Discover how invoicing and payment software from BigChange ensures that you get paid on time - every time!
Let’s face it – invoicing can be a pain. Manually creating invoices, sending them out, and having to follow-up on payment can take up to 25 days on average for a single invoice. Not to mention how it opens up the possibility of human error and oversight.
But cash flow issues can quickly escalate if customers don’t pay on time, or even not at all.
In fact, the longer it takes to issue a customer with an invoice, the higher the chance you won’t get paid on time.
👉The good news is, digital field service invoicing and payment software solutions make it easy to keep finances on track.
Read on to discover how implementing innovative technology can help you get paid on time, every time.
HOW INVOICING AND PAYMENT SOFTWARE ENSURE INVOICES ARE PAID ON TIME
There are many positives to adopting field service technology to manage your entire operation.
Here are the top five benefits your business could enjoy by providing your technicians with a field service mobile application:
1. DIGITAL DOCUMENTS 📃
Manual invoicing might work when your business is small. But as you grow, it’s best to develop a proper system. This way, you can save on admin time and get paid sooner.
Invoicing software allows you to create digital invoices, which can be easily emailed to customers with digital payment methods attached.
The key takeaway? You can then set automated reminders to alert you to which clients have and haven’t paid. This puts you in control of finances and reduces the margin of human error within the entire invoicing process.
2. LIVE TRACKING AND REAL-TIME UPDATES ⏰
🔍According to BlueSnap, businesses that use traditional invoicing and payment methods spend 11 hours managing a single invoice across five different systems.
Aside from being time-consuming, manual processes can be a morale-killer for your accounts team. As well as being an arduous, repetitive task each day they also inevitably spend hours on the phone chasing up late payments.
Fortunately, when you use cutting-edge invoicing and payment software can free your team from the monotony of dealing with endless paperwork.
For example: Once your engineers have completed their jobs, they can simply fill out all essential paperwork instantly. Then, they can send electronic invoices to your customers directly from their mobile devices.
The most advanced platforms, also include an online payment feature to make it even more straightforward for your customers to pay for goods and services.
The key takeaway? By making it possible for your clients to pay immediately, you won’t have the headache of chasing overdue invoices. Plus, when you eliminate unnecessary administration associated with invoicing, you free up more time for your team to focus on business-critical activities.
3. REDUCING THE MARGIN FOR ERROR ❌
🔍Around 88% of all spreadsheets contain at least one mistake. When you rely on people to manually input data over an extended period, errors are unavoidable.
If your team relies on spreadsheets and legacy systems to create invoices, chances are some details won’t be correct. As a result, the likelihood of a customer calling up to contest a payment undoubtedly increases.
When a customer has to take time out of their day to iron out mistakes, their impression of your company becomes less favourable, and they will be unwilling to recommend you to others. At worst, they may decide to not use your services again in the future.
Additionally, incorrect invoices create excess work for your employees. Your team has to raise a brand new invoice and start the entire process over again. Delays in invoice processing cause businesses to miss deadlines, hurting their professional reputation and destroying their cash flow.
That’s where invoicing and payment software comes in.
Pulling information directly from the integrated CRM (Customer Relationship Management) system, your engineers can instantly create an invoice with all the clients’ correct details. They can then send the digital invoices to your customers for same-day approval.
The key takeaway? By providing people with their invoices more rapidly, you can ensure that they are satisfied with the details or, if not, mitigate any potential issues before they become problematic. As a result, you’ll find that your invoices are paid on time and you can keep your operations running smoothly.
4. PROVIDING MODERN PAYMENT METHODS 📳
Today’s customers want smarter, simpler ways to pay. Yet when it comes to invoicing using traditional methods, the entire process can take weeks.
Picture this: Let’s imagine your technician has just completed a job. The technician informs your back office team, who then waits for the next payment cycle before creating, printing out, and mailing the invoice. By the time the payment cycle has come around, it’s been several days since the engineer completed the job.
A few days later, your customer receives the invoice and puts it on their finance team’s desk. Their finance team is slowly making their way through the pile of existing invoices, and it takes another day before they get to yours.
Your customer’s finance team checks the invoice to ensure it’s correct and writes out a cheque. They then post it to you in the mail, and it arrives later in the week. Worse, the finance team could have inadvertently misplaced or thrown out the paper invoice, delaying the process even further.
Not a very efficient system, to say the least.
In contrast, businesses that use modern invoicing and payment software get paid the moment technicians complete their jobs. BigChange Pay enables your clients to pay from their mobile devices using the modern methods they’re accustomed to, such as Apple Pay.
In addition to quick and easy payments, you can also benefit from the extra layer of security that online payments provide. Unlike cheques, which leave you vulnerable to fraud, payment software can detect criminal activity.
The key takeaway? You can rest assured that all payments are legitimate and that you won’t have any unpleasant surprises further down the road.
DIGITAL INVOICES AND PAYMENTS ARE THE FUTURE
With invoicing and payment software, you can wave goodbye to the inefficiencies that traditional methods create.
When you arm your team with state-of-the-art technology, you can create a more productive work environment, reduce the margin for human error and guarantee that invoices are paid on time.
GUARANTEE YOUR INVOICES ARE PAID ON TIME WITH BIGCHANGE
Get paid on time. Every time.
With BigChange, you can rapidly create financial documents based on pre-saved line items or automatically calculated job costs. Plus, you can generate and share invoices, quotes, estimates, purchase orders and credit notes in seconds.
Make payments simple for your customers with BigChange Pay by enabling them to send money straight from their mobile devices.
Find out more about how you can improve your financial management here.
