How to save time by automating invoices

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No more stacks of paper on your desk, missing invoices, or chasing down people for payments; save time, money, and valuable accounts payable resources by automating and streamlining the entire invoice process from creation to settlement. We are witnessing a fundamental change in the way customers purchase everyday products and services. There is an overwhelming preference for the convenience and peace of mind of memberships, subscriptions and other forms of recurring billing related products or services. Consumers would rather subscribe than buy, or rent than own, which makes automating your invoice and payment process an attractive time saver.

PayWhirl can help businesses in nearly every industry automate their billing and invoicing processes. Some common examples include donations, subscription billing, services billing, subscription boxes, membership programs, clubs, layaway programs, etc. Let’s also not forget any businesses with loyal customers who purchase on a regular and seasonal basis. You can save time by storing custom payment methods securely for future use. This helps both the business and the customer, as both have access to the information by default. Customers will love that they will be able to make changes to their account without having to contact anyone at your business and you’ll save time (aka money) on customer service.

Here are a few reasons why automating your invoicing and payment processing is the right move to make.

1. Streamline Bookkeeping

PayWhirl is a recurring payments solution that can help you automatically create invoices once every week, month, or any predefined period of time.This makes revenue more predictable leading to better cash flow management so you have more time to spend on tasks that make you money. You will save an estimated 65% on invoice processing costs and 90% of processing time. Once your customers’ information is saved and the recurring invoices are being created automatically, you will start spending less time on customer management, and more time on your core business.

Choosing the right invoicing or payment platform for your business is key to making the automation process work seamlessly and successfully. Among the basics you should get from a subscription commerce platform (like a customer portal, customized emails, developer tools & API, and customer intelligence tracking) you need to be sure platforms can accommodate your more specific needs which will help streamline your bookkeeping and vary depending on your industry or business model.

For example, if you work with foreign clients, accepting foreign mailing addresses and dealing with foreign currencies will be important. Another important factor is customization; make sure the payment platform can accommodate your customer specific needs like custom profiles, address management, multiple payment methods, ease of working with invoices, etc.

Flexible scheduling is another detail to consider and will help streamline your bookkeeping process. For example, sending invoices during your customers’ business hours allows you to get paid faster. Automated payment reminders should also be sent out during business hours to effectively reach and remind the person in charge of this task.

2. Predictable Revenue

Whether you are a small business or have investors, one thing everyone wants to know are the estimated revenues for the month, quarter, or year. Recurring payments and automated invoicing allows a merchant to charge a customers’ stored payment method on file for goods or service, on an arranged recurring schedule; instead of customers having to remember to pay each invoice manually. It allows businesses to get paid faster and customers more convenience. Having even a portion of your customers on an automated invoicing helps you lower costs, and build customer loyalty. If you have the right tools to manage automatic payments, you are going to free up a lot of time you used to spend on invoicing, chasing down customers and waiting for payments. Additionally, scheduled payments are predictable in nature and therefore help with predicting monthly revenues (MRR) and inventory needs. Tools, like PayWhirl, make it easy to see statistics like MRR, ARR, LTV, Churn, Customer Acquisition Source & more.

3. Business Forecasting

Automating invoices not only saves time with billing, it provides valuable information for business analytics. Analyzing invoice data can provide valuable information and PayWhirl’s built-in reporting tools and data exports make it easy to access. PayWhirl automatically tracks the key statistics related to invoices and you can also track customer data and interactions using custom scripts from 3rd party systems to gather even more data. The system also provides information on your CLTV (customer lifetime time value) and allows you to keep an eye on your customer churn rate as well.

All the information is there for the various financial reports you would want to run from tracking cash flow, revenue loss and retention, to product sales, profitability by subscription plan and invoice aging information. You will also be able to audit your accounts with real time visibility and permanent transaction history for all your customers.
Studies show many companies don’t keep track of important customer metrics. As Smart Insights reported, research from Totango found: only 35% of businesses track the cost of retention, 46% track customer health, 49% track customer lifetime value, and only 54% monitor revenues per customer. With PayWhirl tracking these data and metrics already, you have from an automated invoicing system helps you to forecast future revenues, growth rate, churn rate, and revenue trends to make sure your business is headed in the right direction.

Automating invoices streamlines billing and simplifies the payment process allowing businesses to direct their focus to customer experience thus improving retention and customer acquisition. It also allows customers and businesses to focus on their core services and products at hand. There are many companies providing these types of services in today’s world, so make sure you compare and review what each billing platform has to offer.

Ready to give it a whirl? Sign up now for free! PayWhirl has a flexible pricing for all business sizes including a free monthly plan so you only pay when you sell.