Generating invoices for items sold, tracking the dues to be collected or to be paid, followed by payments or collection of dues are crucial to help run healthy business and earn higher revenues.
Every manufacturer, wholesaler, retailer in every industry, be it automobile or pharmaceuticals or textile or any large- or small-scale product or service industry requires to generate invoices while dealing with their clients or customers.
Be it a B2B or B2C transaction, businesses today realize the need of easy invoice generation, tracking of receivables and payables, paying or collecting dues and following that, automated reconciliation and settlements is a major requirement for running a hassle free business and for ensuring a steady growth in this competitive world.
A manual account maintenance has the risk of errors, delays and ineffective communication ending up in irreparable loss in business.
A safe digital platform can ensure error free accounting by recording every piece of accounting data correctly, tracking the dues and collecting and paying them on time.
However, an integrated ERP/ business tools with automated reminders, reconciliation, and settlement facilities in Hylobiz distributed ledger platform can give easy generating, tracking, and managing invoices and their payments to experience automated and support seamless communication.
What is an invoice?
To be precise, invoice is a record of goods or services made by the businesses that lists date, customer’s name, item’s name, quantity, price, and terms of sale. A typical invoice includes discounts offered, taxes, the amount due and due date.
Why is it important to generate an invoice?
An entrepreneur or a business of any scale requires to generate an invoice to
- list the goods sold, services provided, or projects done,
- to track and analyse data to learn the revenues earned by a business,
- to plan their actions and assist long term planning and decisions,
- to build lasting relations with customers or client through effective communication
- to analyse and to forecast the business health and set budget
- to get legal protection
- to track and pay taxes
- to help customers and businesses to track amount paid and balance due
Invoice payment lifecycle
- Invoices for items purchased on purchase order are raised by businesses
- Accounts payable on the side of customer or client and accounts receivable on the side of business or supplier
- Communicate with customers
- Payment initiated and payment request to be authorized
- Payment done on cash mode or digitally
- Acknowledge the payment
- Track payments and collections and the remaining balance
- Process continues until fully paid
Keeping track of every accounting detail, invoice generation, payment, collection, dues and communicating with suppliers and customers is a tedious process and need to be automated to avoid manual errors and risk of loss in business.
Did you know Invoice payment lifecycle can get automated with Hylobiz and can boost your business?
Understanding the needs of businesses, the intelligent Hylobiz platform with a network of ledgers support MSMEs, freelancers and corporates, with a one stop automated solution for their accounting and functional needs.
The Neobanking platform gives single window access for a wide range of services and support to initiate and make error free and hassle free transactions, tracking, collecting payments, create better business relationships, and earn more revenue by avoiding bad debts.
This automated system can help track the receivables, payables, generate invoices, manage inventories, maintain financial records, communicate to customers, pay digitally, collect digital payments, track payments, and reach more customers with a professional touch. Your working capital efficiency and long-term planning gets improved and help you earn more revenues.
The invoice payment lifecycle gets automated in Hylobiz platform by-
- Link hylobiz with your accounting platform for an uninterrupted and automated experience. The integrated user-friendly platform can help you remain connected and track every piece of data efficiently
- You can easily Create or Upload invoices and can link with customers by sending the invoices to them instantly by any communication channel like WhatsApp, SMS, or Email.
This will help to effectively communicate with customers, get paid faster and easily, and build loyal customer base
- You can add items in your invoice and remain transparent by allowing the customers know what they are paying for.
- The accurate dashboard and automated reminders in the Fintech platform can help you track receivables, payables, understand the business health, help retrieve and pay the dues on time and thus maintain working capital efficiently
- The automated reminders help to pay and retrieve payment collections faster and easily
- Your customers can pay you using online payment methods like Credit / Debit Card, Net Banking and UPI.
The easy, safe, and faster payment collections help grow better business relations.
- You can track and manage your business payment and transactions supported by automated reconciliations, and settlements. Once the payments get tracked your business sees a steady flow of funds.
- Customized checkout User Interface with your logo can help you deal with customers more professionally
- Choose freely whether to handle the transactional charges yourself or pass them on to the customers. You may easily customise the transactional charges.
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