online invoicing software, invoices are generated automatically. Moreover, they are sent on set time intervals. This creates an impressive mark on your clients while avoiding repetitive calls. Thus, the business-client relationship is valued.
6. Sensitive Information Stays Secure
It is crucial to keep the client’s details and other sensitive business information secure. The use of software reduces the chance for any circulation of sensitive information to almost a negligible level. It also provides your client with the flexibility to pay through various online options instead of cash, which may be risky.
7. Focus On Other Important Business Aspects
As you divert your energy from sending invoices, You can now put a lot of focus on the quality of your product and the management of your enterprise. The workforce and time that was otherwise used for creating an invoice for different clients can now be used for other more productive purposes. This will increase the efficiency of work and remove the unnecessary expenditure on labor and paper.
8. No Scope of Mistakes
Once you set what things you want out of it, the software gives you accurate results. All you have to do is be careful when you create an invoice for the first time. Rest will be taken care of by the recurring invoice system, ensuring satisfactory service.
9. Access To Multiple Online Payment Gateway Providers
With a recurring billing system, you get to choose from multiple payment gateways. Let’s say; a payment gets declined on one supported gateway. No worries. You can choose another payment method and clear the payment. Thus, you can opt for the payment gateway provider that is the best and most economical for your business.
10. Revenue Prediction
Gathering key metrics and keeping a check on subscriptions, trials, or promotions is crucial to determining the health of the business. An online invoicing software helps you measure these metrics and gain essential insights. You can easily analyze these reports and make informed decisions to take your business to another level.
Right from improving your monthly cash flow to covering your business expenses and costs, the recurring invoice and billing system has a lot to offer.
Do You Need Recurring Invoices? Or Is It Really For You? Let’s Check Out!
If you are still confused about whether or not your enterprise should consider buying a recurring billing and invoice system, we have something to help you make a better decision. It’s right here!
Most service-based companies or organizations usually take payments on a weekly, monthly, or yearly basis. This periodic time interval often demands regularity in the creation of an invoice. Are you a company that deals with such an invoicing process? If your answer is a big yes, go for the software right now.
If you provide some sort of service like software, consultancy, etc., you may need your customer to pay you at fixed intervals of time. This is where a recurring billing and invoice system steps in.
If you are a school, for instance, your students pay you monthly, per semester, or yearly. Isn’t it? This demands tons of manual accounting and investment of precious time and resources. Online invoicing software like Moon Invoice becomes inevitable in such cases.
Ask yourself such questions or better seek advice from your accounts team. Determine their routine and check if an invoicing system can be a good fit for your business.
With increasing digitalization and automation, most enterprises have shifted their focus from traditional orthodox billing to a more convenient recurring billing and invoice system. In light of the benefits shared above, it is a wise choice to give this a try because the software readily shares half of your burdens. So why not go for it?