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Must-Have Features For Your Billing Software
Businesses small or large are required to issue an invoice, which validates the transfer of ownership in goods and/or services to the buyer. In the Indian context, we are still evolving from manual records and digitization is yet to penetrate the small and medium businesses. Most of the businesses are issuing manual invoices from their manual bill books printed for their businesses. One of the major drawbacks of maintaining such invoicing is that loss of the physical copy of the invoice is too often for the customer and some time for the seller as well.
In recent times, businesses have bought standalone on-premise billing software, which generates a digital invoice, however, they still lack the ability to send these invoices through emails or mobile app notifications.
Revolution in Data Consumption and Internet Connectivity
Because of high competition in mobile data services and players such as Reliance Jio India has now become the largest consumer of mobile data in the world. This consumption is not driven by Tier-I, Tier-II cities, but from Rural India. The mobile network has today penetrated deep into Rural India and eventually an easy access to mobile data. These are the early sign of eventual adoption of technology at a pan India scale. Indians are now looking for cloud offerings and on-premise offerings will soon extinct.
New-Age Invoicing Solutions: What to expect?
With so many vendors providing invoicing solution, it becomes critical for businesses to identify their specific needs and determine which product has the maximum offering. Here we are providing you a list of features, which are “Must To Have” in new-age invoicing solution:
- Cloud Access – Businesses are today running on “On-Demand” model, you may find customers anywhere and everywhere. Often you may find yourself in a situation when you are required to issue an invoice to your customers when you are on the go. Who doesn’t like hiking these days? Long story cut short, the billing system must be available online anytime and all the time.
- Collaboration – Gone are the days when invoicing software used to be stand-alone systems. Now we live in a “Gig Economy“. More people are working as freelancers and individual consultants then it uses to be. In today’s time, you just can’t afford to work in a silo. Hence, inbuilt collaboration is a must feature for your invoicing and you shall be able to send your invoices the moment you generate them through channels such as e-mail, SMS, slack etc.
- Payment – Fintech companies in recent times have revolutionized the digital payment ecosystem and the recent demonetization has further boosted the acceptance of digital payments. Because of the stand-alone systems, businesses were receiving their payments in 7-21 days previously, however, now you have the luxury to receive instant payments sitting in your office and you don’t need to appoint a collection officer in your company. Billing software must have in-built payment support which can be shared with the customer/buyer for making payment through a digital medium.
- Compliance – Last but not the least, you billing software must also have the intelligence to perform legal compliance with the data available. This can well be achieved with Artificial Intelligence and Machine Learning expertise. Ever after sharing invoice digitally and receiving payment online, if businesses are required to perform the compliance manually, the billing software defeats the purpose.
While all the above features are “Must To Have” we also have a list of “Good To Have“.
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