Six Benefits of Using Online Invoice Software in Nigeria
In line with Nigerian Federal Govt. policy, online invoicing software provides both paperless and cashless payment solution. Delivering your services is already hard enough. So receiving payment shouldn’t constitute some painful experience.
But that could be in theory.
Sure you hate late invoice payment like many other business owners, service providers and freelancers. However, doing things the same way you’ve always done them mean that you’ll continue to have the same payment experience you’ve always had. That also implies that your personal growth and financial ambition could remain unfulfilled for a long time.
But then you have this belief that improvement is possible. Certainly, there is great evidence that the possibility is there.
Now, let’s explore the benefits of using online invoicing software as a services provider:
- Eliminate Paperwork
From creation, delivery to payment, this software will enable you to eliminate paperwork 100%. For those that still operate with paper invoice, it provides great leap in terms of improved best bookkeeping practices.
In one angle, you don’t have to spend money or time sending physical mails, which may sometimes be lost in transit.
During financial accounting periods or for any purpose, going through stacks and piles of paper to find specific information takes huge amount of time. With a simple search interface, it takes literally less than a second to find client data based on name, date, service type etc.
- Save Time With Templates
Everyone knows that time is money so the more of it you can save, the more you have to spend on direct and indirect revenue generation activities thus, the same thing happens when you waste good amount of time.
With client data stored inside templates, you don’t have to repeat the same data entry every time you want to invoice old or new clients. If you have 5 – 50 clients for instance, storing their basic information will reduce the time you spend on repetitive data entry.
- Balanced Cash Flow Management
Knowingly or unknowingly, a slight imbalance income and expenditure could push your business into painful cash flow crisis. Online invoicing software helps you to stay in control of your cash flow, so that that expenditure won’t exceed income by a large margin for a prolonged period of time.
You’ll experience this by having easier access to your financial data with regard to clients’ payment patterns. Stop operating from a blind spot.
If you are managing a travel, legal, accounting, security, or media services agency, this is something you should care about.
- No More Location Barriers
Among other benefits, paperless invoicing system eliminates location barriers 100%. This means that you can send and receive payments from anywhere and at any time.
Imagine a scenario where the person in charge of signing company cheque or making payments travels out of station, and his absence become the reason why you won’t get paid when an invoice is due.
Give your clients an option to pay you from anywhere, both on mobile and desktop. No more hopeless waiting.
- Automated Reminders
This is another great benefit of using online invoicing software that you cannot get from templates or paper with invoicing software you can send friendly reminders for past due and recurring invoices
If this is your current practice, now is to do this:
Before your invoice due date, you can load up 1 – 3 reminders and have them sent automatically while you are busy with other tasks.
- Risk Free Data Security
Anything that has to do with paper – cheque, invoice and other payment files is prone to destruction and loss through water, fire or even theft incidents.
Unfortunately, when losses occur in these scenarios, the personal and business outcomes can be too painful.
But now you don’t have to operate with such business risks. Even the loss of client data can lead to great damage when it happens. Cloud based online invoicing system give you space to store your data with maximum security.
These are some of the unique benefits of using online invoicing software for SMEs in Nigeria. Beyond written words, I tell you that these benefits are better experienced than imagined. Don’t just imagine, start enjoying the benefits of online invoice too.
In his book, “Business At The Speed of Thought”, one of the lines written by Bill Gates which stuck with me was ‘technology now extends the possibilities that are formerly beyond human imagination and capabilities, just like industrial machines did in the past’.
And since then, I have been curious to experience even greater, tech driven possibilities every day.
The Japanese principle of Kaizen is all about constant improvement. And that is what this online invoice software will help you to experience.