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Find Out How to Make Perfect Invoices with Custom Invoice Approval Software

Invoicing is not a casual process. It requires spot-on accuracy, speed and an overall sense of business. Every business creates invoices. Therefore, every business needs to look into doing it right.
With an online invoice approval process, you can set up a layered approval system where one or more members of your choice can be designated as approvers. This can be done by using a custom invoice software. So, whenever you create a new invoice using invoice approval software free of errors, your approvers can instantly approve the invoice. In case of erroneous elements such as an incorrect address, name, billables, discounts etc. the approvers can reject it. As soon as you create a new invoice, the custom invoice software sends it to the designated approvers.

Besides accepting and rejecting invoices, you can set up your own scheme of actions such as triggering escalation and requesting more information for approvers to react to. Users can also create their own approval process for invoices from different departments by creating different sets of approvers.

Here are some simple steps for creating perfect invoices using a custom invoice approval software:

Also Read: Why Enterprises Should Use Custom Billing Software?

1. Use a Business Letterhead-style Format
Invoices require you to include the name and contact information of your business right on the top. Your free invoicing software will have a separate header section for the same. Use it to add relevant information about your business such as the name, email address, address, phone number and logo.

2. Include Client’s Details in the Invoice
It is common to make an error while adding your client’s details to the invoice. So, make sure you get your client’s contact information, registered name etc. right. Once you cross-check the details, add them to the invoice, preferably just below the header. You may include the same information such as the business name, address and email address as you did for yourself in the header.

3. Make Note of Invoicing Information
When you purchase invoice approval software, you are provided with many options to generate invoices. Say for templates, or within the template section, you can add or remove blocks, sections and more to create unique-looking invoices.

Custom invoice software uses a numbering system to uniquely identify an invoice and every invoice generated using the software contains a unique invoice number. With a custom invoice software, you can choose a number system you are most comfortable with and use it for your invoicing needs. Another important invoicing information is the date. Again, you can choose the dating system that you like the best using the software.

4. Mention Policy or Contractual Terms
You might have agreed upon certain payment terms with your client, which means that every invoice you send out to this client should include it. This includes the billing cycle, late fees, and payment methods. Usually, most businesses and consultants choose a 30-day billing cycle. So, whatever date the invoice is issued on, you can set up a payment date 30 days later. It is important you mention the due date clearly. Also, mention the late charge fees and the dynamic increase percentage around it, if any. You can also add payment channels below this information.

Run a copy of the sample invoice with your new clients and get their approval for the contractual payment terms. This can avoid unwanted surprises when you send them the actual invoice.

Also Read: 5 Common Questions About Online Invoice Software Answered

5. Add a List of Services/Products
You can also add a list of your products and services, and include details such as date, hours, quantity, and rate in the invoices. In addition, you can create a subtotal in the invoices.

6. Add Taxes, Discounts and any additional Notes

Below the subtotal, you may include applicable taxes or discounts. And, in case any item or anything in the invoice needs further explanation, you can add it too.

Custom invoice approval software can not only help in streamlining invoice generation process for your business, but also ensure accuracy and efficient execution of the process. The option to customise invoices as per your business’s needs allows you to create error-free invoices that reflect your brand.

5 Reasons why Online Invoice Software is a must-have for Startups

Money matters! Although it is important at all stages of a business’s growth, it is a tad bit more critical in the budding stages of a new venture. Most startups operate within a very tight budget and rely heavily on client payments to meet daily business expenses. This makes an accurate and efficient invoicing system crucial to an establishment’s growth. Not only does it save time, but ensures regular inflow of cash and proper cash management. Do you think it’s easier said than done? Well, it is as easy as said if done using the right tool—online invoicing software.

In a startup, it is but normal for most employees to wear multiple hats and pitch in wherever they can support. Now, in a scenario where human resources are essential for most operations, why should you invest another resource or two for something that can be done faster using invoicing software for small business or free online invoice software. Still not convinced? Here are more reasons for you to switch to invoice software now:

1: Quick, easy and hassle-free

Online invoice software is the one-stop solution for all your invoicing needs such as creating invoices, sending invoices to clients, documenting cash flow and payment tracking. Outsourcing the task to technology ensures the process is fast efficient and error-free. Plus, you need not bother with paper documentation or creating software backups such as PDF files of invoices for future reference. The best invoice generator will help you manage invoices of both employees and clients with a few clicks using a simple cross-platform application.

Also Read: Best Online Invoicing Software for Entrepreneurs

2: Easy to save data; easier to access it

The cloud-based online invoicing software allows you to save a huge amount of data for life. There is no need to store your business’s invoicing-related data on many devices or as numerous PDF files. All the facts and figures entered into your web-based invoicing software are automatically saved in the cloud and can be accessed at any time from anywhere as long as you are connected to the internet. What more? Some of the best invoice software offer cross-platform connectivity that allows you to virtually access the entire financial history and generate invoices even on your phone.

