Startups are the most happening place to work with. When I was working with an IT startup, I used to rejoice in my freedom while working. Startups allow the employees to come up with their ideas and suggestions wholeheartedly. It is the place where you feel less corporate and more family. But for the startup owner, it isn’t easy to manage and maintain productivity as startups allow a lot of privileges to their employees.

Startups and SMEs are at a booming or growing stage. Hence, they must maintain accurate accounting books to check the incoming and outgoing cash flow. Maintaining positive cash flow becomes immediate and essential for surviving in the market. Here is precisely why an online billing software exists to help startups manage bills, expenses, income statements, and estimates. 

What is bill pay software? 

A bill pay software is a business accounting app that helps businesses and freelancers to generate a bill. Modern startup billing software includes modules and features, including invoicing, estimates, expense recording, time tracking, credit notes, income statements, and purchase orders. 

7 out of 10 startups use an online billing software 

Companies that do not use a digital billing app depend on manual paperwork and voucher books to maintain business records. It feels sad to say that many business owners are issuing paper bills and expense sheets, thereby wasting time, effort, and paper. 

Expense Sheet Templates

On the contrary, there is free accounting software for businesses to help manage the records of invoices, estimates, expenses, and purchase orders. Such apps have got free invoice templates to help generate quick invoices. 

One of the significant reasons startups switch to bill pay software is to work smartly. It helps save the time and effort of the accountant in managing bills and other business documents. 

Let’s discuss how and why the startups need bill pay software to keep their business productivity intact and improved. 

How does online billing software benefit startup?

A bill pay software helps startups automate the invoicing cycle by generating invoices, sending payment alerts, getting the payments, and updating the accounts receivable statement. Next-gen startups are using secure billing software for maintaining their data and records. There are multiple benefits of switching the manual paperwork to the best accounting software for small businesses. Let’s acknowledge the top ten benefits of switching to billing software for startups.

1. Automates billing operations

One of the significant benefits of utilizing free accounting software for small businesses is that it helps automate the entire billing cycle, from generating the bills to recording their payment in the income statement. 

Moon Invoice is the best accounting software for small businesses; it helps startups generate estimates, bills, set payment reminders, and download income statements on a single screen. Using our online billing software, it becomes easy for the accountant to record the financial data on the go. It automates the entire billing cycle and helps generate automatic invoices from estimates and proforma invoices

2. More than just billing

Automatic billing software like Moon Invoice offers more than just billing. While we talk about the billing software for startups, it doesn’t refer to only the billing module. The modern online billing software offers different features that help manage business proposals, invoice creation, convert purchase orders to invoices, convert estimates to invoices, generate time logs and convert logs into timesheets, download business reports, etc. 

Hence, one of the advanced purposes of switching to an online billing app is that it offers a lot more than just billing. Many more modules and features help you efficiently manage the business operations or routine. 

3. Time tracking for projects

Time tracking for projects

Do you know freelancers, designers, landscapers, house cleaners, interns, and many other professionals need to record time logs while working on different projects or clients? Recording time is essential to help them generate quick time logs for issuing hour-based invoices. 

Moon Invoice helps startups record time for each project they have been working on. Whether the first employee or a consultant associated with your startup, recording time is easy and quick using our time tracking software

Startups can maintain time records for their projects and easily convert the time logs into invoices with a single click. It helps save both time and effort in generating timesheets as the time registers are automatically converted into invoices using the billing software for startups. 

4. Saves time 

The goal of any startup is to work smartly. For doing innovative work, there need some smart tools. Online billing software is an ultimate modern tool for businesses that helps save both time and effort.

How does billing software for startups save time?

It takes more time to generate a manual bill than a digital one. The primary time is invested in calculating the tax and the total amount. Suppose it is a short bill with a limited quantity. In that case, it is generated within 15-20 minutes, but what if it is a large purchase order for a production log that needs to calculate 100+ items? In this case, a digital bill helps save a lot of time for calculation. 

Startups and SMEs need to switch their billing operations online to save a lot of time on tax and total calculations. 

5. Reduces effort

Another reason to trust online billing software for your startup is to reduce tiring work that needs effort and time. Inserting the correct invoice number, mentioning each product detail, the suitable tax slab, calculating the amount, etc., requires a lot of effort. 

Switching to digital billing software for startups can help manage everything alone and with a click. The app auto-generates invoice number and date; it helps to select a product list from the drop-down menu and also calculates the amount accurately, thereby saving the complete effort of your account’s team. 

In addition, Moon Invoice billing software for startups provides readymade free invoice templates that help users generate invoices with a click. 

Technological Challenges Predicted for Startups in 2022

6. Enhances productivity 

Enhances productivity

As many tasks are automated using the best accounting software for businesses, the accountant team can focus on other core activities. It is precisely how the billing app helps improve the overall productivity of startups and companies. 

7. Go mobile

Digital billing apps help you work mobile, from anywhere. It is an ultimate advantage to go mobile with your billing app as it helps sync the data and helps the accounts teamwork from anywhere, anytime. 

Moon Invoice billing software for startups helps users to work offline. In the absence of a network connection, users can save information or bills on the app; as the network is connected, the device syncs all the data successfully. 

8. Reduces paperwork

Because we all have been working on a laptop or a desktop, we aren’t aware of the paperwork that used to be in every business or institution a decade before. There were special rooms allocated for storing papers and files. Imagine searching each file for finding the lost or recommended data! 

Since we have been working using a digital device, finding files or data is easy with a search button. Likewise, manual billing involves a lot of paperwork, for which storing and maintaining the billing data becomes difficult and time-consuming. Switching to a digital billing app helps store all the bills or client data online. On the other hand, it reduces paper expenses, thereby helping your startup go green!

9. Secure data storage 

Data is everything! If you have your business data secure, it helps your business with many benefits. Similarly, data loss creates issues for the business, thereby increasing confusion between you and your clients. 

Our online billing software helps startups store unlimited data on the app securely. It also helps import and export the data to manage the business feasibly. 

10. Makes financial planning easy

Last but not least, businesses maintain online records to get some good vision or output from the same. The billing software for startups helps get accurate business insights as per the data feed in the app. Using the billing application, users can download income statements, product reports, inventory reports, sales reports, purchase reports, and tax reports. The business insights and statements help the startup make smart business decisions. 

For example, the accounts receivable report helps the owner to understand the clients or vendors that have been on the debtor’s list. It helps them revise their financial or payment policy to get better cash collection in the upcoming quarter. 

For example, the profit and loss statement helps the startup acknowledge the business’s current financial position, i.e., profit or loss. 

Also Read: 5 Helpful Tips to Raise Capital for a Startup

Evaluating the benefits!

Startups in 2022 use many tools and apps to keep their business running smart and smooth. Online billing software is one of those apps to help the startup owner keep all the financial operations running from a single screen. Nevertheless, it helps manage and maintain the data from anywhere, anytime. 

Get Moon Invoice, free accounting software for businesses, with seven days trial offer. Download the app on your iOS or Android device and start utilizing the many features of our bill pay app. 

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