Sometimes improving your business productivity can come to down to simple business tools that have major impact. Adopting a new software-based billing system is one of the most effective ways you can do this. Since billing is already something you have to keep track of, you might as well find a smarter way of doing it. There are several types of billing software to choose from point-of-sale terminals to end-of-month integrations. So once you have identified a billing software that complements your business, there are seven key ways that this will then improve productivity across your business:
1. Customizes invoice workflow management strategy
Many businesses get complacent with the billing strategy they are used to. But these can fall short in important areas, for example allowing changes to accommodate new market factors. In cases like these cloud-based billing software empowers you with an enhanced degree of customization. With this in place you can then plan your workflow according to the specific needs of your business. You can automate certain functioning and include more decision-makers along the way without interfering with your accountant’s day-to-day plans.
2. CRM systems can be integrated
The most modern of billing systems remove disconnects and unify important processes. Integrating CRM (customer relationships manager) systems into billing allows for connectivity in important ways. This allows you to leverage essential insights that may have otherwise been unachievable. For example analysing dropped sales carts or unresolved customer service tickets. Integration with your CRM also allows you to offer a bespoke level of service, personalize your communication with customers and staff, and provide top-notch customer service.
3. Enterprise Risk Management (ERM) integration improves operations and processes
A great integration billing tool is ERM. This takes into account risks that are not necessarily cost-related, but allows you to correlate your operational spending with your ERM to give a clearer idea of what you’re doing and how well you’re doing it.
4. Automated accounting and payment reminders
Nobody loves paying bills - this applies to your business and your clients. But if people don’t pay on time, your cash flow will quickly be in trouble. With this in mind, billing automation is critical. It will send courteous reminders to customers, keeps you updated about what accounts are paid or pending, leaving you to focus on other important areas of your business.
5. Reduces human error and disputes
Humans make errors all the time. This can lead to payment delays, in severe cases can damage relationships, and inevitably cost you money. However, effective automated billing software can compile the appropriate invoices and reduce basic human errors. Time saved from sorting out disputes can then be better spent elsewhere.
6. Runs your office 24/7
One of the best things about cloud-based accounting software is that it doesn’t need to rest. This also means your billing is taken care of without staff requirements and allocating fewer resources. Selecting the best billing software may even make it easier to offer user-experience-enhancing services, like NFC-powered cashier-less checkouts.
7. Offers high security
While you may feel insecure about having your accounts online, reputable online billing software takes this into account and follows PCI security standards. This level of security clearance is very difficult to achieve and means that the software offers advanced security safeguards. So definitely check this out when selecting your accounting tools but rest assured that with PCI in place, the system will protect your data.
The bottom line
While your online integrated billing tools don’t necessarily define your business, they will undoubtedly have a profound effect on how you do business and manage operational performance. The less time you spend on billing, the more time you can spend on something else. And the more accurate and smart your system, the better bird’s eye view you will have of your enterprise. So if you want your company to stay current in the face of shifting markets, your accounting framework needs to be in place in order to meet demand.