Benefits of Automating Your Invoicing System: A Step-by-Step Guide for Growing Businesses

Invoice automation solutions control how customers pay and lower the investment cost on an Account Payable (AP) team.

The AP team manages customer service and orders and tackles the arduous task of keying hundred of invoices and verifying them against their original purchase orders.

It is a laborious and time-intensive task.

Businesses can skip this part by automating the entire invoice-to-cash workflow to streamline the accounts payable & accounts receivable process and save time and resources.

Invoice process automation, with the help of tools like Invoicera, will help you:

• Improve profitability
• Eliminate costly mistakes
• Reduce transactional costs

A company can better manage its cash flow and make capital available to reinvest with faster, predictable payment cycles.

Top 5 Challenges With Manual Invoicing System

1. Time-consuming

Manual invoicing is tedious and time-consuming.

Creating invoices manually, sending them out, and following up with clients for payment can be incredibly challenging for organizations that handle many invoices.

2. Increased errors

Manual invoicing is prone to human errors, such as:

• Incorrect amounts
• Typos, or
• Sending the invoice to the wrong recipient

These errors can lead to payment delays or client disputes, damaging the business’s reputation.

3. Delayed payments

Delayed payments are the next big challenge with manual invoicing. There is a higher chance of invoices getting lost in the mail or not being sent out timely.

This can lead to cash flow issues, making it difficult for organizations to meet their financial obligations.

4. Lack of visibility

Manual invoicing can be challenging to track invoices and payment status.

It can lead to a lack of visibility into cash flow and potential revenue, making it difficult for businesses to plan and make informed decisions.

5. Limited scalability

As your business grows, keeping up with the volume of invoices and payment processing becomes challenging. It can result in:

• Payment delays
• Errors
• Lack of visibility

All these issues result in hindering your growth and success.

Understanding Invoice Automation

Invoice automation streamlines and optimizes the invoice creation and delivery process.

With invoicing automation, companies can generate accurate invoices faster, reducing the time and resources required to manage their billing processes.

This technology typically involves software or online platforms like Invoicera that enable businesses to:

• Create and send invoices electronically
• Automate payment reminders
• Track invoice status in real-time

By implementing invoicing automation, you can easily:

• Reduce costs
• Improve cash flow
• Save time

Furthermore, you can ensure that invoices are processed and paid promptly and efficiently.

Benefits of Invoice Automation

In today’s world, companies use invoice automation solutions for the invoice-to-cash process.

• Have invoices validated, centralized, and uploaded directly to legacy systems for accurate and timely payments
• Cost per invoice processing decreases, frees staff from mail handling, data entry, and exception processing to focus on key activities
• Automation decreases processing times, captures early payment discounts, eliminates late payment fees, and improves vendor relationships
• Real-time reporting provides visibility at each step of the process
• Immediate accessibility to track and manage all your invoices
• Automated accounts payable systems speed up the review process and reduce the turnaround time for payment approval
• Automated AP systems give greater visibility into your payables and better control of your disbursement
• Automation enables strategic decisions about which payments to send and when to send them
• You can cut down on the time and energy spent investigating and resolving disputes
• Automated accounts payable reduces the time and number of employee hours invested in responding to supplier inquiries

The optimization of business processes helps to manage payments and handles the repetitive tasks quickly and securely.

Moreover, an invoice automation solution reduces operational costs, helps staff reconcile purchase orders, and improves order-to-payment cycles.

Automate Your Invoicing System With Invoicera

1. Online Invoicing

Invoicera offers an easy-to-use online invoicing system that streamlines the invoicing process.

What to Look For:

• Review invoice status in real-time
• Choose from pre-designed invoice templates
• Create invoices online in less than 3 minutes

It enables users to create, send, and manage invoices from a single dashboard, making it easier to keep track of payments and outstanding balances.

2. AR & AP Management

Invoicera provides a powerful AR & AP management system that helps companies keep track of their accounts receivable and accounts payable.

What to Look For:

• Send and receive purchase orders
• View detailed financial reports
• Make budgets and forecast finances

It enables organizations to manage their cash flow by tracking payments, setting payment reminders, and automating payment processes.

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3. Expense Management

Invoicera offers a comprehensive expense management system that helps businesses keep track of their expenses.

What to Look For:

• Compare profits based on expenses
• Record expenses in multiple currencies
• Approve or reject expenses with ease

It allows users to upload receipts, categorize expenses, and generate expense reports, making managing expenses easier and staying on top of budgets.

4. Accept Multiple Payment Methods

Invoicera supports multiple payment methods, including credit/debit cards, PayPal, and bank transfers.

What to Look For:

• 14 payment gateways
• Generate currency wise filtered report
• Easily track your currency gains and losses

This enables businesses to offer their customers a range of payment options and makes it easier to receive payments quickly and securely.

5. Financial Forecasting

Invoicera provides businesses with powerful financial forecasting tools that enable them to plan for the future.

What to Look For:

• 3-Layered Security
• Get detailed Credit Note reports
• Get a summary of outstanding revenue and sales tax

It allows users to generate financial reports, analyze trends, and forecast future revenue and expenses, helping businesses to make informed financial decisions.

Getting Started With Invoicera!

Let’s start with Invoicera by following some simple steps:

1. Sign up for an account: Visit the official website of Invoicera. Create your account by providing your name, email address, and password.
2. Customize your settings: After signing up, you can add your company information, create invoice templates, and configure payment gateways.
3. Add clients and projects: Now, add clients and projects to your account. You can do this by entering their contact information and project details.
4. Create and send invoices: You can create and send invoices using the built-in invoicing tools after adding clients and projects.
5. Track Invoices: Track your invoices, payments, and expenses in real-time using its reporting tools.

Following these five steps, you can use Invoicera to streamline your invoicing and payment processes and get paid faster.

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Closing Thoughts

Implementing a software solution can make automation a reality and accelerate payment cycles.

The companies can eliminate the inefficiencies of human interference, moving from invoice to payment more rapidly and increasing their profitability.

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FAQs

Q: What are the benefits of automating my invoicing system?

A: When you automate your invoicing system, you can enjoy the following benefits:

• Improves accuracy
• Increases cash flow
• Provides real-time insights
• Enhances customer experience
• Saves time and increases efficiency

Q: What invoicing tasks can be automated?

A: Invoicing tasks that can be automated include:

• Invoice creation
• Sending reminders for unpaid invoices
• Processing payments
• AR & AP management

With tools like Invoicera, you can easily automate your invoicing tasks and get more time to focus on other key areas of your workflow.

Q: Do I need technical skills to set up automated invoicing?

A: No, many online invoicing software platforms like Invoicera offer user-friendly interfaces that allow you to easily set up and customize automated invoicing processes without requiring technical skills.