Introduction
Right in the middle of the night, when I was sipping my coffee and reading news about how a company lost almost $2 million just because its major documents and invoices got burnt under a sudden fire that cracked because of a major short circuit in the office.
It was devastating to see how an organization suddenly lost its existence. But then my logical mind asked me, Are we that helpless to lose all that we have with just one unfortunate circumstance? Or are we still overlooking what lies in front of us?
The global cloud ERP software market is projected to be worth 40.5 billion U.S. dollars by 2025, growing at a CAGR of 13.6% during 2019 and 2025. With such high stakes, as an enterprise, one of the most precious things we possess is our documents and INVOICES. Invoices are our key to monetary rewards to be received for the goods and services we offered.
Enterprises often work in a competitive environment where they have to constantly improve their business processes to thrive. Management of a huge client base and regular billing to ensure timely payments are some of the key challenges they face on a daily basis. How can this problem be handled?
Look no more as we provide you with the most suitable solution for your challenges, customized enterprise billing software.
Let’s first dive into the reasons why enterprises need custom billing to grow business upto 40%.
Need Of Custom Billing For Enterprises
Here is a list of a few needs out of thousands that tell us why we all need custom billing software for our companies:
1. To Have Bespoke Invoicing
Client management is an integral part of a developing enterprise. Since enterprises have to cater to a large client base, they face the challenge of supporting their business processes and complementing their customer satisfaction rate for efficiency. To maintain transparency in their communication, they need to send them regular invoices against the services provided.
Oftentimes, these invoices are not customized as per the need which leads to complacency and renders the whole communication ineffective. Apart from invoices they also have to manage and track their expenses in order to strategize proficiently for their business and look towards developing their established business verticals.
A custom invoicing software like Invoicera will provide them with a single-window solution to manage their clients on a single platform. Through this platform, they can also manage their expenses, invoices, and much more for enhanced productivity of the enterprise and also save costs and time for better ROI.
Summary
- A completely customized invoicing solution as per your company’s requirement to set you apart from the others in the lot.
• It lets you add functionality requirements and improve business productivity.
2. To Automate Invoice Generation & Payments
Payments are the basic blood flow for any business type. It is an integral part of any enterprise that must be managed tactfully to maintain healthy cash flow. As per reports, Businesses in America lose up to 51.9% of the value of their B2B receivables that are not paid within 90 days of the due date. Thus monitoring your payments is vital.
Enterprises receive their payment through clients, out of whom many are recurrent profiles that need to be billed periodically. They have to manage their clients efficiently and track their pending payments too. Record keeping plays a major role over here as late payments hamper the cash reserve leading to severe cash flow.
Enterprises can manage their payments easily with enterprise billing software. They can track their due payments and levy late payment charges, Custom Invoicing Software like Invoicera automates their invoicing process by automatically sending timely invoices to the clients. You can receive payment through 14+ payment gateways and send invoices in multiple languages and currencies.
Summary
- Recurring billing profiles can be created to easily receive automatic payments from subscription-based clients.
• Easily manage payments, dues, credits, and reports in one single dashboard.
Read About: Why 80% of Enterprises are Choosing Custom Billing Software?
3. It lets you have complete control with self-hosted solutions.
Sourcing integral processes such as invoice creation and payment management to a third party source seem like a viable option in order to save costs, but oftentimes, third party sourcing is prone to data mismanagement leading to data theft or leakage.
Enterprises look forward to hosting third-party software on their own premises. This allows them full authoritative control over their data and business processes. This is an efficient step to increase the utility of your businesses, which can be enhanced with Enterprise Billing Software like Invoicera which provides more than 60+ integrations.
Invoicera adapts to your existing framework and allows integration into your ERP and CRM systems.
Summary
• With on-premise hosting, the data remains with you, and you have complete control over your invoicing data.
• The efficiency of hosting business to your customers and branding solutions. 60+ integration with e-commerce shopping carts along with AR & AP management.
4. Offers Complete B2B communication
Like in every business maintaining a sense of transparency goes a long way in forging stronger bonds. Likewise, enterprises have to maintain a clear record of their accounts, scheduled documents, inventories, and much more in order to be clear in terms of their existing scenario and plan in accordance with their resources.
Account management is an important aspect of an enterprise as they have to keep a record of their purchase orders, inventory, and expenses for proper business planning. Thus sending out such invoices on time is a pre-requisite for timely account management. The detailed account information will also help them to plan their strategy and plan for better development.
Enterprise Billing Software is the best solution for managing all complex tasks with ease. It takes care of all your accounts and pending payments and helps you to manage your inventory efficiently. This way, you can see a stark growth in the efficiency and productivity of your business processes.
Summary
- Manage invoices, purchase orders, and expenses with ease.
• Send out all documents promptly.
• Send and receive purchase orders and estimates and convert them into invoices.
• Manage buyers and vendors in a single dashboard.
5. Improves productivity with custom workflow management
Every enterprise has an established hierarchy that facilitates its workflow. This brings staff members together and improves their communication to make the processes smoother and more fruitful.
With custom invoicing software like Invoicera, you can create custom workflows for your firm. Set authorities and approve your staff members to create an in-house invoice approval workflow on a single platform.
Keep track of your employees’ productivity and set tasks for them. Manage all your staff members, projects, and data through one single platform for better management in a 3-layered secured environment
Summary
- Derive a custom workflow for your business.
• Establish an in-house invoice approval process to send accurate invoices in one go.
• Keep track of all your staff members, projects, and data from a single platform in a secure environment
| Must Read: 10 Questions to Ask Before Selecting an Enterprise Billing Software
Conclusion
The enterprises require custom billing software that can keep the pace of business. The profitability of any account depends on the cash flow. The key factor for the revenue growth in enterprises includes new technological advances with innovative solutions to gain the overall competitive advantage.
Invoicera is one of the best enterprise billing software available in the market. With an experience of 19+ years and an ever-growing user base of 4 million users worldwide. Invoicera is widely appreciated for its features and customer services.
Simply manage your business processes with the best custom billing software. Invoicera automates your work and helps you reduce time and costs for better productivity. Having delivered 100’s of projects and maintaining a high customer satisfaction rate, Invoicera is perfect as your next invoicing partner.
FAQs
Is custom billing software too expensive for small enterprises?
Many custom billing software options offer tiered pricing plans to fit the needs of businesses of all sizes. Consider your specific needs and compare pricing options from different vendors before making a decision.
I already use cloud-based accounting software. Do I still need custom billing software?
While some accounting software offers basic invoicing features, custom billing software often goes beyond basic functionalities. It can provide features like automated recurring billing, integrated payment gateways, and advanced workflow management, which can be very beneficial for enterprises with complex billing needs.
The blog mentions self-hosted solutions. What are the advantages and disadvantages of this option?
Advantages:
- Complete control over your data
- Increased security
Disadvantages:
- Higher upfront costs for setting up and maintaining the software
- Requires technical expertise to manage the software
