It's time to take a great leap forward rather than sit back and move at a snail pace. The age old saying 'slow and steady wins the race' has been rephrased to 'slow and steady NEVER wins the race'. The recent past has seen drastic technological advancements in every walk of like, well almost every. And anyone who decided to defy this development has fallen in an endless pit, be it businesses (of any size), individuals or anyone for that matter.
There have been only two methods to doing business. One, the traditional method, where the business is done the way since it was incorporated and second, where the emphasis is on business process re-engineering and use of state-of-the art technology. The former often gets caught oblivious by the pressure mounted by developed firms and then gradually fades away.
Though most of us today are prepared to embrace almost every technological development in any sphere of business, the response to online or e-billing softwares has been somewhat subdued. The companies are still circumspect about letting the machine handle their accounting procedures, one wonders why? Perhaps rigidity in the mindset is a problem. Businesses of all nature and size encounter billing related conflicts especially when it comes to accounts or cash procedures. The foremost objective of e-billing software is to erode it from the root. It streamlines internal procedures and processes and allows you to concentrate on developmental services rather than book-keeping and reconciliation of transactions.
Good online billing software is developed keeping the potential and end users in focus, resulting in user friendly interface and ease of use. Thus, knowledge of accounting or invoicing or computing is not a pre-requisite in availing the services of well structured online billing softwares. The best of e billing softwares can be integrated to the way business is done and its nature.
Moreover, the biggest advantage of electronic billing/invoicing over traditional methods is that it enables 24/7 access to billing records. No matter in which part of the world, both the biller and the payer can access their billing records and manage their payments. The historic record of payments can be viewed from the generated database and track of outstanding payments can be kept and mailed to clients instantly. This is something which is impossible to do with the conventional documentation which involves postage of invoices.
Since, online billing system runs on third party payment gateway integration, it alleviates all the potential threats. A secure payment gateway provides an encrypted connection between a web site's server host and a non-internet based Processor, allowing for an authorization to be requested and received.
Firms can send invoices/bills to their clients in multiple formats like PDF, HTML, CSV, XML, etc, thereby eradicating compatibility issues.