Business is a complex combination of processes & transactions which involves a lot of calculation & routine work. Billing is a crucial part of every business that no one can ignore. Numerous bills & invoices are generated on a daily basis & presented to the customers against the goods & services sold. Tracking & organizing these bills can be a tedious job when done manually. Hence most companies In today’s time mostly businesses are using billing software to manage their entire business including accounts, financial statements, inventory management etc.
The easy to use & simple billing software are the best in the markets. Since the concept of using billing software for small businesses is new, small businesses are stuck using the manual methods. On-the other hand large businesses are using the software in full fledged and growing their business manifolds. To compete with these big giants it is necessary to use billing software for small businesses. Else they may end up becoming extinct.
If you are a retailer, wholesaler, trader or service provider and looking to grow your business, this blog is all about the importance of billing software for small businesses. Some benefits are listed below:
On the billing software, invoicing has been made super fast and easy as it is the basic requirement of any business to create, track and manage it on a daily basis. This feature is designed in such a way that includes item details, invoice details, payment details & other terms and conditions which are important to the business. These professional invoices look branded, with logo and signature, it helps in creating a long lasting impression on the customer. This helps businesses in generating credibility among their customers & collect payments on time.
The related data of every customer & supplier is saved on a single billing system. Since all of the data is available at a single place, retrieving customer data, & tracking becomes extremely easy. You don’t need to struggle through multiple files & papers manually to check how much sales, purchases or payments have been made. With billing software all sales, profits, bills, payments, orders and returns can be tracked for each party at one place.
Organizing a huge amount of sales & purchase data is very difficult. For that you need a complete billing software which supports creation of bills, tracking of real time sales and purchase & manage inventory anytime, anywhere. With a sales and inventory dashboard, get quick information related to monthly sales, In-stock and low stock items & orders created in 1 day. To analyze it in a better way, billing software has more than 30+ relevant business reports to get a quick glance of their business activities.
Billing software for small businesses comes with handy ready-made invoice templates that can be customized by using a simple choice of right templates & unlimited customize options for every industry. Customizing your own invoice template with your brand identity makes your invoices look more professional and distinguished from others. Logo, signature, company information, colors and formats can be chosen in just 1-click.
A modern-day billing software is integrated with payment gateways that allow you to accept payments from your customers via multiple payment methods like UPI ID, netbanking, credit/debit cards, wallets & cash.. It empowers you with special features like auto-bank reconciliation by saving time & efforts for reconciling the transactions. Payment links also help you to collect payments quickly from your customers, share payment reminders on weekly basis & organize your payments on a single dashboard.
When you step into a business; taxing is a complex thing to understand. If you are not from an accounting background then it might be very difficult for a businessman. Billing software provides & generates automated tax reports considering all transactions in the financial year & helps in filing the returns. You directly file the return from the software without even going to the government portal. All the calculations & audits are done in the software automatically.
There are endless benefits of installing billing software for small businesses. Hence many of the businesses have already started using them, if you still have any doubts let us discuss the advantages of installing billing software.
Although there are endless advantages of installing billing software, we have covered the main below:
As we mentioned earlier, all the information is stored in the billing software, all the calculations etc. are embedded in the software, therefore; the invoices are generated in fraction of seconds. You can simply add the item by scanning the barcode and the rest of the things are done automatically. You can also share invoices on WhatsApp/SMS with payment links and collect payments quickly from the customers. The purpose of creating invoices & bills on billing software not only helps in recording daily transactions, but also helps in collecting payments.
Since a business has to deal with multiple invoices like proforma invoice, recurring invoices, overdue invoices, sales order, delivery challan & customers daily, it is impossible to keep a check on everything manually. Hence, billing software comes with automated systems that track all the transactions, parties, invoices, inventory and everything. It also gives regular reminders for pending invoices.. Furthermore, this software is devised to automatically send follow-up WhatsApp payment reminders or give an option to directly call a customer if some payments are pending.
In this modern world, there are still many existing businesses that use ancient invoicing methods—these methods include maintaining spreadsheets or hand-written ledger books. In such methods chances of human errors are extremely high. In contrast to that, using billing software is way more convenient. Since it does work automatically and generates 100% error-free reports & bills/invoices. In addition, there is very little chance of data redundancy. The data, on the other hand, cannot be manipulated or misused without authority. You can also set user-wise roles & responsibilities.
The best thing you get from using a billing software for a small business is you get everything from billing to inventory under one system. With a proper billing software, every financial, material, technical aspect can be tackled at once efficiently and hassle-free. Data, records, stock, deliveries etc. are taken care of uninterrupted. With sales, inventory, payments and reports dashboard, advanced billing software are highly preferred by small businesses to manage their business at one place with ease and convenience.
Handling a business becomes 20X easier when payments are cleared on time & securely. When you don’t have stress about pending payments, cash thefts, cash loss, etc. The billing software allows you to control costs as it automatically sends follow-up emails, reminders, notifications to customers with a link for online payment. The software is directly connected to the online portal through which customers can make payments along with all the required transaction details.
Since the businesses can use billing software not only on their mobile but also on their desktop for better billing & inventory management experience. The billing software is also getting modern and optimized. All the linked devices with the same number have 100% sync data and can be easily controlled with multi-user and multi-business functionality This makes all the business management activities streamlined in a better way. .
Another very important advantage that is not available in all the billing software is inventory management. Rather you can have multiple different software for doing different operations, but why struggle when you can get all at the same time in a single software. PayO is a billing software that has additional inventory management software also. In-out of every single product in your inventory is recorded in the software in real-time. During billing the stock is updated across all the items and helps in setting smart stock alerts so that there will be no loss of sales or out of stock scenario for best selling items.
With these impeccable advantages of billing software for businesses, PayO billing software has already covered major aspects of billing, payments & inventory management for multiple businesses like retailers, wholesalers & service providers. It has unlimited options to customize invoices for every industry and has options to track their business on multiple devices anytime, anywhere.