What does your typical billing process look like right now? Maybe you’re sending out emails to customers using the traditional method of paper and envelopes. It’s possible you are accepting payment via paper check or customers are calling in for you to take credit card numbers over the phone. Although these methods have been around for years, that doesn’t mean they’re always the best method.

As technology has advanced over the years, automation has taken over and allowed newer and more effective methods for billing to evolve. Online billing software has allowed accounts receivable departments to become even more efficient in even less time. Here’s how online billing software will change your life too.

SEND INVOICES ONLINE

Not only can you send invoices, but you can send out your customers statements online too. All you have to do is create the invoice and it will automatically be send out via email for your customers to review and make payment on. With an online billing portal, you can keep all of your customer’s documents in one place so they can self-serve their access to them whenever they need them. This means your team is spending less time sending out individual paper documents or attachments via email.

SEND AUTOMATED INVOICE REMINDERS

Now that the invoice has been sent out, there will be customers that you need to follow up with and remind to make payment. Using an aging report in Excel and highlighters and then following up with each one via phone or email can be really time consuming, but it’s what a lot of departments without online billing software do. With online billing software, the emails can be sent out automatically to remind each customer to make a payment before their invoice goes past due.

ACCEPT CREDIT CARDS ONLINE

Paper checks sent through the mail takes a ton of time and taking credit card payments over the phone is insecure. When using an online billing software you can use that same online portal where customers self-serve their documents to also self-serve their payments.

FORECAST CASH FLOW

Your number one job in the accounts receivable department? Creating cash flow. Using online billing software, your incoming cash flow can be forecasted based on customers payment habits and what has been promised to you already. This can help your accounts receivable team to become more proactive and strategic in how they work their job.