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How can I Manage Invoices Efficiently?

Jan 13, 2022 | By Austin Miller | 0 Comments

Topics: Financial Health, Billing/Invoicing

Money makes the world go round, and your business is no different. Whether you're issuing or receiving invoices, you always want the money to arrive on time, but between expenses, contracts, operation fees, and more, keeping track of every dollar can be a massive headache. This is why it’s important to know how to manage your invoices efficiently. 

With invoice management software by BQE, you can leave the tedious busywork to our platform, and keep all your invoices organized and ensure every bill gets paid. 

Invoicing Software Management

Nobody likes owing money or waiting on a late payment, especially not business owners. An easy-to-use yet powerful invoice management tool can keep your firm’s financial activity secure, organized, and productive. 

With features like customizable invoices, automated billing workflows, a payment history dashboard, client database, and more, invoicing software helps business owners add efficiency to their billing and make more confident financial decisions.

What it does

An invoice management tool enables you to manage invoices and payments efficiently by keeping track of all money owed, storing payment records, and letting you quickly organize and sort invoice data. The automation, centralization, and organization that these platforms offer make your finance and HR teams’ lives much simpler. 

In seconds, designated employees can see all your paid bills, unpaid invoices, client history, and financial projections based on your firm’s existing financial data. When all stakeholders have easy access to the same detailed analytics, there's less back and forth, miscommunication, and last-minute struggles to track down information when it’s needed. Invoice software makes it accessible and manageable anytime.

Benefits of Efficient Invoice Management

Automation

Invoice management systems like BQE CORE allow you to automate away busy work and stay on top of payroll and accounting to-dos, so you have the time and energy to focus on running your firm. 

By letting technology automate many aspects of your billing, your company can reduce administrative costs, maximize revenue, and streamline its invoicing and payment process. Easy-to-set automatic workflows make sending and collecting money fast, convenient, and more predictable. 

With a platform that clearly visualizes your financial data, it’s easy to "retrace your steps" and find errors or spot risks. Luckily, this software significantly reduces errors commonly caused by manual data entry, such as recording an incorrect bill amount or issuing an invoice on the wrong date. In billing, precision is a must.

One of the best parts of invoice automation is creating repeatable and reviewable work processes with minimal effort on your part. Invoicing software sets you up with a workflow that supports cash flow and helps you receive consistent on-time payments based on your desired payment model and schedule.

You can effortlessly establish expense policies and approval workflows that your software automatically follows (e.g., batch invoices), cutting down on back-and-forth emails over what's eligible for approval and who’s responsible for approving which expenses. Set up an ongoing policy, and your invoicing platform will keep your billing process working productively.

For recurring bills and payments, you no longer have to waste time creating new invoices, expense reports, and analytics dashboards from scratch every time. Invoice management provides you with better starting points (e.g., custom invoices for hourly, fixed fee, unit cost, and percentage contract types) and repeats workflows for you. You can set alerts and reminders to automatically nudge clients and vendors about upcoming or missed payments, and email them receipts. 

Organization

With digital invoice management, you never lose track of any invoices. Real-time dashboards make it clear what’s paid versus unpaid, with access to supporting files like expense receipts. Access your firm’s payment history in seconds to review old invoices for errors or in case of liability or tax needs. Easy access to these records can save you time and stress when you need to find financial information fast.

Digitally storing invoices also reduces your firm’s need for paper copies and physical storage. Imagine eliminating all of your bulky cabinets and paper piles for a cloud-based system that takes up no physical space. The data extraction facilitated by these solutions makes it easy to generate insightful reports. Their centralization and search options make invoice data retrieval trouble-free. Digital invoicing automatically deletes any redundant files or invoices you’re storing — not the case with Excel spreadsheets and similar programs.

Reputation

As a business owner, you know your reputation is everything. Financial interactions are delicate and should be handled with the utmost professionalism. For example, repeatedly missing a payment to a vendor or reimbursing your employees late will cost you your reputation, which is challenging to fix. By investing in software that generates clean, custom invoices that are easy to understand (and easier to pay!), you make a great impression on every recipient.

Payment is already a sore point for many people, so streamlining this process can improve your client’s attitude and make sure they pay what they owe on time. The positive relationships you foster through an effective accounts payable process may lead to future business, referrals, brand ambassadorship, and other possibilities. 

Not only do you want to promptly receive the money owed to you, but it’s also important that you pay all your debts so you're seen as a viable partner in business. A productive invoice management process is significant in enhancing your firm’s reputation, finances, and organization.

What to look for

An integrated invoice management system will not only improve your invoice processing and make it more efficient for you to send and approve invoices, but it will also support functions like project management, accounting, time tracking, and more. Some of the best invoice software features to try include:

  • Unlimited custom invoicing
  • Business invoice templates
  • Receipt capture
  • Real-time payment reconciliation
  • Record of hours
  • Overtime calculator
  • Expense forecasting
  • ePayment invoices
  • Invoicing for different contract types
  • Percent-complete invoicing
  • Automatic billing
  • Advanced data extraction
  • Mobile support
  • Integrations with other prominent software
  • Holiday and sick leave calculator
  • Government compliance

Invoicing Software by BQE

BQE CORE offers a robust invoicing feature set and so much more, including project management, time and expense tracking, accounting, reporting dashboards, and human resources automation.

With CORE, your business transactions are painless. You’ll create accurate invoices and reports every time and automate away many of your current lower value tasks, like following up on missed payments and manually approving expenses. BQE Software empowers your firm to manage invoices efficiently — saving you money, time, and stress.

BQE offers customer support 24/7 for assistance anytime. The app works on desktop or mobile, so you can keep running and improving your business on the go. To get started improving your invoicing process and much more, try CORE for free today.

FAQs

What is the difference between recurring invoices and automatic invoices? 

Recurring invoices are a simple way to set up the billing process if you are charging your clients the same amount for the same type of work on a regular basis. Automatic invoices automate the billing process by letting you schedule your billing at specific intervals for the calculated amount depending on logged time and expenses. 

Can I reuse the invoice number of void invoices? 

No. When an invoice is voided, it releases the time and expenses attached to the invoice, but holds onto the invoice number for your records. 



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