Big data is changing the nature of invoicing software in many ways. In 2015, Spend Matters wrote a detailed report on the applications of big data in the e-invoicing industry. This has changed the perception business owners had of invoicing applications, because they often ignored the benefits of it before then.
Big Data Transforms Invoicing Software Applications
Before big data became a prominent aspect of invoicing, many SME owners don’t initially see much value in the concept of invoicing software. If you can simply use a customizable template on Microsoft Word or Apple Pages, why would you need sophisticated software to do it for you? The client information is available on whatever CRM is in use, and it’s not too difficult to plug it into a readymade invoice.
However, after a couple of weeks of working with invoicing software, almost every business owner asks themselves why they didn’t start using it sooner. There are tremendous benefits of using invoicing software – you can see how they function in practice in this Tipalti review. These benefits are leveraged by the big data features it has provided.
IBM Big Data Hub has talked about some of the uses of big data with digital invoicing. Here are 5 reasons to switch to invoicing software today.
1. Save Time and Money
While your invoice template might get the job done of bringing the account to the client’s attention, that’s as far as it goes. It doesn’t provide any further functionality to you and does nothing for the client. So, despite alerting the client that they need to pay you, it does nothing to ensure you get paid.
Invoicing software, on the other hand, makes payment easy for the client. It uses big data to connect clients to their requested payment provider, which streamlines the payment process and closes the accounts receivable. They can click right through to the various payment methods you offer. It takes no more than a few clicks to pay you and unless they are struggling with cash flow, nothing will stop them from doing so immediately.
Also, once they have paid your account, they will receive a receipt immediately, and your accounts will be updated automatically.
2. It Can Be Used on The Go
Yet another reason to use invoicing software is that you can use it on the go. In other words, you do not need to be sitting in front of your computer to send off an invoice. This is incredibly useful for those who do not get much time in front of their computers as well as for when clients request an invoice so that they can pay it immediately.
This is another area that has changed due to big data. Data advances have enabled people to connect their payment information to their mobile devices, which is far more convenient for making payments.
Not only can you send an invoice while on the go, but clients can pay from wherever they are. Easy access to payment portals makes them more likely to pay sooner.
3. It’s Customizable
In an ideal world, every interaction you have with a client is personal. You know them and they know you, and you connect over this shared knowledge. When you are sending invoices through a template, however, this is hard to achieve.
Big data is all about personalization these days. This is one of the biggest ways that it has helped.
With invoicing software, on the other hand, you can easily customize your invoices according to different customers, with the different settings saved on their profiles. Payment is less of a cold exchange and more part of your good relationship.
4. Generate Multiple Invoices
There will be times when, to your excitement, you will have to send a ton of invoices. It is possible for individual clients to want individual invoices for different items or services. Creating each invoice manually becomes a tedious task. Invoicing software takes the data set and generates multiple invoices immediately, sending them off individually without you having to painstakingly see to each and every one.
5. Detailed Reports and Follow-Ups
Invoicing software does not just send invoices and receipts. Rather, it keeps track of your financial transactions with each client, with detailed reports on what has been paid and when, and what is still owing. It gives you the option to follow up with clients who are taking a while to pay at fixed intervals. Instead of trying to chase each individually, the process is automated for you, ensuring not even a cent is left behind.
Invoicing software is well worth the investment. It will not only make your life much easier come month-end, but also help ensure even the stickiest client pays.
Big Data Has Changed Invoicing Software for the Better
Big data has brought numerous changes to the invoicing software market. Businesses should be aware of these features and leverage them to their fullest potential.