Sales invoicing software might seem like it impacts only one aspect of your business, but that’s like saying that your credit card impacts only one area of your life. Finances tend to have an all-encompassing effect on anything.
Therefore, your sales invoicing software, too, has the ability to impact professionalism, data science and management, tax efficiency, better financial management, and in the end – if you managed to check all the prior boxes – it might actually stimulate greater profitability. Now we have your attention! Yes, we could have led with that, but greater profitability, very often, only comes to those who are able to display higher professionalism, improved data science, and better data management, greater tax efficiency, and enhanced financial management.
Let’s look at a few ways in which sales invoicing software can be advantageous to a business:
Never miss an invoice submission deadline
No matter how large an organization you are and at which stage of the business cycle you are at, there is always a chance that in the month-end frenzy of submissions, wrapping things up, sending things to live and another manner of deadlines, an invoice may be forgotten.
Moreover, with company bosses traveling at the rate that they do, missing a submission deadline might mean a payment gets stuck due to an out-of-office signatory or designated approver or simply because tardiness breeds tardiness. Dext Sales invoicing software offers reminders around invoice deadlines so that you never miss a submission deadline.
Standardized and professional invoices
Most sales invoicing software gives you a choice of customizable templates for you to deliver standardized invoices like Amazon and other big fish do.
People tend to file invoices and although it might seem like a small thing an invoice – like a business card or a website – tends to create an impression of the related company in the receiver’s eyes. Unstandardized invoices with differing fonts, font sizes, and layouts can create a poor impression, and no matter how much you try, different devices usually tend to wreak havoc with your standardization attempts.
Ace invoice standardization with invoicing software.
Automation in invoices ensures that they are completely error-free. Moreover, automation of data entry (that you’ll read more about two subheads down) means minimization of any errors between the order placement stage and the invoice generation stage.
A client dashboard offers your client reminders when invoices are due for payment, allows them to look at prior invoices, and alerts you when they open or pay an invoice.
Sales invoicing software brands like Dext even let you put your branding and logo on the dashboard, so it looks like a far more expensive proposition than what you actually paid (about GBP 20 for 5 login IDs or GBP 60 for up to 30).
This means that you will look professional and polished; like a force to reckon with (even if you are actually a very small business).
No more manual data entry
Sales invoicing software usually packs in receipt scanning, which allows users to simply upload a picture of any bill, invoice, or receipt for a digital text entry to be generated within seconds.
Nobody had to devote hours to typing up sales reports, client orders, and inventory movement manually. Data can also be extracted from an email or a PDF. Say a client sends your order over email? This data can be extracted from the email automatically to be used for accounting, and can also be used at a later stage for invoicing
One can also link the software to a bank account for seamless flow of data from the company’s business bank account to its books. With all this automation, the element of human error is substantially minimized.
The data entries are generated automatically and data that flows to the company’s books seamlessly can be edited in case of errors. The system also merges duplicate entries and is even intelligent enough to flag up anomalies in the data.
Automation of data entry means that claiming tax deductibles is that much quicker and convenient.
In addition, (provided you are careful to choose a UK-based software provider) tax type and amount are automatically gauged and added to invoices.
The software’s intelligence also lets you, sort suppliers, according to tax.
The best sales invoicing software is also able to offer you advanced insight on how upcoming tax laws might affect your profitability.
Better data management
Sales invoicing software is capable not only of sorting suppliers by tax but also of automatically filing data entries generated according to any rules that you set up.
If you do not set up any rules, the software goes about sorting and categorizing anyway: it does so using basic segregation criteria type, currency, and date.
Actionable insights through data science
Sales invoicing software gains access to orders, invoices, inventory, and transactions through all the scanning and seamless transfer that it enables. It already had access to a treasure trove of data and as such, attaining insight is only about analyzing the data.
Fortunately, sales invoicing software is rooted in data science, analytics, and artificial intelligence. It is able to spot patterns and deliver insights on factors like better inventory management, more efficient cash flow, client prioritization, and supply chain leaks.
In 2022, data means money (and potential lawsuits if the data is mismanaged, or stolen). You want to give prime importance to data security as hackers become more sophisticated and data theft becomes more common. On-premise IT security might be expensive and you might not be able to keep up with trends and changes in the IT security landscape. On the other hand, an invoicing software solutions provider has a higher budget for data security since it receives rent (for space on the cloud) from companies like yours. As a result, the software company can:
- Devote a whole team to observing and fighting off threats
- Invest in double firewall protection
- Keep up with new security tools and techniques
- Have the insider know-how that comes with massive budgets