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Last Updated : Mar 02, 2020 04:44 PM IST | Source: Moneycontrol.com

How SMBs can manage invoicing and payments efficiently

The importance of invoicing and managing the accounting side is best understood by business owners. They have to maintain their financial records, invoices and stay on the top of the books to manage payments on time and tax obligations to avoid any hassles.

Although large corporates have a robust system in place, invoicing and payments, at times, become a tedious administrative work for small and medium businesses (SMBs) as the business owners have to manage financial documents, payments, etc., from several clients with a limited team. They even have to chase clients from time-to-time for payments so that the cash flow is not impacted and the business continues to run smoothly.

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Moreover, managing bills and currencies, tax certificates, GST invoice and more is also a concern since most of the SMBs do not have an automated system to handle the financial burden. Such SMBs rely on manual work which increases the risk of errors, missed entries, inaccuracy and lot of paperwork.

This is where an online invoicing and payments tool comes in that lifts off the burden from not-so-digitally-aware SMBs.

An online invoicing and payments tool enables a business owner to track their bills, invoices, tax certificates and reconciliation at one place, saving them the trouble of going through wades of files. It also reduces errors, enhances accuracy and saves time.

Also, a customized, professional-looking tool automates recurring billing and invoicing tasks which enhances financial decision-making with real time information and gives an estimate of actual revenue.

Here, Moneycontrol’s Easybiz tool can help a business owner with payments and invoicing. The online solution has features such as Invoicing, Online Collections, Payment Reconciliation, and Payment Reminders that allows business owners to set their invoicing fields, create GST-friendly invoices, collect payments from clients directly into the bank account and even remind them of outstanding by sending notification of clients.

With Moneycontrol Easybiz, you can track and monitor invoices and payments and also follow up with customers in a polite manner.

 

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First Published on Jan 22, 2020 01:04 pm
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