Every company requires sufficient software that will help facilitate their tasks. However, such a complete software is hard to find. Generally, the software comes with a long list of irrelevant features to every business. There are only a few features that one needs to work through the day-to-day tasks quickly. Customised software, which can be easily modified according to the needs, is always preferred.
The adoption of the billing software has increased. With the help of billing software, billing & invoicing-related tasks can be completed efficiently, and accuracy can be guaranteed. However, efficient billing software should possess some specifications suitable for your company while offering general features that most companies require.
Of the many different features offered by cloud-billing software, here are the must-have billing or invoicing-specific features one must look for.
Cloud Vs. On-Premise Billing Software
Manual billing is now replaced by billing software that automatically creates invoices, estimates, delivery challans, e-invoices, and even e-way bills. The right billing software streamlines the entire bill generation process and makes it precise. Compared to on-premise billing software, and cloud-based applications are gaining popularity due to convenience and ease of use. From multi-device access, and multi-user functionality to multiple-business management, cloud-based billing software is far ahead of the traditional software that is confined to a single system, single user and single business.
Customised billing
All business functions will run smoothly only if all the deals are registered and recorded. But every customer and each transaction is very different. Therefore customised billing can benefit both the vendor and the seller with many details about bills. All business firms must deliver the invoices in a prescribed way. Billing software has to allow the personalisation of invoices so businesses can involve or eliminate information as necessary.
GST-related features
It becomes mandatory that every GST-registered business with a turnover above Rs.40 lakh must produce bills under the regime. GST features such as CGST, IGST, SCGT, etc., will come automatically in the billing software that generates GST bills; businesses can easily generate GST-compliant bills. You may not find this kind of advanced option in free billing software. If you’re a GST-registered business, it is a must to have billing software that operates according to the current GST regulations.
Online Payment
The GST billing software helps create the bills and sends emails to the customers if there is a late payment. This billing software can estimate the amounts due and outstanding receivables in mere seconds. It also accepts online payments, making it very convenient to pay the bills without delays.
Cloud Backup
Regular online data backup should be one of the features offered by billing software. It must ensure that all the data is safe, and there won’t be any risk of losing the information. Some business owners decide to buy offline software and save money, but losing access to financial information is devastating. It is better to obtain cloud-enabled or online software. This will allow you to access the same information from several locations.
Inventory Management
Managing stock efficiently is a very important component of any business. Billing software must surely have an option that reminds you when the stock has reached its reorder level. The software should also allow you to check the stock availability anytime. Additionally, the inventory reporting will help to determine the moving and non-moving products.
SMS and WhatsApp Compatible
Some customers prefer to get the invoices by email or WhatsApp. A must-have feature for billing software is the ability to send invoices electronically (via email or WhatsApp). It helps save time and speed up the order delivery. This software must record all emails and also Whatsapp invoices. It helps in effective customer management and minimises invoices and delivery delays. Using the free billing software, sending direct payment reminders to their customers’ mobile phones is even possible.
Conclusion
Billing software does everything, from automatic billing to combining different applications and service platforms. Invoice automation simplifies the account-payable processes, making it unnecessary to have a permanent employee in charge of the billing and filings.
