February 22 2023
Optimise Your Business Cashflow with Digital Invoicing
Every business with customers, whether that’s a plumber, florist, caterer, sports club all have one thing in common and that is your business depends on its cash flow. If you’re not getting paid for the services you provide, then your business won’t be able to survive. With digital invoicing, you can optimise your cashflow and ensure that you’re always getting paid on time. Let’s take a closer look at what digital invoicing is and how it can help your business.
What is Digital Invoicing?
Digital invoicing is a process of creating, sending, and tracking invoices online using digital software or invoicing apps. It has become the go-to method for businesses large and small as it streamlines the process of creating and tracking invoices without needing to manually enter data into an accounting system or use paper-based systems. Some popular tools for digital invoicing include Quickbooks Online, Xero, FreshBooks, and bzTrack.
Benefits of Digital Invoicing
Digital invoicing offers many benefits over traditional paper-based systems such as faster payments, fewer mistakes, better organization of accounts receivable records, and improved cash flow management. Digital invoices are also more secure than paper-based ones as they are stored electronically in the cloud rather than in physical files which could get lost or damaged easily. Additionally, digital invoices can be integrated with other accounting software so that all financial data is organized in one place.
How to Get Started with Digital Invoicing
The first step to get started with digital invoicing is to choose a tool that best suits your needs. Once you have selected one that fits your budget and meets your requirements then you will need to set up an account with them so that you can start creating digital invoices for your customers. After setting up an account it’s important to configure settings such as payment terms and default tax rates so that all of your transactions are compliant with local laws and regulations.
bzTrack could be just the tool for you if you’re new to digital invoicing as it’s been built with businesses in mind, not bookkeepers. Plus, it works alongside Xero (with Quickbooks, MYOB and more coming soon). It’s easy to use, meaning you can invoice on the go from your phone for a customer to pay on the spot – plus, if you use Xero, the invoice will appear in there for you to deal with later or be accessible for your bookkeeper or accounts person to reconcile.
Digital invoicing is essential for anyone who wants to optimise their business cashflow while ensuring accuracy in their billing processes. By utilising digital invoice technology, businesses with end users can ensure timely payments from customers while improving their organisational capabilities by having all financial data stored in one place securely in the cloud. If you haven’t already done so then now is a great time to start taking advantage of this invaluable tool! Head to www.bztrack.com and sign up today! Best of all it’s free!
