Your business is growing. You’ve labored hard to make it this far. Finally the fruits are ready to be harvested. You’ve got a good number of clients, you’ve delivered amazing products, and now money is coming in.
Or is it?
If you’re expanding and having difficulties collecting payment from your clients, perhaps it’s time to consider getting an invoicing system to help you manage your business.
When choosing an invoicing system, it’s important to first identify what you need as well as your budget. This can help you narrow down the features of the many invoicing systems you will come across.
Here are 7 considerations to take note of:
Consideration #1: templates and customization options
This is probably one of the most basic and visible things you will check out first: invoicing template availability.
You can lessen the time it takes to get the invoicing system up and running if the system has predefined templates similar enough to your branding. Customization options that suit your business are everything.
Don’t underestimate the power of cohesive branding that extends throughout your practice, straight through to invoicing. As they say, finish strong!
Consideration #2: system readiness for a global business
Perhaps you’re a small shop right now, but never underestimate your business’s potential to grow outwards from your town, to your country, and the world at large.
Check if the invoicing software can help you pinpoint and manage things like differing tax rates between states and countries. Payment method availability issues, and other rules and regulations related to conducting business in other places cannot be overlooked.
Don’t take for granted the fact that multiple currency features are available from the start. Making sure your chosen invoicing system handles this can save you many headaches when reporting time comes around.
Speaking of reporting…
Consideration #3: data and reporting capabilities
How much information is the invoicing software tracking? More data is always good, but make sure that it won’t bog you down if the data needs to be provided manually.
Sidenote: customer data is a given, but don’t forget that staff activity is also a useful metric. A little recognition can go a long way towards keeping your team happy!
Be sure to look at available reports that the invoicing software can produce for you. It’s important that they can help you with tax reporting at the very least. Good reports should help you manage your cash flow and pinpoint areas of improvement or success so that you can focus on growing your business.
Consideration #4: automation support
Focusing on growing your business means not getting bogged down with administrative tasks needed to run your business. You could hire someone to do this for you, or make sure that the tools you are using can automate these tasks.Invoicing is no exception.
Can the system help you manage recurring payments from your clients? Perhaps it can follow up for you automatically when clients need a gentle nudge based on payment deadlines or invoice open rates.
Consideration #5: data security, uptime, and availability
Everywhere you look, it seems like every business is going remote, or moving to the cloud. But even if you don’t have plans yet, carefully weigh the pros and cons of a cloud-based invoicing system.
Real-time availability of data wherever you are , data backup and security, and access rights for a large team across different business roles will ultimately supercharge your business.
Consideration #6: available integrations
Take a look at the invoicing system’s possible integrations into established systems. This ensures you can easily insert it into your current workflow. This will aid not only data sharing (think about your clients and subscriber lists and project management tools), but also help with automation and freeing up even more of time to strategize rather than administrate.
Plus remember: this is also a good indicator of whether the invoicing system can continue helping as you grow your business and add to your arsenal of handy tools. Teamwork makes the dream work.
Consideration #7: don’t underestimate support
If you’re just starting out with invoicing tools, or especially if you need to migrate systems, a good customer service team from your chosen invoicing system can make all the difference.
If it’s your business’ cash flow and finance woes on the line, you’re going to want answers as fast as possible when problems come up. How responsive are their support personnel? How fast are they able to get back to you?
This is a no-brainer for when you’re getting set up, but still important even after the honeymoon period.
Finally, make sure that new invoicing system works for your goals
There are many invoicing software and systems out there available on the market. It’s important to select the right invoicing partner for your business: one that meets your needs and integrates seamlessly into your business, so that you can rest easy knowing you’re spending on the right things for your business.