Before online invoicing become a staple of the modern business landscape, professionals and businesses, alike, spent about three decades using some form of paperless invoicing to send and make payments. Electronic invoicing, a precursor to online invoicing, simplified the payment process, and even the cost to use this method was expensive. While there were many drawbacks to using electronic invoicing, many businesses found it a workable solution.
At some point, as larger corporations began to take advantage of this newer method of billing, many businesses looked for ways to streamline payment processes. Then, internet technologies made it possible for businesses to establish a standard framework where all businesses could work. Online invoicing and invoice apps that soon followed were the direct result of the convergence of rapidly growing technologies and a real need from business to have a more efficient method to bill other businesses.
Continue reading to learn more about the current state of online invoicing and how it can benefit your business going forward.
Present-Day Online Invoicing
Nowadays, online invoicing is more affordable and is accessible to businesses of any size or function. Today’s online invoicing in its many adaptations has made work more efficient, and more importantly, it has saved business tons in terms of the amount of money spent on paper. Furthermore, current online invoicing provides businesses with a plethora of tools including secure billing options. However, there are other benefits to online invoicing.
Integration Of Payments
In terms of bookkeeping and paying bills, online invoicing in this present day has made it possible for businesses to integrate credit and bank card payments with invoice payments. Digital payments in many ways have made it easier and faster to make payments to vendors, in addition to the fact it is also much safer. Business owners only need to install software that can help them sync all of this information for effortless and error-free bookkeeping.
In addition, payments can be made in any currency, as the rates are built into the program. Businesses can also record these transactions, and this can be a time-saver when trying to pay bills from a location other than your office. Ultimately, this ability to integrate tasks makes online invoicing very convenient.
A Variety Of Formats
Another great feature of the online invoice is that it can be used in a number of formats. In addition to using online invoices with your standard PC, these invoices can be accessed on cell phones and other technologies. Essentially, you can pay bills or review invoices from any location.
Online invoicing, like much of technology, has made it possible for businesses to avoid making errors. More importantly, it prevents your business from receiving rejections due to errors. This prevents payments from being delayed, and worse yet, disputes arising because of miscalculations.
Online Invoicing – The Future
The future of this technology seems to be headed in the direction of technologies that streamline business between large companies and SMEs. As the apps grow, businesses will be able to see improvements in tasks related to automation, security, and data protection. In essence, it appears that this technology is similar to others in that as the more streamlined that these technologies become a standardisation of the applications will allow for more businesses to take advantage.
Going Beyond Paper-Free
As early as 2000, the goal for many businesses was to find ways to move the physical landscape into a virtual reality. Going paperless provided businesses with means to do much more than save money. Today’s technologies do so much more than providing businesses with a paperless format. As these applications have advanced, online invoicing has been one benefit of technology that allows companies to continue to find easier, more efficient methods to work. It is hard to fathom that the goal of running a paperless office has developed into so much more in such a short amount of time and it’s exciting to think what the future might hold.