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A company is an organisation that incorporates numerous transactions every day and must comply periodically. As a result, billing is amongst the most important components of any company that should not be overlooked.
A business contains several bills and invoices that must be issued to clients and other parties to sell goods and services. Manually managing these bills can be time-consuming. As a result, several businesses have started to incorporate billing software, simplifying bill making and tracking and saving time.
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What is a Billing Software?
Billing software is a combination of systems and techniques helping conceptualise bills and invoices for clients. Billing software now has the technology that allows bills and invoices to be sent to customers offline and online.
Why do Small and Medium-Sized Enterprises Require Billing Software?
It primarily eliminates human data entry and ensures the accuracy of accounting figures. Accounting principles, methods, and processes are critical, and billing software is frequently used to minimise or remove errors and maintain accounting statistics correct.
Here are a few of the primary advantages of billing software.
- More efficient billing and invoicing.
- Reduce late payments while maintaining cash flow.
- Enhance the efficiency of your financial and accounting processes.
- Creating bills at any time and from any location.
- Bills and invoices can be tailored to your specific needs.
8 Features You Should Look For in a Billing Software
Billing software includes a broad range of characteristics that are not required for every organisation. Only a few things are required for swiftly completing day-to-day tasks. Certain aspects of the billing software must be compliant with your business. Here are some generalised features that are required for every business.
1. Customised Billing
Billing is the most fundamental aspect of every firm. Every organisation must issue a bill in accordance with their needs. Billing software should allow invoice customisation, allowing a company to add or remove elements as needed. The invoice contains numerous details such as a brand, signatures, transportation details, e-way invoice number, etc. GST credentials, delivery address, billing information, company details, bank details, and so on are important items to have on bills these days. However, it is not included in normal invoices, so the invoice must be customised. For each firm that requires customisation, the logo or sign may be of varying proportions. Furthermore, software must be able to generate relevant documentation like credit/debit notes, sales orders, and so on.
2. GST Compliance
Today’s GST compliances are numerous, and every organisation requires software to assist in meeting them. For instance, an e-way bill must be issued if the invoicing limit is exceeded. Your programme should provide an automated e-way bill production capability that saves them time and swiftly gets things done. A firm must submit taxes every month, which can be tough to do without software. If your software includes GST return-related functionality, you can automatically upload data to the GST site, reducing the possibility of errors.
GST input and output computations will be carried out automatically. Furthermore, if an expert supervises your task, you can simply provide the GST information from the software. GST records and filings must be generated in all formats by your software. It will make the process easier.
3. Integration via SMS or WhatsApp
Invoices are now emailed to customers or sent via WhatsApp. Your software must include a feature that allows you to send invoices straight to their email addresses or WhatsApp numbers. This will save businesses time and allow them to deliver orders more rapidly. The programme could also provide the history of bills emailed or sent for future reference. It will aid in improved customer management and also prevent invoicing delays. You may also send payment reminders directly to their phone numbers using the software.
4. Online Payment Portals
Your software should enable online payments by generating protected codes for every invoice. It will aid in comparing and verification, as well as the ability to make automatic payments. Payment notifications can be sent to clients who have outstanding payments. Your software will perform all computations, and you will know about payment status and receivables in seconds.
5. Backup to the Cloud
Your software must include a feature that will continuously backup your data online. It will keep all the information secure, and you will not have to worry about data loss. Some business owners cut corners by purchasing offline software, but losing financial data unexpectedly is a disaster. It is preferable to get software that operates online or on the cloud. You can also access the information from multiple places this way.
6. Activity of Users
Various users must be able to operate the software at the same time. Since they can use it simultaneously, they will be able to complete the work more rapidly. There is no necessity to wait for the other user to complete the task first. Information can be exploited if all users are given unwarranted rights. There should also be a feature that allows various users to be assigned specific access based on their work.
7. Reporting
The software should generate as many reports as possible. This will save everyone time as there will be no need to generate manual reports. You can conduct a detailed analysis of your business at any moment with various methods.
8. Inventory Reporting
Stock is extremely important in the industry. If it falls below zero, manufacturing may suffer. Billing software should include a feature that alerts you whenever the stock has reached the reorder level. The software also should enable you to verify the stock status at any moment. Furthermore, inventory reporting will aid in identifying moving and non-moving commodities.
These are some must-have features in your billing software to streamline your operations and make your job hassle-free. Make sure to look out for most of them before purchasing suitable software for your business.
Billing Solutions for MSME by ClearOne
Billing software is indeed a true blessing for MSMEs or small businesses. It preserves a good deal of time and effort by maintaining accurate account balances. Billing systems can significantly impact all kinds of businesses by increasing efficiency. Because billing and invoicing are the most significant aspects of a company, investing in them can yield immediate and long-term benefits.
You can always rely on ClearOne’s billing software, available with a trial period, if you need robust billing software. It allows you to customise bills based on your requirements and automatically send bills to clients by SMS, email, or Whatsapp. It also allows you to make essential papers such as delivery challans, e-way bills, etc. It is simple to set up and maybe programmed to generate papers based on company needs. ClearOne also offers inventory management software that monitors and reports on product availability.
