Invoice processing software can make billing and payments easier than ever

One thing all businesses have in common is the need to get paid. For most businesses, getting paid requires creating, submitting, and processing invoices. Invoice processing software has long been a staple of small and midsize companies, but the programs can be difficult to learn and use. Additionally, they don’t always integrate well with the organization’s other operations.

That has changed with the arrival of affordable cloud-based point of sale (POS) systems that integrate invoice processing with sales and inventory management, customer relationship management, and other key business functions. The result is faster, more accurate, and more efficient invoice processing and ultimately quicker receipt of payments from your customers.

Steps for invoice processing for small businesses

It can be overwhelming at times to understand how to send and process invoices, but with the right POS provider, you feel confident that you get paid on time and accurately. To maximize invoice processing with your POS, use these steps:

1. Enter the product and services you’re billing for

Place each item on a separate line and include a description of the item, the price, the date of the sale or service, and the quantity, if applicable. When billing for services, add the flat fee or break down the hourly rate and number of hours being billed for.

2. Enter the total invoice bill 

After providing the subtotal for all billed items, add sales tax or any outstanding balance, and apply any discounts that the customer qualifies for. Make sure the invoice’s total is shown clearly and unambiguously.

3. Add details and customization 

Your invoices should feature your logo or other brand markings, as well as the date the invoice is sent, payment due date, the invoice number, a purchase order number or another reference number, contact information for the company and the person submitting the invoice, and the payment terms. Including a personal note helps encourage repeat business.

4. Submit the invoice 

The three standard methods for sending customers an invoice are by regular mail, email, or fax (most invoicing software defaults to submitting invoices via email). Include a cover letter or other personal message, boilerplate for which can be included in your invoice template. 

Make sure you’re sending the invoice to the correct person to avoid unnecessary delays in receiving payment. Also, be aware of the billing cycle of the company you’re invoicing so they receive the invoice as close as possible to their standard payment date.

5. Follow up with the company 

After submitting the invoice, contact the party to confirm that they received it and that the invoice is in order and ready for payment. Don’t assume the invoice won’t be misplaced or the person it was sent to isn’t on vacation or otherwise unavailable. Some invoice processing software can be set to send automatic reminders to invoice recipients.

The advantages of integrating invoice processing with POS systems

Invoicing is rarely considered an area where a business can reduce expenses, but efficient and effective invoice processing can be a big help in stretching a small business’s budget. These are some of the ways a POS system with integrated invoice processing can boost a company’s bottom line:

The quicker your customer receives your invoice, the faster you’ll receive payment. POS systems automate much of the invoicing process to ensure the bills are submitted immediately after the sale is made or the service is completed.

By automating much of the data entry for invoices, POS systems reduce the likelihood of the invoice being inaccurate or unclear. It’s important to make the payment process as straightforward as possible for your customers.

POS systems accept a range of payment options, including online and mobile payments such as Apple Pay and Google Pay. They also support setting up automatic payments for repeat customers, as well as offering discounts or other promotions for customers who submit their payments early.

Conversely, POS systems with integrated invoicing features can be set to add penalties automatically for missed payments, such as adding late fees. However, it’s important to make clients aware of any potential late fees at the time the invoice is submitted, if not sooner.

Combine invoice processing software with your POS system

One of the main benefits of invoice processing for small businesses is the ability to get high-end accounting features for just dollars a month in fees. But the savings will be a false economy unless the POS system’s invoicing features are a good match for the unique needs of your business.

In today’s ever-changing business climate, companies small, large, and in between depend on finding any and every way possible to make sure their operations are running like a well-oiled machine. Choosing a POS system with integrated invoice processing features is a big step toward that goal.

When you partner with talech for your invoice processing software needs, we devote our time to learn your business to best support it. We use this information to work with you to apply an innovative POS solution that will grow your brand and your profit. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.