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Invoice management for modern businesses

Updated on :  

08 min read.

Invoicing or billing is essential to any business. To get paid on time, invoices must be managed appropriately. The invoice management process boosts the overall productivity of an organisation by managing its invoices and payments effectively.

Meaning of invoice management

Invoice management involves a complete process of handling invoices from the time of their receipt from the vendor till their final settlement. In simple words, one can also refer to invoice management as invoice processing. It means how a business tracks, validates and finally pays its invoices to the vendor. Earlier invoice processing was done manually. But, nowadays, many automated software are available in the market that tracks the invoices and maintains a complete trail until its final settlement.

How does invoice management work?

Invoice management is a very crucial process in the growth of the business. The process of invoice management is as follows:

  • The invoice is received from the vendor.
  • The same is validated either manually or with the help of invoice management software.
  • After approval from the concerned authority, payment is made against the invoice.
  • Entry is passed in the accounts.

Earlier, this process was done manually, but these steps are automated with the introduction of invoice management software.

Benefits of using invoice management software

Invoice management software creates professional-looking invoices in seconds. They also store your customer data for the next billing process. Here are a few of the benefits of using invoice management software:

  • It automates billing procedures which saves time, effort and money.
  • It keeps the client billing and payment information secure. 
  • Data is stored on the cloud, which can be accessed from anywhere.
  • Sends timely reminders for payments which reduce late payments and disputes.
  • It reduces the risk of overpayments or duplicate payments.
  • Provides reliable data for budgeting, reporting and auditing.
  • It eliminates the risk of manual data entry, double handling and excess communication.

Qualities of an ideal Invoice Management Software to choose

An ideal invoice management software has a robust billing system. It should have the following features:

  • It should be technically compatible to allow an easy data flow between the accounting and invoice management software.
  • It should have cloud storage so that data can be accessed anywhere anytime.
  • It should be able to generate various financial reports.
  •  It should handle business operations such as billing information, payment history, prepaid and overdue payments, inventory management etc.
  • It should be a multi-user system with easy printing and sharing options.

Thus, we can say that several factors impact the selection of the right invoice management software. A business should carefully study its requirements before selecting invoice management software.

How ClearOne is the all-in-one invoice management software?

ClearOne is invoice generating software. It creates professional looking invoices in attractive templates. Below are some of the features of using ClearOne invoicing software:

  • It creates GST compliant invoices. 
  • It not only creates invoices, bill estimates, proforma invoices, quotations, e-way bills, credit and debit notes, etc. but also sends payment links and collects them quickly.
  • It helps in payment collection and sends reminders to your customers for payments due.
  • It helps inventory management so that you don’t run out of stock or overstock.
  • It keeps the customer and vendor data safe and secure.
  • One can get the payment status on the ClearOne app in seconds.
  • It stores data on the cloud making its access easy.