Don’t take your cash flow for granted. See how an online billing tool can enhance the way you do business.

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What do you think is the number one problem of small businesses?

Is it capital? Hiring employees? Low sales? Believe it or not, it’s cash flow. Unlike corporations, small and medium-sized businesses (SMEs) often face financial constraints because of lack of substantial cash reserves. To save money, entrepreneurs usually rely on manual invoicing, payment tracking, and reconciliation. However, these methods are time-consuming and prone to errors.

If business owners want to be competitive, they should be open to trying modern solutions such as an online billing tool. By leveraging the right features, small businesses can optimize financial processes, elevate customer experiences, and boost cash flow.

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How an Online Billing Tool Can Help SMEs

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1. Faster, Easier Invoicing

Nowadays, statements must look professional to appear reliable and trustworthy to customers. A good invoice contains all the necessary information as required by law. For starters, it should include:

• The seller’s registered name
• Business address
• Description of goods or services
• Breakdown of sales (when applicable)Serial number to ensure that you’re registered with the proper authorities

Depending on the nature of the venture, additional data may be required. Imagine writing these details manually! With an online billing tool, you can simply input the specifics once and it will automatically generate. Any changes you make will be carried over as well.

Another awesome feature is bulk invoicing. Quickly generate statements for multiple customers in half the time - no need to worry about your handwriting or placing an incorrect number. An online invoicing system is more efficient and reduces errors.

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2. Improve Cash Flow and Reduce Delays

To combat cash flow problems, business owners should ensure a consistent revenue stream. To achieve this, they need to offer various payment methods, set up automatic billing for recurring payments, and send timely reminders to clients with outstanding balances.

The available payment methods will depend on the market you serve. In the Philippines for example, bank transfers and e-wallets are popular modes of transactions, along with debit and credit cards. Consider adding online money transfer services like PayPal, Wise, and WorldRemit to attract foreign clients. This flexibility allows you to cater to different customers while getting paid faster.

For businesses with subscription-based services (e.g., personal coaching or online tutoring), make sure to implement recurring billing. Say goodbye to manual invoicing errors with this automated solution. Now you can stop creating multiple alarms on your phone. Timely reminders will be sent to customers with outstanding balances, minimizing overdue accounts.

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3. Better Customer Experience and Satisfaction

The billing system can make or break the customer experience. The bottom line: happier customers remain loyal and drive business growth. Empower your clients with self-service options such as quick access to invoices and payment details.

Ensure statements can be conveniently viewed anytime, anywhere. The invoices you send must also be clear, concise, and easily understandable. Complement this with exceptional customer support that is readily available to answer inquiries.

By prioritizing a seamless billing experience, SMEs can cultivate strong relationships and receive repeat business.

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4. Make Smarter Decisions with Real-Time Data

Online invoicing systems provide real-time reporting on sales, revenue, and outstanding balances. Built-in analytics can help you uncover important insights into customer behavior, sales trends, and areas for improvement. Numbers may not be your forte, but this data is vital for monitoring the financial health of your small business.  

For instance, some billing tools come with inventory management software that lets you sync product information, pricing, and stock levels so you don’t overstock when demand is low.

Another cool feature is historical data. Check out how your sales fluctuate over time to make informed projections.

What product or service was most popular with your customers? What months were lean? What were your busiest months and why?

These facts will be invaluable in preparing you for potential challenges.

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5. Get Advanced Features for Productivity

There are numerous online billing tools in the market, each with varying features depending on your business needs. Some have built-in tax compliance to help you calculate and report taxes accurately. Others offer a separate mobile app for convenience.

There’s also CRM Integration, which lets entrepreneurs connect with their existing Customer Relationship Management (CRM) software such as Salesforce, Zendesk, Hubspot, ClickUp, and Zoho.

Regardless of the invoicing platform you choose, these features aim to make your daily operations run smoother.

New technology can be scary – especially if you’re simply trying to survive in your industry. But embracing change is crucial to staying relevant in a demanding, hectic world. The key is knowing what features to look for and how they can enhance your daily operations.

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Want to discover more about our online billing tool?

Instead of chasing customer payments, let Mochi do all the work. Automation can take some load off your hands, so you’re free to develop your business further. Create invoices for one-time or frequent clients, provide multiple modes of payment, and check your cash flow with powerful reporting tools. Book a demo today and see how you can begin to bill smarter.

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