Big data is changing a number of variables for businesses. One of the biggest changes big data has created pertains to invoicing.
The Enterprise Project recently talked about three big data case studies. One of these case studies centered around using big data to improve the state of invoicing.
“Mathias Golombek, CTO at Exasol, points to invoice processing as a specific example that illuminates the broader possibilities of using AI to automatically extract structured data from unstructured (or non-standard) formats,” the authors write.
When you are running a small business, it’s important to take the time to invoice your customers efficiently. Invoices should be sent in a format that works for everyone.
This is a competitive market that offers a ton of options so we’re breaking it down with 3 options that should be the best for you as a small business owner. All of these tools rely extensively on big data to make invoicing easier and more reliable than ever.
Tipalti is a great option for those who have had a lot of success in scaling their small business up quickly. It relies on massive data advances, which is one of the reasons it was highlighted by CFO.com.
The accounts payable features specifically stand head and shoulders over everyone in the industry. One of the reasons for this is that it uses a sophisticated machine learning interface to get to understand customer behavior and make things more convenient. It is a fairly technical and expensive solution. However, you get a lot of bang for your buck if you need a high-powered solution.
Tipalti also does a great job of doing invoicing for international customers, which can be a huge pain point for small business owners. Many small business owners may not have the resources to be able to handle that kind of thing on their own, so they rely on data-driven tools like Tipalti. Their reporting section is great and should save you a lot of time when you need to run reconciliation reports. You can see what others have said about them by reading Tipalti reviews.
If you need power and global payouts, then Tipalti is probably a nice software options.
If you are a lower-volume seller, Square is probably a great starting out point for you. VentureBeat has talked about some of the major breakthroughs at Square over the past year, which were predicated on big data advances.
One of the best parts about Square is that there is no monthly subscription at all; so, you’re simply paying by the transaction. That takes a lot of stress off of business owners who are looking to dip their toes in a new field and need some great software that works, but doesn’t require them to keep up a certain level of sales just to break even.
What Square does charge is 2.9% + $0.30 to process payments and a slightly higher version (3.5% + $0.15) if you want to keep the customer’s information on file with Square. That’s not a terrible rate but you should be able to do the math based on your industry if those kind of fees will be worth it for you.
If you already use Square’s POS system, their invoicing system has full integration with that making for a nice and easy choice.
Quickbooks is another invoicing solution that is built on major big data breakthroughs. Quickbooks is an extremely popular accounting solution and their monthly invoicing plan is a pretty good deal as well. They have optional features to deal with payroll management which is a plus and all plans come with helpful tools like maximizing tax deductions, tracking mileage, as well as managing 1099 contractors.
Their fees are in the same range as Square – although for certain transactions like swiped fees they will be even lower at 2.4% + $0.25. Those percentages add up so you’ll want to check out their exact fee structure with how your payments line up.
Tipalti, Square, and Quickbooks all offer great options for invoicing software depending on where you are at and what you are looking for in your small business.
Big Data Has Made Invoicing More Efficient than Ever
Companies of all sizes are relying extensively on big data to operate more efficiently. Big data has made invoicing solutions more robust and efficient. Companies should use data-driven invoicing solutions to their full potential.