Invoice Processing and Accounts Payable Help
Wondering if invoice processing and accounts payable software is right for you? Read on to discover their benefits and the types of invoice processing programs available.
One of the largest challenges as a small business owner can be running the financial side of your business, keeping track of an abundance of invoices and details to add to accounts payable. From late payments, many check payments to suppliers, supply inquiries, to excess emails and papers, there is no shortage of reasons why opting for an automated invoice processing and accounts payable software is a worthy investment. Currently, technology provides the opportunity to dramatically simplify your company’s processes with just the click of a button.
These types of software save businesses time and money and ensure that all financial information is centralized and easy to access. As the name suggests, accounts payable software is designed to generate invoices and automate all business payment processes. The solutions run based on instructions input into the software, filtering accounts, categorizing, matching, synchronizing, and validating all the included information.
From the perspective of a business owner, using the software means that you no longer need to worry about losing track of the payments your organization is owed, or what you are responsible to pay out to others.
Benefits of Using an Invoice Processing Software
Creating professional invoices is a task that can easily monopolize the time and energy of a business owner. That said, with the right invoicing software, you can run your business smoothly and free up your time for other critical tasks, among other tangible benefits of using invoice processing software.
Invoicing software allows companies to easily follow up and see the status of their inbound payments. Rather than having to comb through printed reports and files to compare and evaluate payments, the information is stored in one place and up to date. Another perk of this centralized system that eases the process of invoicing is the ability to send them to several clients at once. This eliminates the hassle of manually creating multiple invoices. And not only does invoicing software allow business owners to send multiple invoices simultaneously, but it also preserves the records of the invoices sent and any other essential details you may need for future references.
Any business that uses invoice processing software is making an investment not only in their processes, but also their businesses’ optics, as this appears much more professional than manually constructed invoices. This can lead to clients having a more positive perception of your work, and aid business owners in maintaining a high level of professionalism. The adaptability that the software allows also suits those looking to level up their business processes, as it allows invoices to be created in multiple formats, as well as easy access to PDF versions of these invoices. PDF copies of invoices are vital when invoices must be emailed or printed, traveling beyond the bounds of the software.
Types of Invoice Processing Programs Available for Small Businesses
Xero is an accounting software packed with features aimed at helping organizations save time in all their business processes. The software offers unlimited and 24/7 support as well. In addition, it prides itself on reliability and security. Thanks to its easy invoicing feature, business owners can create professional custom-designed invoices and set up repeating invoices. The software also helps automate invoice payment reminders and even accepts payments online with PayPal, credit, or debit card. Starting at an affordable $12 per month for a basic plan, this is an affordable and reliable option that is a worthy investment for small businesses.
Scoro is an invoice and business management software designed to help business owners streamline their invoicing process. The software’s features allow small businesses to compile invoices and automatically send customers payment reminders, ensuring they get paid faster. Scoro’s main advantage over competitors is the management tools they provide, going beyond simple invoices and truly equipping small businesses with the tools they need to thrive financially. This includes enterprise level reporting on sales, costs, and budgets, simplifying the process of tracking a business’ financial growth and statistics over time. For $28 a month, up to 5 users on a team will receive access to the software’s comprehensive features, including detailed work reports, a task list and task board, and invoices and receipts. Although this choice is more costly than others, the value and services provided should prove to be well worth the price. Scoro is an excellent choice for those looking for more than just invoicing and accounts payable help.
FreshBooks is another great option for an integrated invoice processing program for small businesses. What makes FreshBooks stand out is the platform’s ability to easily integrate with over 100 apps that are also typically used to run small businesses. The ability to connect to Zoom and Squarespace, among others, means that business will be more streamlined, connected, and make the lives of small business owners easier. It takes billing out of the business owner’s hands, automating it with online payment options and late payment reminders. FreshBooks also makes it possible to collaborate with other team members on the platform, suitable for companies that have many employees. Their pricing begins at $4.50 a month; however, this only includes 5 billable clients. For unlimited billable clients, this is only $15 a month, a great deal given the number of features that come with the software.