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After choosing the best automated invoicing software, businesses sometimes wonder how to integrate it. Fortunately, it usually only takes a few steps to get an invoicing program up and running.
- Customer data migration – The first step after choosing a billing system is to migrate all customer data to it. Great integration is a crucial feature to facilitate this process.
- Payment Portal Setup – Creating an online payment gateway is another important step. It allows customers to pay for products or services, access their invoices and review their transactions.
- Invoice customization – Business owners should make their business look as legitimate as possible by customizing their invoices. Adding your company name, logo, and detailed information helps customers know exactly who is charging you.
- Regular Review – Although automated billing software needs little human interaction, owners should try to review it regularly and make sure it is working properly. They do this by selecting a few random transactions every month to see if they are being processed accurately.
Some other tips for a smooth transition to an automated invoicing system include notifying customers, explaining the software change and why their invoices may look different, exploring new online payment methods, and adjusting payment terms for greater convenience.
What Automated Billing Software Should Do
Automated invoicing software generates and sends invoices, processes payments, and even handles approvals and provisioning. It is a great asset that streamlines a company's billing processes and increases its overall efficiency.
This automation is particularly useful for companies with large customer bases, a wide variety of services or products, or those that use subscription- or retention-based billing models.
These types of software have some essential features, including:
- Accessible customer data
- Estimate revenue
- Ease of collecting payments
- Customizable Templates
- Payment reminders
- Customer tracking
How to Choose the Best Automated Billing Software for a Business
Choosing the best invoicing automation software for a business depends on many factors, including business requirements, available budget, customization options, and security level. By adopting these automation tools, business owners help make their companies much more “future-proof.” Here’s how these factors should impact your business owner’s choice:
Defining the Requirements
The type of business and the type of invoicing a company requires are the first things to consider when choosing automated invoicing software. They may need subscription management, multilingual support, or a program that works with several different currencies. The right software for any company should fit your business needs.
Specifying a budget
Good automated invoicing software is sometimes expensive, but it's definitely a worthwhile investment. However, there's probably no need to purchase the most luxurious program if only a few of its features are the main selling points. Business owners should set a budget for this type of software and find one that fits their overall needs and finances.
Evaluating Integrations
The best automated invoicing software should integrate seamlessly with other applications while still getting value from these older systems. Business owners typically rely on accounting systems, customer management programs, and business planning software. With billing software that integrates with all of these other programs, they have the ability to centralize and streamline their business operations in one place.
Checking customization options
Businesses are constantly evolving and new ideas keep them moving forward. The right automated billing software should keep up with a business's development, allowing the owner to customize their invoices, add new subscription models, and incorporate new payment methods.
Prioritizing security
Automated billing systems store sensitive customer and financial transaction information, so security should always be a priority. When choosing the right software, business owners should look for those that meet standard security protocols.
Considering global standards
In the case of a global business, or one in the process of expanding, automated invoicing software must accommodate new features for foreign customers. Some of these may include managing multiple currencies, supporting several different languages, and even adjusting prices according to taxes in different countries.
Types of Automated Billing Software
Different types of businesses require different types of automated invoicing software. How a business owner chooses the right software directly depends on the type of billing he uses in his business model. Some examples include:
- Order/delivery-based billing: used by companies that sell products and must create invoices for deliveries.
- Subscription billing: A method of automatically billing on a fixed schedule (monthly, quarterly, or otherwise) for a company's specific product or service.
- Progressive billing: Billing method that involves regular payments based on the completion of milestones. Generally associated with large-scale, long-term projects.
- Collective invoicing: Method that combines different orders or deliveries into a single invoice document, all with the same date.
- Metered billing: associated with products or services that have usage limits. This billing method automatically charges customers based on their product consumption levels.
Automate your entire invoicing workflow with BairesDev
Invoicing and invoicing are sometimes tiresome tasks, especially for growing businesses. Automated billing systems take care of these tasks, making the business owner's job easier, allowing them to focus on other tasks and increasing business efficiency.
