Simplifying IT Firm Invoicing with Custom Software
According to a report published by the McKinsey group, 45% of current paid activities can be automated by today’s technology, an equivalent of $2 trillion in total annual wages. Just think what all could have been done if this huge amount was invested in fruitful resources which could have yielded better results.
Business scenarios are changing in their appearance, function, utility, and results every day. With the induction of custom software or automation technology in a standard business model, businesses are looking forward to a complete change in their processes to derive better profits and resource’s performance. An all-round custom invoicing software is your one-stop shop to automate your whole billing process and much more. We will come to that in a while.
Here are some key factors if you still aren’t convinced about the importance of business automation to improve the ROI of your IT firm.
- Acc. to the McKinsey report, “Activities consuming more than 20 percent of a CEO’s working time could be automated using current technologies.”
- 60% of occupations could save 30% of their time with automation.
- 50% of companies wait between 10 and 25 days for invoice approval.
- As per researches, the US treasury has estimated that the government alone can cut costs by 50% just by using e-invoicing. That’s an annual savings of $450 million!
- With the implementation of AP automation, total invoices effectively processed an increase of as much as 10 percent in one year, per the reports of 39 percent of AP professionals.
Source of the above information: Mckinsey
Till now it is pretty much evident that customizing your billing process with custom billing software will help you save a fortune, indeed!
Here are a few ways how bespoke software can help you manage your IT firm’s invoicing and much more.
1. Enhanced Project Management
Getting a new opportunity is something that every firm would want. It not only introduces new areas of work but also provides exposure to gain the best experience. Hence IT firms are targeting to get the best projects available to capture the global market.
Managing multiple projects seems like a good idea, but what really needs to be ensured is how well you deliver those projects. A lot rides on your deliverables as they impact your reputation and client satisfaction ratio.
Management of multiple projects at one time and keeping a track of the time invested are some of the most common challenges. If not handled well, then the whole scenario builds up and affects your delivery quality.
If you opt for custom solutions, you can make it work according to your needs. Customized software is known to automate your project management by catering to multiple clients at one go. Bring all your staff and authoritative personnel onboard and define the approval process. Keep a track of the time invested and generate invoices accordingly for simplified management.
2. Keep a tab on time invested on each assignment
Whether you employ an in-house team or outsource your project needs, time management is one of the biggest challenges for every IT firm. Any minor calculation could have a cascading effect on subsequent invoices thereby making it a very important part of every business.
Most of the projects are billed according to the time spent. Time becomes a major measure especially if your sourcing it from the third party. You would obviously want to get paid for every minute your employees have spent and would want to keep a track of their activities.
In order to overcome the above-stated challenges, opt for a customized software which can automate your time tracking process. Maintain timesheets to keep a check on time spent on each project and analyze their productivity throughout the day. Simply generate invoices in one click based on time invested and generate reports which can be easily shared.
3. Expense Management becomes a smooth sail
Custom invoicing software not only helps you to manage your invoicing but even your expenses. Managing your expenses can be deemed as a tedious task as it involves lots of record-keeping, reporting, account management, and much more.
Due to several tasks going on simultaneously, several expenses go unnoticed which later on leads to unbalanced sheets, leading to a cash deficit or poor cash flow. Another impact could be poor management of the client’s accounts which hampers your overall impression.
In order to avoid such predicaments, customized software will automate your expense management procedure so that you never lose out on any expense. You can simply categorize your expenses and clients to get a better idea of your expenditure. Simply analyze the two sections in order to derive substantial insights about finances and forecast them strategically leading to a surplus cash reserve.
4. Handle Payments Easily
Cash is the basic heartbeat for any business type. Being in the IT business, it is important to pay and receive your dues on time in order to keep your cash flow healthy. If not paid on time, this is what may happen, “Businesses in the Americas lose 51.9% of the value of their B2B receivables that are not paid within 90 days of the due date”
When it comes to payments, clearly the stakes are very high. Thus management becomes a very important task. Often times, you have to bill your client regularly for which you have to schedule your invoices for a specific time period. You expect to be paid in time and manage your dues. Apart from this, you need to keep track of your profit and loss statement too.
Switching over to customized software helps you automate your whole payment processes. Custom invoicing software like Invoicera allows you to set your accounts as recurring in order to schedule your invoices so that you never miss out on your payments. Add late payment charges if any, and track your dues. You can also receive payments from over 30+ payment gateways and manage your payment efficiently.
5. Simplified Invoicing
The traditional method of invoicing is prone to a data error, late processing, and delayed payments. According to several reports, creating an invoice manually takes sixes time more than an automatic invoice. From a larger perspective, just imagine generating thousands of invoices simultaneously in a few minutes!
Sending invoices with custom software allow you to send customized invoices in a stipulated time period. You can create a custom workflow for your invoice approval in order to facilitate faster invoicing. Assign duties to your staff and track their time and productivity through project management for better efficiency.
Set your accounts as recurring to automatically send invoices and manage your payments efficiently. Keep a track of your accounts, estimated, expenses, finances, dues, and much more for healthy cash flow. Moreover, custom billing software like Invoicera helps you to host it in your own existing legacy systems providing 60+ integrations.
6. Custom Invoicing saves costs and time
In today’s competitive scenario, inducing efficiency into your business model is the need for the hour. A cost-effective business is an ideal choice in order to extract the best utility from present resources.
Managing your business processes with bespoke software gives you the authority to completely manage your processes. Bringing your staff on a common pedestal helps you save time which would have been wasted otherwise due to multiple authorities.
Apart from the time, drawing our maximum productivity from your resources is only possible when you provide feasible methods to your workers and smoothen their work efficiency.
Business automation is rapidly becoming a norm for firms to derive better profits from their investments which are only possible through the usage of customized software which can be molded as per your needs.
In your pursuit of enhanced efficiency, Invoicera is leading the way as the only custom invoicing software serving 3 million+ users worldwide.
Invoicera helps you manage business processes efficiently by offering excellent features that help you save time, money and efforts. You can simplify even the most complex process through its features and let its brilliant software do the rest for you.
Be it managing global clients or multiple projects simultaneously, Invoicera will bridge the gap to help you manage efficiently. Apart from the above-mentioned features, you can also manage your estimates, staff, credit note, AR & AP and much more.
Switch to the new era of invoicing and grow your business by up to 60% with the best custom invoicing software, Invoicera.
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