Integrated billing software can help you reach new customers

Proper accounting systems are crucial to small and medium businesses. And a key stage of your business cycle is billing your clients. An invoice might seem like a simple document, but Stephen Coldwell, director of Acute Solutions, says the right billing software is about much more than simply invoicing.

The right system 

Small businesses tend to buy billing software that meets today's needs, but Stephen suggests they should consider the bigger picture.

"At a point when they are managing more clients and marshalling more resources in their business they may suddenly need to investigate, implement and learn a new system," he says.

"That is time consuming, resource intensive and can be a cause of great disruption, so it's important to choose a billing software package that will grow with your business." 

Tasks of your invoice software 

• Creates invoices and receipts for customers
• Flags overdue accounts and sends reminders to customers
• Maintains accurate customer records, such as sales history and payment terms
• Provides reporting functions such as overdue accounts and cash flow projections
• Allows for different payment types, e.g. credit cards, fixed rate, recurring discount
• Itemises expenses to individual clients
• Communicates with inventory system to give salespeople up-to-the minute information on stock availability 

Demand integration

"If you've got a billing system that is integrated with your sales and inventory systems it can also be integrated with your general ledger and financial reporting," says Stephen.

"That means whenever management is looking for information on which to base decisions, that billing information can be accessed through the financial management system."

Billing and inventory 

Stephen gives the example of what could happen in a company that doesn't have its billing software linked to its inventory system.

"It means the business will potentially sell products it hasn't got, sell them at the wrong price, or stock products it doesn't need and can't sell, which is a common error in small businesses."

Further, Stephen says if you use inventory management or sales software, the integration between those components and your invoice software ensures accuracy, information flow and productivity.

What size businesses can use it? 

Businesses with one to several hundred users can benefit from using billing software, says Stephen. And with scalable solutions, the software can grow with your business.

"The idea is that you never have to change your accounting system," he says. "One of the biggest costs and disruptions to businesses is when they have to change their billing system."

Billing for growth

Integrated billing software boosts the productivity of users and provides more accurate and timely information for staff, from the boardroom to the warehouse. So call a specialist today to find out how your business can benefit from better billing software.