Is e-invoicing a boon or a bane for businesses from smaller towns?

Paperwork for accounting has become a thing of the past. With online invoicing, there is no need for businesses to use papers, stamps, and envelopes anymore. Also, there is no need for a storage facility. This enables a company to save on the extra costs as well as extra space. Paper records take time to be prepared and processed which are time-consuming and raise the overall administrative costs. Online invoicing, thus, is a cost-efficient option ensuring business success.

Online invoicing allows businesses to quickly create and send across many invoices. This helps save time for business owners, who already have a lot on their plate. By saving time on invoicing, businesses can focus on other important tasks like improving conversions, managing staff better and holding client meetings that are otherwise delayed. E-invoicing shortens the time span between sending an invoice as well as receiving payments. With the e-invoice software, the invoice reaches the right person and business owners receive the notification when the invoice is opened and read by the client/customer.

With online invoicing, businesses can manage all the client information and billing status from a single web application. This way business owners can be more productive and get their financial and payments’ status all in one place. One doesn’t have to be in their office to find, send, receive or do anything with their invoices. Cloud services only require an internet connection. Therefore, e-invoices can be accessed from anywhere, anytime, and any device (laptop, tablet or smartphone). They can be easily organized and looked up for information whenever required.

Businesses can set up their e-invoice software so that they get sent out automatically on specified dates and time. With this feature, business owners do not have to worry about forgetting to send invoices to their clients and vendors as the reminder set does everything by itself. Also, when a client opens and reads the invoice shared, business owner will receive an automatic notification about that. Additionally, one can set automatic notes and reminders for every client, and notify them about payment due dates, even when they have expired.

In a traditional paper invoicing system, there are various steps involved which pose a bigger possibility for commission of errors. This tends to take up a lot of time in correction. And then finding out the missing information, piecing it together and removing invalid numbers – all take up a lot of time and efforts. But with online invoicing, small businesses can correct every information stated in their records, by editing invoices just like one would edit any other text document.

Overall, e-invoicing offers businesses from small towns and cities a huge opportunity for enabling faster payments which can help them have a better cash flow. More money and more amount of time devoted to more important developmental activities mean a greater chance of bringing about growth and sustainability in the business. E-invoicing, thus, is proving to be a boon for businesses from small towns and cities.