Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Accounting is undoubtedly one of the most challenging tasks you’ll handle for your small business. Many areas make it complex, such as tracking income and managing business expenses, managing payroll, tracking projects and time worked, computing taxes, and tracking inventory. The good news is many software are available to automate processes and make the job easier, whether you're working in an office, coworking, or working from your home
In this blog post, we’ll focus on how accounting programs like QuickBooks make invoicing easy, the different features QuickBooks has, and some QuickBooks alternatives for small businesses to give you more options. Let’s begin!
Invoicing is as essential as any other accounting task. Through it, you can send your clients and customers the complete details of what they owe you. Before, this task was done manually with bookkeepers and accountants sending physical invoices and collecting payment manually. Today, you can get help from accounting software, and here’s how.
One of the primary benefits you’ll get by using software that has an invoicing feature is the automatic updating of invoice details. An accounting system stores the contact information of your clients and customers, all the details about your products and services, and tax details. These data are automatically inputted into the invoice together with these other details:
Aside from filling out the details automatically, you can also be sure that the details are accurate.
With the help of QuickBooks and other accounting software similar to it, you can generate these different types of invoices to fit your needs:
Accounting software usually have templates for all these different invoices, so you can generate them instantly.
Your business cash flow gets disrupted when payments do not come in when they are supposed to. Because of that, you’ll need to encourage on-time or early payment from your clients and customers. The invoice feature of accounting software will help you send payment requests ahead of time. These invoices can also have a “Pay Now” button ready for customers and clients to pay conveniently.
Along with sending invoices, you can encourage on-time payments by giving incentives to early payers or setting strict deadlines. Be relentless in sending follow-ups by using a past-due invoice.
Invoices are the proof of sales the tax bureau needs. Invoices are also documents you need for taxes. Invoicing goes beyond sending payment reminders and receiving them on time. Through it, you’ll have data about the sales taxes you need to remit to the government and your company’s income.
With accounting software, your invoices will be stored in a single space. Your dues will be computed automatically, and the details inside will be 100% accurate.
The invoicing feature of cloud-based solutions like QuickBooks can also work to keep customers happy and loyal. Many software allow the creation of a client portal where clients can view all their invoices. They can check the details there, and they can contact you right away for any discrepancies.
Many software already have a customer support feature, but you can always handle customer concerns yourself if you want to make it personal. Through this, you can maintain transparency with your customers, and they’ll be encouraged to continue transacting with you.
Accounting software will automate your system, save time, and minimize errors.
Although accounting software still costs, you’ll save money by investing in one because you don’t need to spend time on manual tasks. Your bookkeeper and accountant can also work efficiently with tools by updating your books, generating invoices and sending them, and creating financial reports to help you make decisions.
QuickBooks Online is a good choice if you are looking for accounting software with a complete and reliable invoicing feature. Aside from bookkeeping, payroll, inventory tracking, time and project tracking, and reporting features, you can also enjoy all these invoicing features.
The invoices you generate with QuickBooks already have a “Pay Now” button to make it convenient for your clients and customers to send their dues. When they click the button, they can send in their payments, and you will receive them automatically. Make sure to reconcile invoices to ensure all transactions are accounted for.
What makes this payment process more convenient is QuickBooks’s flexibility on payment gateways. Some of what your customers can use are the following:
Instead of having to type, print, and send invoices one by one, you and your accountant can save a lot of time and resources with QuickBooks. With Quickbooks, you can send bulk invoices in a few clicks, online and paper-free.
As you grow your business, you’ll have clients and customers who will sign-up for your services for a certain period or order from you regularly. Skip the hassle of invoicing them repeatedly by automating it through Quickbooks. Schedule recurring invoices and let the software send them out. All you’ll have to do is check whether the payments are made on time or not.
You can utilize QuickBooks's timesheet invoice if you offer services by the hour. These invoices can help you show the details to your clients by providing them with the hours rendered. All the data is stored in your accounting system, so you can fill out invoices with just a click of a button.
Other programs like QuickBooks can work just as well. For alternatives, try out these top accounting software:
Before picking a software, ensure that the tool can also help you with accounting needs other than invoicing. This way, you can make the most out of your investment. Check out if the accounting tools have the following:
By now, you should understand the importance of invoicing. Although seemingly simple, proper invoicing can affect the overall success of your business.
If you need a team that can handle bookkeeping for you and create professional invoices if needed, partner with us at Unloop. We utilize the latest accounting software to update your books, generate invoices, and more.
Take advantage of the many services we offer. Call us now so that we can discuss the details with you!
Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.