There is hardly any task before the world, which cannot be done through software. The world is going through shutdown, but the IT field is still unaffected. The use of Computers cannot be avoided under any circumstances. This would make sure that the IT industry would continue to shine in the future.
There are several software’s available to perform a variety of tasks. In this hub, I would describe guidelines that you should follow before selecting any invoice or billing software. However, the process is not as easy as it seems, and there are several software’s available that have their own set of features, capacity and costs. If you can complete the task properly; you would achieve the best invoice software that would suit your business or organizational needs.
Factors to Consider before purchasing Invoice Software
It is good to research important points before purchasing any products. The same rule follows for any product across the globe.
- Cost – The primary motive of any business organization is to earn profits. Initially, before buying the invoice software check the cost of the product. There are some products, which would be free, and there would be many, which would be available for thousands of dollars by top giants of IT field. Some of the products would offer you monthly service or annual service depending on its cost. If you think, the cost of the product is high, then you can select alternate product. Additionally, there are discounts offered by some companies, which can reap you huge benefits.
- Payment tracking – money is crucial for all businesses. The invoice software should have feature for user to keep track the customer payment and records. This will helps the user knows the financial status for the company.
- Inventory control – inventory is the main asset for the company to earn more money, without inventory control, the system will be consider not complete. With the inventory control, user knows which product is fast selling and can order before end of stock.
- Sales Tax- Every company across the globe has to pay some amount of tax to the Government. You must list all the factors that you would require in your invoice software. Some of the factors such as sales tax, excise or VAT might be mandatory as per your country law. These factors can pose serious threats, if they are not paid in time. The invoice layout provided by the software must meet the criterion of local tax authority. Majority of the tax authority across the globe on demands that the layout must have your tax registration number. Additionally, there are words such as “Tax Invoice” or “Authority Letter”, which are mandated by the local government. The tax component must be properly highlighted on the invoice. Secondly, there are different items, which are charged differently, and the total must be accurate.The products must generate reports, which can be passed by the local tax authority. The invoice software must generate a detailed report, which can help you in future transactions. This is very important, as your future loan would depend on the detailed report.
- Documents- There are many documents, which would be required other than the invoice. You might require estimate cost or pay the advance tax. If you can convert quote to estimate; you would save a lot of time. Secondly, if you have Business Company or trading company; you would require important business documents such as Credit Notes, Delivery Orders and vendor purchase orders. These documents can vary depending on the country and individual preference. Similarly, you must be able to add logo or customize the look and theme, depending on your business.
- Data- Your invoice software must permit you to enter all the important information relating to your business. Some of the important fields are customers, vendors, inventory and amount. Additionally, if you have trading company; you would require inventory module. The product must be capable of importing data from external source, so that you do not have to waste time typing the data manually. You also need to check whether the product allows you to describe your service in the invoice body. Additionally, the customer purchase number must be mentioned on the invoice. Alternatively, you can look for terms & conditions and payment instructions.
- Reports-Your invoice software must generate relevant reports, which can highlight important factors such as sales, debtors and customer statements. Additionally, the reports must look professional to the local authority or the customers.
- Search Features- As your business expands; you would need support features for locating invoice reports, finding transactions and customers.
Lastly, the above factors are crucial to simplify your business process and earn profits. However, you need to consider your business staff for understanding the simplicity you would require in the invoice software.