When it comes to running a small business, time is one of the most important resources you can have. It goes without saying that if you want to improve your efficiency, the primary goal should be using time wisely.
This usually means automating or eliminating tasks that don’t seem to take up a lot of time individually but once you add all those minutes up, you realize how much of a time-suck they can be.
For example, invoicing your clients is the perfect example of a business area that at first glance doesn’t take up much of your time… until you start paying attention to it. Not only do you have to create an invoice and calculate the taxes, but you also have to print it out, mail it and then wait for the customer to make the payment.
In some cases, that payment may even arrive in the form of a check, which means now you need to find time to go to the bank and make the deposit.
However, there is a better way to do things. By using an online invoicing solution like Sprout Invoices, you’ll not only save time but also get paid faster. In this post, we’ll talk about the benefits of online invoicing with Sprout Invoices.
Five Benefits of Online Invoicing
Aside from saving time, online invoicing comes with a few benefits that will help you streamline your business operations and provide potential customers with a better client experience.
1. You’ll Get Paid Faster
The most obvious benefit of online invoicing is that you can get paid faster. For starters, you don’t have to go back and forth with your clients to get all the details about their project. They can share all the necessary information through the quote request form.
Furthermore, since an invoice is emailed to your client, they can make a payment as soon as they receive it. You can also set up reminders to ensure you get paid in a timely fashion. This means that you don’t have to wait for weeks on end to be able to access your hard-earned cash.
2. Invoices Can Be Accessed Anywhere and Anytime
When you use an online invoicing software, invoices can be accessed anywhere and anytime by you as well as your client. Your clients can view and pay them on their computer as well as on their phone at any time of day without waiting for their bank to open to make the payment. Likewise, you don’t have to rely on mail to deliver it nor do you have to worry about clients misplacing or losing the printed invoice and never paying you.
3. Customers Can Pay However They Want
With a printed invoice, clients can mail you a check or pay you via bank transfer if you’ve included your bank account number on the invoice. However, that also means you might be waiting until they get paid to get your funds.
The Sprout Invoices plugin makes it easy to allow clients to use different payment methods which include payment methods above as well as credit cards, PayPal, Apple Pay, and more. This way, they can choose the most convenient payment method for them.
4. You’ll Have a Systemized Process In Place
Another important benefit of online invoicing is that you can automate a lot of the tasks that are involved with sending an invoice. With the right solution, you can have a quote estimate generated automatically from a quote request. You can then automatically create an invoice from that estimate and schedule it to be sent at a specific time. You can also create follow up emails to remind clients their payment is due.
On top of that, online invoicing allows you to get an instant financial snapshot of your business so you can see at a glance how many invoices you have open, which ones have been paid, and how many quote estimates have been sent so you know which leads need to be nurtured.
5. Your Accounting Will Be Better Organized
Lastly, with an online invoicing system, everything will be in one place. From the initial quote estimate down to the invoice can easily be found, instead of trying to keep track of various papers. In addition to that, you’ll have all the important client information in one place as well. By having everything in one place, your accounting will be better organized which will make tax season a breeze.
This means you won’t have to go through numerous invoice and receipt stacks to get everything ready for your accountant. Speaking of your accountant, with everything in one place, they won’t have to spend hours trying to reconcile the books. This means your tax return is more likely to be ready well in advance instead of at the last minute.
Online invoicing saves you time and helps you not only run your business more efficiently but it also creates a better experience for your clients and customers. And with a better client experience, your clients will be more likely to recommend you to their network. Ultimately, this leads to more word of mouth referrals and better brand image which means more revenue for your business.
Now that you know how Sprout Invoices can help you get paid faster, take a look at our plans and make the switch to online invoicing today. Happy invoicing!