Given the impact of technology, the business ecosystem has evolved to the level that organisations, suppliers, distributors, customers, agencies, and small and large firms have adopted streamlined techniques for conducting business with little human effort. Without a doubt, prior to the recognition of technology, business owners relied on manual processes to complete tasks with paperwork, physically interact with clients, organise operations, and receive payments. Unfortunately, these modalities take much time, and manually performing procedures, particularly payments, can lead to errors when calculating numbers and sorting clients’ requests.
Luckily, technology has made it easier for you and every other existing business owner to manage operations smoothly, and one such technological development is the invoicing system. This solution has saved business owners significant time and resources that they can now invest in other aspects of their business. To further explain why the invoicing system for business owners is one of the notable technological inventions, this article discusses how businesses can improve operational modalities using the Leatherback invoicing system.
Invoicing: What it is and why businesses need this?
Invoicing entails billing a client for products or services rendered by your business. It is an essential component of managing cash flow and tracking income for all sizes of enterprises. Invoicing often entails drafting a document summarising a transaction, such as the products or services you are offering, the cost of each item, relevant taxes, and the total amount payable. This document is then generated and given to the client, who must pay the invoice within a set timeframe.
Issuing invoices to customers has several benefits for businesses, including:
Ensuring timely payment: An invoice is a formal request for payment from a customer that includes information on the goods or services given, the price, and the payment terms. By sending out an invoice, your company can ensure that payments are received on time, which is critical for keeping a good cash flow.
Providing a record of transactions: Invoicing keeps a detailed record of all transactions, such as the services given, the amount charged, and the payment received. This assists you in keeping track of revenue and expenses and ensuring appropriate accounting and tax reporting.
Improving customer relationships: You may increase clients' trust and transparency by delivering clear, detailed invoices. Issuing invoices strengthens connections and the encouragement of repeat business.
Minimising errors: Invoicing reduces mistakes and misunderstandings between your company and its customers. You can reduce the chance of disputes or confusion over pricing, quantity, or payment terms by explicitly defining the specifics of each transaction.
Improving cash flow management: You can enhance cash flow management and lower the risk of financial troubles by issuing invoices on time and following up on late payments.
As previously stated, issuing invoices to your customers is essential to smoothing your business operation modalities, ensuring timely payment, providing a clear record of transactions, boosting customer relationships, avoiding and reducing errors, and, most importantly, effectively managing your financial resources.
How Leatherback invoicing system works for your business
Patently, Invoicing is crucial for businesses because invoices are the business documents that enable companies to get paid for their services. Our invoicing system on the Leatherback business app allows you to design customised invoice templates. You'd agree that our ability to empower business owners to own customised invoice templates is an incredible feat, and that's because businesses are at the heart of our technology solutions.
Let's examine why businesses can customise invoice templates on the Leatherback app:
We understand you are busy, and customised Invoice templates for your business save time, so you don't have to repopulate the same design each time you need an invoice.
Your customers will easily recognise an invoice template that bears the colour of your business identity and preferred style. Hence, this helps you own an invoice tailored to your business.
Now that you know that you can customise your business invoice on the Leatherback app, let's review what you can do with your Leatherback generated invoice. Take a look:
Request timely payment from clients.
Track sales.
Monitor inventory for businesses selling products.
Predict future sales using historical data provided in the analytics section of your Leatherback business dashboard.
Record business revenue for tax filings.
While you can do those mentioned above with your generated invoice, using the Leatherback invoicing system also means you can:
Receive auto-generated reminders for overdue invoices.
Save template design for future use.
Successfully issue an invoice to the client for payment to your Leatherback business account.
Mark "unpaid" and "overdue" invoices as paid when you receive fees from your client.
Save clients' information.
Save invoices as drafts.
Hold total sums of invoices by statuses, grouped by currencies.
How to generate an invoice on a Leatherback business account
Before we discuss this, let’s highlight some benefits you enjoy when you use the Leatherback invoicing system. Check these out:
No paperwork is required.
Schedule your invoices in advance. Receive Payment on time.
Capture your business data.
Import and verify beneficiaries to enable recurring invoices.
With a focus on generating an invoice on your Leatherback business account, getting this done is seamless and takes 2 minutes.
How-to video on how to generate an invoice on your Leatherback account.
Sign in to your Leatherback account, or sign up if you currently do not have a Leatherback account.
Click ‘invoice’ to create, edit, schedule, and save an invoice.
Preview the invoice on your account, either on mobile or the web, or send it to yourself by email.
Select and add the recipient’s email address.
Send the invoice you’ve generated.
Track the status of invoices - including pending, upcoming, paid, and overdue payments.
By now, you are familiar with how the Leatherback invoicing system works. Asides from the subject matter we just discussed, your Leatherback business account has been equipped with the tools you need to run your business without glitches. Spare some time to visit www.leatherback.co and explore the tools we’ve developed for you in the business section of our website.
To learn more about Leatherback, visit our support portal on the website. To speak with our customer support team about concerns or clarifications on the Leatherback invoicing system, raise a support ticket and you’ll receive a response within the hour. Keep up with new updates by connecting with us on LinkedIn, Instagram, Facebook and Twitter.
