Mobile Invoicing – The new trend
Over the past decade, mobile business solutions have increasingly transformed the communication between owners and clients. The use of devices such as smartphones and tablets has significantly changed the way businesses are done in an interconnected world. The adoption of mobile invoicing is gaining traction across industries of all sizes for quicker payments. Owners of small businesses have to routinely face the task of generating, printing and mailing an invoice for their vendors and clients. Business owners consider fast and timely payment of invoices a crucial part of operational efficiency.
What Does Mobile Invoicing Include?
Mobile invoicing in simple terms, consists of generating and sending invoices to clients and vendors using a mobile device and tracking the status of payment in real time after a transaction is accomplished. It also includes generation of receipts after a payment is made along with creating estimates and sales orders thus streamlining the entire procure-to-pay processes. You can manage the status of invoices and accept payment on the go—anytime and anywhere. When a mobile invoicing solution is bundled into an accounting software, many processes can be automated. This gives you the freedom to conduct businesses from wherever you are, engendering the sense of empowerment for business owners.
What Benefits Mobile Invoicing Offer to Your Business
Businesses of all sizes benefit from using mobile invoicing in ways more than one. Early adopters of this technology are keen on investing in innovative mobile solutions to gain competitive advantage over their peers. Some of the ways in which mobile invoicing can transform your business transactions are discussed:
- Save Time through Instant Billing: One of the most significant benefits mobile invoicing solutions offer is instant billing of transactions. These help you in sending invoices for payment to client, the moment a purchase or sales order is finalized. The clients can now pay their invoices electronically without the need of mailing a physical cheque. The payment is received faster and also the confirmation through electronic receipt is done instantly. As a result, this saves your time as well as your clients, leading to a win-win situation for both.
- Streamlines Process: Using a mobile invoicing can save a considerable amount spent on accounting paperwork. Most mobile invoicing apps are integrated with a cost-effective accounting software program that can sync all the financial data. You can enter invoices and estimates from a mobile app into accounting software eliminating the risk of double entries. All these data are shared with your clients securely resulting in a smooth transaction.
- Data Stored in a Central Location: You can access, input and edit data securely into the invoicing software using a mobile interface. Most programs will store the details locally on your mobile device, while others store it on the cloud, in which all of your invoices and estimates are stored remotely. This makes it easy for you to keep records giving you the access to all the needful data all the times. When the information is stored on the cloud, these can be accessed through any authorized device.
- Increased Customization: Companies particularly SMBs can use mobile invoicing app integrated with accounting software to benefit immensely by customization of expenses. The mobile invoicing feature allows you to add unique expenses and costs as well automate recurring expenses.
- Capture Signatures and Generate Receipts: Many mobile invoicing software enable you or your clients to capture signatures using a touchscreen technology in the mobile device. This helps in getting instant approval on some financial estimate or for putting your signature on a client bill before finalizing it.
- Increase Transparency Enhancing Business-Client or Supplier-Vendor Relationships: Mobile invoicing software enable vendors and suppliers to access payment information automatically anywhere. Streamlining the entire payment process along with access to other transaction details increases the transparency between suppliers and vendors. Furthermore, the use of mobile invoicing app in integration with accounting software bolster the relationship across different stakeholders—clients, customers, suppliers and business owners.
The Way Forward…
Mobile invoicing has transformed the entire business landscape and turned mobile devices into powerful business management tools. With cloud-computing and internet of things (IoT) gaining prominence across industries, the adoption of mobile invoicing is forecast to increase dramatically over the years. The adoption would not only enhance operational productivity and increase profitability but reduce the complexity of businesses in the long run, as well. Mobile invoicing as the next generation technology trend is gaining prominence with emerging businesses planning to stay ahead of the rest.