How to Keep Track of Invoices and Payments
Whether you’re a sole trader or an e-commerce business owner, keeping tabs on invoices and transactions is vital for your success. That’s because your clients’ payments influence your cash flow immensely. The best way to monitor your billing files is to use reliable, time-saving software for this purpose. What does accounting software do? What are the perks of using it? How to find the best tools for boosting your business cash flows? We’ll answer these and more questions below, so keep reading.
How Important Are Invoices for Business?
Professionally designed invoices are crucial for your e-commerce business. They boost your reputation, increase customer satisfaction, keep your files in order, streamline your workflow, and, most importantly, help you get paid fast. With all that said, finding and mastering the most effective and time-saving invoicing tools is something that’s definitely worth investing your energy and finances in.
Proper invoicing takes a lot of time, so if you want to speed up the process, take it online. Here are the perks of online billing:
- It’s fast and easy for you. Filling out paper invoices manually is exhausting. Instead, make the most of a good invoice sample template, design it to suit your needs, and send it to multiple recipients with minimal changes.
- It’s easier for your customers. Your clients get tons of invoices on a daily basis. To them, your invoice is just another piece of paper in a huge pile of must-pays. If you go online, you’ll help your clients notice the file faster and i.e., react speedier. The easier the procedure, the better your cash flow.
- Instant, from-the-comfort-of-your-office sending. That’s right. With online invoicing, you get to request payments from your clients within mere moments, straight from the comfort of your office or even your home. That way, you significantly increase your chances of getting paid fast.
- You get to keep track of all your invoices. This one feels especially good for every business owner. No more lost bills. No more unanswered ‘What is invoice pricing?’ questions. With online invoicing, you get notifications whenever your clients receive your emails and, thus, always keep tabs on your state of affairs. That’s good for both saving your time and invoice reporting.
Find Best Accounting Software
Now that there are top-level accounting programs on the scene, learning how to keep track of customer payments in Excel should not be among your priorities. What’s really important is finding a good accounting application that comes with an excellent template Word invoice
selection. There’s a treasure trove of invoicing software to choose from. Here are some useful tips for you to find the right app:
- make sure the application is cloud-based;
- ensure it allows for multiple users;
- put its user-friendliness through its paces;
- use the free trial to make sure that the app comes with all the necessary features;
- research and read other users’ reviews nonstop.
Incoming Invoice vs Outgoing Invoice – Ways of Managing
Keeping track of payments is challenging, mostly because if you do it manually, it takes heaps of your time. To save that precious time, start receiving payments online via your website. If your business suggests sending and/or invoices, here are some tips to make the process of managing your incoming and outgoing payments easier:
- go paperless, go digital;
- make the most of invoice templates;
- sort out an effective follow-up system;
- monitor all your received payments;
- automate the process with good accounting software. A reliable application will automatically send invoices, keep tabs on payments, and notify you of anything that sets your system off.
How long do you need to keep invoices for a business? If this question has been lingering on your mind for some time already, the answer is 3 to 7 years, depending on the circumstances. Do I need to keep paper copies of invoices? No. Electronic copies will do, too. Give our Saldo Invoice app a try and let it help you elevate your business to the new heights of financial well-being.