According to Atradius Collection’s survey, nearly 50% of businesses in India face payment disruption in B2B transactions. This pattern is more evident in the sector such as textile and chemicals. Irrespective of the industry, late payment can also lead to cash flow problems. If you are going through the same problem and looking for a solution, congrats, you are at the right place. In this blog we are going to discuss how billing software can help you to overcome cash flow problems, and much more.
When your cash flow takes a hit due to piled up unpaid invoice, you can neither pay salary to your employees nor you can pay for inventory. Basically, you have nowhere to go until cash gets credited. So it is best to prevent such a situation and take necessary steps beforehand.
The following are the features to look for in a small business billing software:
Modern invoicing and billing software in India process invoice with minimal human intervention. Another aspect of this feature is that it enables scheduled or recurring invoicing. It is an important feature for a company, as it increases cash flow through prompt payments.
An invoicing software in India offers multiple payment options starting from bank transfers, credit card, online wallet to UPI. Due to the variety of options in making payment, prompt payment can be expected.
On top of it, you can send timely payment reminders to prevent your cash flow from being hampered.
Billing software comes with an inventory management module that gives you insights on the stocks in the warehouse. It not only saves from stockout situations but also aids in ordering just optimum quantity, so that your cash does not get blocked due to overstocking.
India’s modern billing software offers in-depth financial reports, incorporating essential KPIs like revenue, expenses and profit with real-time data. With this feature, budget management gets more effective, and cash flow can be managed closely.
Invoicing software helps you to reduce errors and disputes with vendors and customers. It aids you in generating accurate, consistent, and GST-compliant invoices at lightning-fast speed. Additionally, when you use invoicing software in India, the chances of making a mistake/typo are negligible.
One of the main advantages of implementing best billing software is to receive payments on time. With the application of invoicing software, you can send invoices electronically, either via email, SMS or Whatsapp, reducing delivery time. As payment details are already mentioned on the invoice, receiving payment electronically becomes easier than before.
Employing invoicing software in India’s business can provide you with better control over your cash flow. It provides you with real-time data and insights for quick and data-backed decision-making. Moreover, the best billing software enables you to generate or manage your invoices from anywhere, irrespective of the device.
Thus, you don’t have to stress about your unpaid invoices. Following up with your customer is possible whether you are chilling at a beach or partying in a disco theatre.
As per latest GST regulations, companies over 5 Cr of annual turnover have to generate e-invoice in B2B transactions. Small business billing software aids to generate e-invoices in bulk without log in to the IRP portal. This saves a lot of time for your staff, especially when your company’s turnover is high.
Most invoicing software in India seamlessly integrates with CRM and project management tools for a smoother process. This integration makes it easier for you to manage various aspects of finances from a single dashboard.
We hope after reading the blog you realized the significance of the best
billing software for your business. We highly recommend you to sign up with a feature-rich, modern, and user-friendly small business billing software at the earliest. It is no more a cost-burden but a requirement for a growing business like yours.