3: Ensures automated and accurate accountancy

Tracking and attending to pending credit and due payments is a herculean task. If gone wrong, it can do irreparable damage to your business’s cash-flow system. Invoice generator software ensures that no payment, be it to the client or from the client, goes unaccounted for. Online invoicing software not only creates automatic payment reminders for both you and your customers but is also integrated with many popular payment gateways to ensure a smooth payment process. For regular clients, you can set up recurring payment accounts and notify them of invoices in time, making the process easier for both parties.

4: Makes the world your oyster

Do not be held back by your geography or the currency you transact in. If the hassle of currency exchange is stopping you from spreading your wings into other geographies, then invoice software free could help you soar high. Most online invoicing options are well-integrated to a wide range of payment gateways making it easy to receive payments from anywhere in the world. The multi-language feature offered by some online invoicing software lets businesses create invoices in other languages, helping you communicate in your client’s language.

5: Pocket-friendly option

Expense sheets, budget cuts, hours of paperwork and dedicated staff—setting up and executing a physical invoice management system is an expensive task. Besides the cost involved in managing invoices manually, think about the amount of time wasted in doing so—the time and resources that can be invested elsewhere. Switching to free online invoicing software will not just save money but will also ensure you have an efficient invoice management system for your business.

Also Read: 5 Common Questions About Online Invoice Software Answered

Conclusion:

Online invoicing software is more than a mere invoice management tool. It can help you take off the burden of creating and maintaining invoice records while making sure that payments stuck in the pipeline do not go unnoticed. And then all the other benefits mentioned above. Embracing technology is no more a leap of faith but a well-thought move. The sooner you join the smart-technology bandwagon the faster you can grow.

Tips to Make Business Expense Reimbursement Easy for Remote Employees

Business expense management is tricky in itself. When clubbed with the added nuances of remote work, it becomes a different ball game altogether. Everything from business expense tracking to adhering to business expense reimbursement policy is crucial in making business expense reimbursement a smooth process for remote employees.

Unlike employees who are physically present in offices, you cannot give out business cards to remote employees. However, there are ways to make employee reimbursements easy and quick for remote staff:

Use Business Expense Tracking Software
Even if your business expenses are not exactly unpredictable, they still need constant supervision. Business expense tracking is an important step towards efficient business management. A business expense tracking software supervises your business’ expenses very effectively. Moreover, this software can auto-scan receipts uploaded by your employees and auto-approve them based on the guidelines set by you. This feature comes in handy especially for remote workers as it enables them to bypass any unnecessary communication and directly upload their business expenses via a mobile application.

Managers can also set up an automatic reimbursement policy through business expense tracking software. This straight away reimburses all approved expenses, making reimbursing expenses as easy as it can get.

Also Read: How to Find the Right Expense Tracking Software for Your Business

Create a Remote Employee Reimbursement Policy
Business expenses vary from employee to employee and department to department. They change drastically in the case of remote employees. The requirements of a remote employee are very different from the regular office staff.

Keeping the differences in mind, it is important to create a remote employee reimbursement policy that takes into consideration the nuances of remote work. For example, you might want to reimburse your remote employees for internet connectivity or a desk setup. These things would never arise in the case of your regular office staff.

Further, rolling-out a policy tells your staff what expenses are covered under business expenses for remote workers and avoids unnecessary confusion.

Sync Bank Accounts for Reimbursement
Depending on your company’s expense reimbursement policy, you might be using a business card for your office staff. This, however, is practically impossible to execute with all remote employees. But, there is a way to ensure sync between your business expense account and employees’ bank accounts.

You can ask your employees to set aside a bank account or a credit card, one that belongs to them, specifically for business expenses. You can then set up a channel of synchronisation between this bank account and your expense account. In the case of a credit card set aside by your employees, it is extremely easy to map out the expenses and reimburse them at every billing cycle.

And for a bank account, the mapping can be done through the business expense tracking software.

Also Read: Reasons Why You Need Software to Manage Your Business Expenses

Recognise the Pattern of Expenditure
Certain types of expenses always land up for reimbursement every month. For a field remote employee, every month you can expect many tickets and travel expenses coming your way. Similarly, for a remote employee managing client relations, coffees and dinners will be on the list.

When drawing out your expense reimbursement policy, it is important to take a close look at the type of expenses that are coming your way and recognise the pattern of expenses. This will help you save money in the long run. Wondering how? Here’s the answer. If you are incurring expenses on coffee every month then you can set up a deal with your preferred coffee shop. Similarly, if travel expenses are recurring you can tie-up with an agent. Instead of reimbursing expenses, you can start direct channels of payment for recurring business expenses.

These actionable tips will not only instantly ease out the reimbursement process for your business, but will also help you save time, effort and money in the long run.