Thanks to ever-improving smartphone technology, business owners now have the freedom to conduct business wherever they are. Processes that were laborious and time consuming even a few years ago can be done safely and remotely, simply by tapping a smartphone or tablet.
One such task is invoicing. Any controller or business owner knows the pain of creating, printing and mailing an invoice, then hoping that the vendor will receive and pay the invoice quickly. Business-to-business solutions such as Viewpost have taken the convenience of electronic invoicing one step further by bundling it neatly into a mobile app.
Mobile invoicing apps do most of the work for you. Bill clients, track invoices, monitor payments and pay vendors remotely, efficiently and cheaply – often for less than a stamp and envelope. Not convinced? Here are a few more ways businesses of all sizes can benefit from mobile invoicing.
No longer do you need to be physically at your computer in order to send, receive, and check the status of your invoices or payments. Mobile invoicing gives you the freedom to do business wherever you are: at lunch, headed to the airport, on the train, etc.
Mobile payments also save time for your client. They can now pay their invoice electronically, saving them the time and cost associated with writing and mailing a paper check. You receive the payment much faster and can confirm receipt instantly.
Using an app to send and receive invoices and payments saves the cost of printing and mailing. An electronic invoicing solution is far more economical; for example, sending an electronic payment through Viewpost costs a $0.50, less than the cost of an envelope and stamp. Recent data suggests that electronic payments save between 50% and 80% of costs associated with traditional paper checks.
With that in mind, it’s no surprise that according to Billtrust, 75% of businesses plan to expand electronic invoicing and payment over the next twelve months.
Increase transparency, leading to better supplier-vendor relationships
By streamlining payment processes, billing apps strengthen relationships between vendors and their customers. Mobile invoicing increases transparency by allowing suppliers to access payment information automatically – no phone call required.
App users can post payment remittance information and auto-notify suppliers that payment info is available, thus strengthening partnerships with efficiency and visibility. Annoying follow-up calls and emails can be automated, allowing staff to focus their attention on tasks that computers aren’t able to complete on their behalf.
Accounting software integration
Many mobile invoicing solutions also integrate with accounting software such as QuickBooks. Whether you’re sending or receiving payment, the data is ready to sync with your accounting software, saving you and your customers valuable time.
Information can be sent from the app to the software, or from the software to the app, allowing you to share the information over a secure network with your vendors. This increases transparency, allows you to keep track of payment information, and eliminates paper and manual data entry errors. You and your vendors can also check on the payment status in real time.
Store data and customer information in a central, secure location
Mobile invoicing keeps client information organized in one safe, electronic place, literally at your fingertips. Never again will you have to wonder, “Now, what did I do with that paper?” Mobile invoicing is secure as well.
Viewpost, for example, uses the same level of protection used by the largest financial institutions and undergoes regular third-party inspections. Using an app allows you to send and receive payments, without managing sensitive account information, eliminating cost, risk and inefficiency of paper checks.
As business owners increasingly operate their companies on the go, mobile invoicing empowers them to bring business with them anywhere, streamlining processes and leaving the headache of paper invoicing in the past. This newfound freedom will allow you to focus on other tasks, such as growing your business, taking on more work, or spending time with your customers.
Header by Rachel Wille
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