Developing and maintaining a small business invoicing system has long been the bane of small business owners. A jumbled collection of Excel spreadsheets, water-stained ledger books, loose invoices and PO’s too often defines the reality of the state of small business accounting systems. These outdated and disjointed accounting systems, as prominent as they are, just leads to headaches and money being left on the table.
As are most small business owners, you are likely operating with thin margins. Equipping yourself with an antiquated accounting system only serves to aggravate the issue of mysterious revenue losses by presenting you with a murky picture of how money is flowing throughout your business. Modernizing your accounting system is an obvious answer, but is this alone a complete solution? What if there was one key aspect, often ignored, that could lend strength to streamline accounting solution?
Utilizing a Small Business Invoicing System that Makes Sense Today
Getting your financial affairs in order is a painstaking process that can revolutionize the way you run your business. Introducing powerful technologies that present you with a variety of concise, and often automated, record keeping and business analysis functions, provide you with game-changing process improvements that help you to realize a wider profit margin. However, there is often one aspect of a business accounting system that is often missed.
Invoicing is a key area that can be modernized and integrated into a high-tech accounting solution. The ability to automate the invoicing process, from generation to fulfillment and payment, presents you with some exciting advantages. As you move into a sleek, modern invoicing solution for your business, it is important that you consider two key points throughout the process: making things easier for your customers and profit margin improvements.
Using Invoicing to Make Payments Easier for Customers
Software functionalities have evolved to the point of presenting small business owners with highly effective, automated invoicing solutions. Thinking about the features that invoicing software should have to simplifying the customer-facing aspect of invoicing means taking a “less is more” approach towards integrating the moving pieces of the invoicing process to present them with a clear, easy to understand invoice.
Integrating a customer-oriented invoicing system requires two key components in order to provide the highest level of success. It must be cloud-based, and it most definitely needs to easily integrate into the various data points within your business. Initially, this may sound a bit like trying to fit a round object into a square hole, especially if your infrastructure works with multiple software tools. Consolidation is the ideal result that you should seek, which can easily be accomplished through the use of a single, multi-functional, POS solution.
Introducing a new, cloud-based invoicing system to your customers presents both parties with a dynamic way to conduct business. On their end, products can be requested and invoiced through the convenience of a web or app-based presence. This gives them the ability to easily view ordering histories, make changes on orders before they have been delivered, and gives them an easy way to reconcile their own financial records at their leisure.
Additionally, this opens the doors to new payment methods and the ability to gain a foothold in the omni-channel business world. The enticement of conducting business with you will grow out of the convenience and time savings your customers gain from being able to generate and create invoices with a few clicks of the mouse or taps on a screen. Giving customers a wide range of modern, emerging payment options gives customers more latitude in paying you the way that best suits them, while serving to expand the possibilities for the engagement of new clients. This also reduces the amount of time you and your staff must spend invoicing, thanks to built-in automation.
Save Time and Money Through Small Business Invoicing System Automation
Smoothing out the invoicing process behind the scenes will do great things for the overall health of your accounting processes. Utilizing an all-in-one POS solution gives you a concise integration of all areas of your business. When the cloud is introduced as part of this solution, the data from all areas of your business can be securely stored in one easy to access location. It is from building this foundation that process automation can be introduced to accurately generate, monitor, and ensure completion of invoices.
Invoices can be generated automatically upon a web-generated request for a product or service. Payment status can easily be monitored, with shipping labels or manifest automatically generated once customer payment has been validated. Payment verification is conducted behind the scenes by your payment processor, who in turn uploads the data into your POS solution. And, with all of your data flowing into the same cloud-based storage area, running included or custom-built reports ensures a high level of accuracy and accessibility.
Selecting the best POS solution for your business will contribute to easier reconciliation and must provide accurate records to both you and your accountant during tax season. Through the usage of centralized, cloud-based data, generating reporting can be done from anywhere. This gives you the ability to manage accounting and invoicing while standing in line at the store and can give your accountant on-demand access to tax documentation without the need for you to intervene.
Turn Your Small Business Invoicing System into an Accounting Strength
While accounting feels as if it is more impactful to your back office processes and procedures, the truth is that it can show itself in some very inconvenient ways to your customers. This is clearly evident when considering the invoicing process. Arguably the most visible of all of your accounting processes, customers will feel stressed and confused if your invoicing is lackluster or inefficient. In some cases, the ease and responsiveness of your invoicing processes can be the difference between customer retention and customer migration.
Through the modernization of invoicing, you will achieve a high level of versatility and accounting accuracy in all areas while providing your customers with an enjoyable, easy to understand experience. Ideally, utilizing a POS software solution that presents you with cloud-based data storage and report generation presents the best of all worlds to you and your clientele. Integrating these into your business and accounting processes, while complex, can be eased by engaging the right POS software consultant.
When seeking expert advice about how your POS system should evolve to meet your dynamic accounting and invoicing needs, consider the experience and industry expertise that talech delivers to your doorstep. We offer a wide range of POS solutions that will turn your invoicing into an automated, engaging experience for you and your customers. Contact us today to sign up for a demo and to learn more about how talech can be your expert POS partner.