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How to Manage Accounts Receivable remotely with an online invoicingtool

Author: 
Elie Toubiana
 | 
Date: 
September 26, 2022

We'll look at many components of the invoicing process and how online invoicing tools outperform Excel.

Collaboration

Most information is exchanged in a traditional office setting during face-to-face conversations. You must ensure that your team members can still collaborate and keep the show running. Because online invoicing tools are designed for amulti-user environment, they enable your team members to communicate in a space relevant to their work.

Organization

If your organization uses Excel for invoicing, each invoice must be prepared in its file for recordkeeping and delivery to the customer. Because online invoicing technologies are cloud-based, all transactions are saved on secure servers, and team members with permission to access them can search and view them instantly.

Keeping track of invoice numbers

By centralizing the invoice numbering system, online invoicing technologies eliminate the problem of duplicate invoice numbers. First, you must decide how you want your invoices to be numbered. The tool then ensures that all invoice numbers are unique and continuous, even if numerous users create invoices simultaneously.

Errors in transactions

No matter how good it is for calculations, Excel cannot maintain track of your customers or items. Using online invoicing systems, you can save your client and item details separately from the particular invoice. This implies that you only need to select the appropriate customer and products from a list while making invoices.

Tracing errors

If you discover an error in one of your previously sent invoices, it may have already caused a ripple effect, resulting in errors in other invoices. Online invoicing applications save a time-stamped history of each transaction you create in a centralized location. When looking for an error, you have a lot more options.

Approval process

In companies that use Excel for invoicing, approvals are typically handled via email, which can take a long time, even under normal circumstances. You can define your approval hierarchy and have all of your invoices automatically sent to the next approver using an online invoicing application.

Project invoicing

Excel invoicing becomes more difficult if you charge customers based on your time on their projects. The majority of online invoicing solutions include extensive time-tracking capabilities. Time logged in your invoicing system can then be converted to an invoice using a more straightforward process that does not require manual calculations. Overall, your online invoicing tool can serve as a central hub for project information and ensure that project invoicing runs smoothly.

Invoicing on the go

Keeping all of your invoicing data in Excel necessitates using a laptop or PC to access even the most basic information. The majority of online invoicing tools include a mobile version. Though they don't have all of the features of the desktop version, they allow your team members to perform many basic operations on the go, such as sharing a payment link, recording payment for an invoice, or accessing last month's sales report.

Conclusion

Invoice Builder is a splendid tool for generating invoices online. If you want your invoicing team to be productive while working remotely, having an online invoicing solution in place is one of the best things you can do. This consolidates all your invoicing data into a single application, eliminating the need for hundreds of separate files. It also keeps everyone informed without the use of distracting and back-and-forth email threads.

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