One of the most beneficial things small businesses can do to increase their bottom line is to consider invoicing SaaS. Administrative tasks, such as accounting, take up a large portion of a business owner’s time. However, you’ve already probably experienced the hassle that comes with getting an invoice out late or having to chase down a delinquent payment. Make at least the invoicing side of your business more streamlined.
Common Invoicing Problems
It might not seem like invoicing SaaS could actually transform your small business, but take a look at some of the common invoicing problems that you face regularly:
- Getting invoices out late – leads to later payments
- Creating erroneous invoices – errors in invoices just delay payments and may make clients think you’re unprofessional
- Not including specific details – clients may question why they’re being charged, leading to late payments
- Losing track of which invoices have been paid – leads to some invoices not being paid at all
- Not following up on late invoices – the longer it takes to follow up, the less likely you are to get paid
- Having no system to manage invoices – papers get lost, billing schedules are always off, and some invoices never get sent
Consider how each of these issues affects your small business. Odds are, you don’t have the capital on hand to cover delayed or missing payments. Spending time manually invoicing and tracking down outstanding payments means less time gaining new clients or working on current projects. The end results are numerous headaches, wasted time, and lost profits.
Transforming With Invoicing SaaS
Now it’s time to turn things around. Most larger businesses have an accounting department to handle invoicing, but even they use professional accounting and invoicing tools to help manage the large number of invoices coming in and out. Small businesses don’t have the budget for an accounting department or an IT department to handle manage in-house software and hardware.
The solution is a cloud-based invoicing system. Even if your business only has one computer and a mobile device, you’re able to benefit from SaaS invoicing tools. A few of the ways that invoicing SaaS helps to transform your small business include:
- Create and send invoices in minutes
- Keep track of all invoices in a single dashboard
- Create and manage recurring invoices
- Schedule invoices with a few clicks
- Track expenses
- Track project time
- Create detailed estimates quickly
- Offer easy payment options for clients
Instead of managing everything manually, invoicing SaaS tools do the heavy lifting. After a little initial setup, such as customizing your templates, most tasks only take a few minutes. This makes it easy to fit invoicing into your busy daily schedule. Instead of dreading it, you’ll actually enjoy it and enjoy getting paid faster.
It’s cheaper than outsourcing and saves you time. With all the extra time you save, you’ll have more opportunities to market to new clients, create new products and services, and focus on growing your business.
Invoicing SaaS Tools
Some SaaS tools are designed specifically for invoicing and accounting. They provide the tools your small business needs to create and manage invoices, automatically send reminders for late invoices, offer billing and payment options to clients, view expenses and profits, and create detailed reports. While features vary based on the tool, they’re all cloud-based, which allows you to manage your invoicing from anywhere.
Some examples of invoicing SaaS tools include:
- FreshBooks – Starts at $15 per month, create and manage custom invoices, create reports, easily organize data, view statuses of all invoices
- FreeAgent – Costs $24 per month for unlimited clients, automated invoice reminders, easily scan in receipts for expense tracking, view business overviews and per project data, connect directly to your business bank accounting – learn more from our FreeAgent app overview
- Zoho Invoice – Free option and then starts at $7 for up to 50 clients, track time for hourly invoicing, create custom invoices quickly, automated invoice reminders – if you’re looking for a Zoho app that does a little bit more than invoicing, check out our Zoho Books app overview
- PaidYET – Pay per invoice or create a merchant account, create custom payment links, create custom invoices, set invoice reminders, manage all billing from one dashboard – for more information, take a look at our PaidYET app overview
- ZipBooks – Free cloud account software, quickly create invoices, view and manage your accounts, manage payment methods (some options require a per transaction fee)
As you can see, SaaS invoicing tools are an affordable way to manage the accounting side of your business and get paid easier.
Invoicing With Business Management
Some business management SaaS tools include invoicing as one of their many features. If you plan on using SaaS tools for other areas of your business, it may be simpler and more budget friendly to go with this approach.
Some popular business management SaaS options include:
- vCita – Keep track of clients, bill and invoice, create client portals for better client engagement, handle marketing campaigns – for more information, check out our vCita app overview
- TimeCamp – Track all billable hours, sent invoices, manage time more effectively, organize projects
- Vorex – Manage projects, organize and manage client data, automate invoicing, track time, provide a help desk, view detailed reports
- 17hats – Manage everything from one dashboard, automate processes, send invoices and contracts, integrate with other services, manage and gain more clients
While these solutions typically cost more than invoicing SaaS tools alone, they combine multiple types of software into one easy to manage business tool. As your small business grows, you’ll discover you need all the help you can get in reducing administrative tasks, managing marketing, and better organizing client data.
Even if you’re not ready for a business management solution, invoicing SaaS is enough to noticeably transform your business.