Online invoicing software is a web-based tool that business persons and organisations can use to generate invoices. It is a process that is widely promoted and being adopted by businesses over invoice templates. Online invoicing software automates the process of invoice generation, and the same can be done from any place at any time using a computer device.
Features of online invoicing software
Online invoicing software is different from an invoice template. An invoice template is an offline invoice layout that is pre-defined and upgraded over physical invoices. However, online invoicing software consists of features that have a wider scope and tailoring to the requirements of the customers and the organisation. Following are the features of online invoicing software:
- Online medium – Online invoicing software creates invoices that can be accessed from anywhere at any time. Hence, there is a requirement for having a computer system and an internet connection.
- Data storage – Data can be stored on a real-time basis on servers and clouds. Hence these invoices can also be accessed remotely on any device.
- Customer records – Online invoicing software helps create a master of customer accounts for easy access and summarisation of records.
- Invoice templates – Many predefined templates are available on the software, including templates that can be customised. This helps businesses ensure that they can cater to the requirements of all types of customers.
- Payment features – Online invoicing software will support all online and offline payments mediums. They also facilitate setting multiple currency formats, which are beneficial for global customers.
- GST e-invoicing – The Central Board for Direct Taxes and Customs (CBIC) has made e-invoicing compulsory for entities whose turnover exceeds Rs 50 crore. The online invoicing software is built by e-invoicing norms.
Benefits of online invoicing software
- Efficient invoicing process – Using online invoicing software can help create invoices faster and accurately. This removes the chance of human errors. Online invoicing software also helps maintain a record of invoices created.
- Improves payment process – It facilitates faster payments since all modes of payment can be made available to the customers. Nowadays, online invoices come with payment links or barcodes, which make the payment process easy.
- Customisable – The online invoicing software comes with templates that are readily available for use.
- Remote access – The availability of invoices on the cloud ensures that they can be accessed on the go. The invoices can also be generated remotely. One must download the application on a compatible device such as a desktop computer, laptop, smartphone, etc., and they may access the data from anywhere.
- Powerful tool – the software not only helps with creating invoices. It also helps create estimations, purchase orders, credit memos, quotations, reports, etc. This is a huge benefit over the invoice templates since online invoicing has a much wider scope.
- Data safety – since data is stored and backed up on online clouds, one need not worry about data loss due to internal system breakdowns or damage to physical copies.
- Integration with other systems – the data can be easily integrated and linked with other business systems such as banking, inventories, receivables management, etc. Its availability online makes this integration process simpler since the data can be easily downloaded in bulk in the desirable formats, rather than entering the invoices individually.
ClearOne Invoicing Software
ClearOne is an invoicing and billing software that allows one to create, style, and share – all in less than a minute. It is an online invoicing software launched by ClearTax to benefit small and medium enterprises. It helps boost the business by digitising and streamlining the billing and invoicing process and providing additional features and insights. Users can customise invoices as per their requirements while also complying with regulations.
Why is ClearOne software useful?
- Easily collaborate with your customers and CA.
- Shareable business cards templates for creating more visibility of your business.
- Get invoices classified and arranged by the customer.
- One-click sharing to customers in WhatsApp, email and other digital channels.
- QR code and payment details on invoices for customers to pay easily.
- Download and share lists of invoices anytime for filing to CA.
Deploying online invoicing software will positively impact all types of businesses. As a business grows larger, continuing use of invoice templates may prove ineffective. Automating the invoicing process can save cost and time, which ensures efficiency in the process.