5 Steps to Streamlined Invoice Processing for Your Business

Building a new business process can be an exciting yet daunting task for many small business owners. You need to ensure that processes are configured to perfection while avoiding any adverse effects on normal business operations. This is especially true when it comes to streamlining invoice processing, given how impactful it is on customer relationships.

Aligning the modern best practices of invoicing to your business processes will also mean achieving full alignment with your POS solution. Data continuity, process standardization, and ease of use are just a few examples of the benefits seen when invoicing and POS functions work together hand-in-hand. The below steps, when followed, will provide you with the framework you need to achieve these benefits and get the most out of the business-supporting power your POS solution can provide.

Step #1: Understand What You Need

Not all businesses are created the same, and not all industries have the same challenges, making it imperative that you identify precisely what you need to accomplish. There are some questions that you can ask yourself that are consistent across almost every type of business imaginable:

Do I need to access invoice information while using my POS solution?Can my POS data be leveraged to generate invoices and update them?How can I be sure that paid invoices are automatically reflected within the customer information I store?Would my customers appreciate paperless invoicing or online payment options?Is it necessary to make changes to invoices after they have been created and delivered?

This rudimentary list of questions is just a small sample of some of the most commonly asked questions when adding or modernizing invoice processing. Answering these questions will help you to develop a technical strategy that can be leveraged to build a POS software platform that uses elements of advanced invoicing technology.

Step #2: Decide Which POS System Is Best for Your Business

Perhaps a better question here is, which POS technology is best for small business invoicing? Having the proper mix of invoice-supporting technologies on hand is a crucial next step towards achieving invoicing greatness. Some important aspects of a POS solution that are required for invoicing options are:

Cloud-based technologies, including a POS-provided online presence.Advanced data management, including data integration to ensure full data compatibility.Flexible accessibility to customer information.Accounting tasks that can be performed from multiple tools, both internal and external.Easy-to-build and simple-to-understand data reporting and analytics.

Any POS system that possesses these functionalities will be well suited for use as a platform for invoice processing. But even better than these options is a scenario in which a POS provider can also provide invoicing software. This limits the risks of data moving back and forth between two different software. Also, utilizing both pieces of technology from the same vendor keeps the customer-facing aspects consistent and easy to use.

Step #3: Include Features That Meet Modern Consumers’ Expectations

As the comfort level with technology grows, so do the expectations customers have when interacting with businesses. This makes it critically important to have inventory processes in place that are pleasing to the customer. The way you manage invoice processing must be carefully considered.

There are many modern invoicing software options available that are extremely popular among modern consumers. Ones with features that promote transparency are at the top of their list. These features include: receiving notifications about invoicing changes, the ability to easily modify orders on their own, and automated payment reminders. Plus, paperless statements and online payment options will be sure to catch the eye and loyalty of your modern customer base. 

Step #4: Align Customer-Facing Invoice Tasks to Internal Business Tasks

Taking the most popular customer-facing invoicing features and integrating them within your internal POS-managed business tasks is the logical next step. That is why the most effective invoicing software you can invest in is the one that is provided by your POS vendor. The data and tools provided by both software will seamlessly integrate to make the alignment of business tasks and invoicing tasks a perfect blend of high-tech features.

When focusing on invoice management, the two most important pillars are communications and information. Updates within an invoice must be reflected in your accounting data and inventory counts, and they will also need to be accurately communicated to the customer. The use of a blended invoice and POS solution will allow you to streamline, and in some cases, automate many of the internal processes that are tied to invoicing.

Step #5: Implement Invoice Tracking and Auditing Using POS Technology

The last piece of the invoicing puzzle is to develop a system that infuses precision and speed into your auditing and tracking activities. The best way to accomplish this is to find invoicing software that can be cloud-based and provide you with a web-based tool. Using a web-based tool to directly manage your inventory while utilizing the cloud for both invoicing and POS functions builds a consistent model that makes both auditing and invoice status tracking efficient.

Your invoicing software must perform the following actions in order to be an effective tool:

Data export options, especially in a spreadsheet format.The ability to view and manage invoices from a single, easy-to-navigate location.Filtering and sorting capabilities.Automatic alerting for unpaid or overdue invoices.The ability to mark invoices as complete and store this information in your POS solution.

With these invoicing functions available and integrated within your POS system, you will be able to better monitor sales and inventory information. This will make account remediation, financial management, inventory auditing, and invoice tracking much more efficient, which is critical as you advance your business model forward into expanded markets and business operations.

Utilize the Knowledge of Industry Experts to Elevate Your Invoice Processing Reformation

Adopting newer concepts and technology into your invoice processing will introduce new ideas and process improvement opportunities. A POS partner like talech would be a valuable asset during this process. We’ll leverage our business wisdom and technology knowledge to craft a combined invoicing and POS system that will have your business running seamlessly. This releases you from manual processes, giving you the time to focus on growing your brand.

Using the expertise of talech consultants when developing your invoice processing strategy will start with looking closely at your business’ needs. After, a custom-developed invoicing strategy will be created and perfectly integrated within a cutting-edge POS solution to ensure you receive the maximum benefits.