According to Zion Market Research, it is expected that by 2026, the global e-invoicing market will hit $20,529 million, with a compound annual growth rate of 20.4 percent in the timeframe from 2019 to 2026. This upsurge is mainly driven by the incorporation of cloud-based technology by businesses, which lowers costs, improves productivity, and encourages sustainable business growth.
Paper to a paperless environment
For more than 60 years now, the planet has been shifting in the direction of being 'paperless.' Electric invoicing solutions became the town's talk when this trend began in the '60s. This was the game-changing instrument the corporations wanted and this revolution changed the world forever in the next decades to come.
A paper-based invoicing scheme has historically been used by corporations. Several still do. Using paper-based invoices alone provides organizations with one advantage, that of familiarity.
The demand for invoice management systems has risen over the decades, leading to the coding of electronic invoicing software, and all the major complexities, primarily software speed and performance capabilities, have become better day-by-day.
Ease in tracking sales
Keeping track of the phase of sales has always proved difficult. Businesses encountered difficulties in keeping track of invoices, inventory, and other ways of getting products to consumers while charging them correctly in pre-digital days.
In addition to handling all invoice-related activities effectively, the best invoicing applications should be capable of extending the following benefits:
1. The correct software solution will help streamline your billing and invoicing process and allow you to get and collect payments on time. Reduce late payments.
2.Minimize missing payments. You ensure that you do not miss receiving any payments that will redundant to a good bottom line by correctly monitoring and tracking your billing commitments.
3. A good solution for billing and invoicing will help improve the prestige of your company. Support for personalized logos and other design changes to payment documents and invoices is offered by most applications. To exude a professional reputation with your clients, you should put forward a structured and prompt approach.
4. Help streamline the financial and accounting processes by automating significant activities. Through workers in the invoicing and billing department, you can cut expenses and save time that is spent following up and going after the late payers.
5. Minimize fraud and enhance protection. There are standards of bank-grade protection features for a good invoicing software solution to guarantee that the entire billing-to-payment process is secure from hacks or prying eyes. This is relatively better than manually planning the invoices and submitting them as e-mail attachments.
Any business owner can benefit from automating the process by using invoicing software. Depending on the business size and number of clients, it can save unimaginable time. When you have just started your own business, or are a seasoned professional running a business alone or with a skeleton team, having robust accounting software that includes invoicing software will also save you the work of an entire accounting team.
The right investment
Investment in an invoicing solution that is both legal and productive is important for your business. It will help you save time, stay organized, and get paid instantly, with the right features. Although it is well known that good invoicing software will greatly boost the workflow, the frustrations of conventional solutions such as Word or Excel invoice templates are still being dealt with by thousands of small businesses. Where does the disappointment normally come from? The process of designing, recording, and arranging invoices is time-consuming and hard to handle.
Generate financial reports at one click
Good accounting & invoicing software will give you the ability to produce financial reports that can be useful for viewing and interpreting the numbers if you are looking for a more comprehensive overview of your company finances over a particular period of time.
Time to get control of your business with Asaan Retail Integration
A small business owner's life is busy. It's as demanding as it's satisfying, and not always to the same degree. You probably also find yourself pulled concurrently in several different directions. From keeping records to ensuring that the payments are all on track to finding out about the new regulatory changes and following up on customer late payments and those are just the boring administrative activities.
It might be time to take control of your schedule and business with Asaan Retail. With another day of laborious manual invoicing, do not cause your business to slow down. Get your billing in order and get your business powered up with Asaan Retail’s digital invoicing solutions.