Living in a digital world, managing your invoices and transactions is just another task that has been made easier by going digital. Not everybody has used these benefits but managing invoices using online software could significantly help your business.
Coleman & Co have the correct software available for all clients so invoices can always be completed correctly, with no errors whatsoever.
Send Invoices Immediately
No matter when you complete a transaction, how frequently you do it or who’s involved, an invoice can be sent immediately. Your customer will always want to record what payments they have made to your business. No matter when you complete the transaction, your customer will receive an invoice quickly after any payments they have made.
With the correct software, you can also send invoices from anywhere and schedule invoices to be sent at specific times. The sooner an invoice is sent to your client, the sooner you will get paid. By scheduling invoices for the specific time and date payments are required, you never have to worry about sending the invoice on time.
You should always be tracking customer payments effectively. If payments fail to go through and you have no record of invoices, you could easily lose money without even realising.
Invoice Tracking & Record Keeping
Whether this is for your business reasons to create business forecasts or for legal reasons, you should always record keep. Your business’ financial records should be kept for a minimum of 6 years. If investigations are ever made or payments to the HMRC are required, tracking invoices will be of a huge significance.
By recording all invoices over a large period, you can use this to assess current and future business performance. You can compare and monitor just how much your business is improving or look at why performance has not improved. Using the correct software will help you record invoices with ease and without any paperwork being required. This gives you easy access to invoice data whenever you require it!
With tracking, you can view all payments that have gone through, all payments due to go through and those that are overdue. This way you never lose out on any money within the business and you stay on top of all invoices.
Lower Costs & Time Consumption
This can often be very time consuming for every business. If all payments go through smoothly, there is no issue at all. However, this is not always the case and problems will arise with your invoices over time. Not only could this cost the business money, but sorting your invoices effectively is a time-consuming process.
Although using online and digital software will not completely eradicate the process, it can massively speed it up. Searching for previous invoices is much easier using a system and spotting the payments of every individual client can be found. This allows you to find where payments have been missed and how much customers owe you through invoice tracking.
Not only will you improve your profits by doing this as you ensure services are only completed for the correct payments, but you will also reduce running costs. Completing financial management manually using paperwork provides you with more costs than online software. Software ensures there are fewer errors, fewer costs and less time taken managing your finances.
Tax Purposes & Business Revenue
Cash flow is important for every business and managing invoices ensures you get paid correctly and on time. In addition to this, the payments you will receive will also require taxation. When calculating your tax, it makes it much easier having all previous invoices available on one software.
All taxes throughout the year must be calculated before making payments to the HMRC and it must be entirely accurate. When using an online software, the tax can be calculated instantly. This means when it comes to making tax payments at the end of every tax year, what you have taxed customers is easy to locate within the bespoke software and invoicing systems.
Invoices should always be managed online and using the correct software offers many benefits to every business. If you would like to discuss the services available or require assistance with invoicing, do not hesitate to call. Coleman & Co will respond to any enquiries to advise and support your business in the Lisburn area. Call us today on 028 9266 3599 or fill in our contact form for a quick response.