Invoice is a business document that details a transaction between a buyer & seller. This document is issued by a seller to the buyer. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal, and provides information on payment. An Invoice is also known as a bill or sales invoice.
Purposes of an Invoice
It acts as a transaction between both parties. The proof of payment is important, in invoice you can maintain the details of what was done and how much it costs.
- Billing individual clients by e-mail.
- Multiple invoices can be generated and sent to clients electronically.
- Pay bills electronically.
- Invoices e-mail directly to the contacts.
- Automated Process.
Advantages of an Invoice
Instant and secure delivery of invoices: No more waiting around for invoices to go out in the mail or waiting in line at the bank to deposit the day’s checks. You can securely deliver invoices directly to your client’s email inbox with the click of a button.
Less time spent processing invoices: Invoicing allows you to distribute multiple invoices in a fraction of the time it would take to create and send one paper invoice. That means less paper cuts.
Ease to Use: Offering clients a variety of payment types and the option of paying online gives them the freedom to choose when, where and how they pay.
Email reminders: Avoiding late payments is easier when a reminder is sent out on or near the due date of a payment. Offering an E-mail remainder streamlines the billing process.
Payment flexibility: Clients can easily pay their bills using Cash, Cheques or E-Transfer, payment options makes paying bills online easy.
Faster approval cycle: Invoicing compresses the approval cycle, ensuring that suppliers are paid on time.
Reduced workloads: Improved accuracy and increased automation reduces the workloads associated with handling invoices. Internal staffs are no longer required to carry out data entry tasks and are therefore free to focus on core activities.