Invoicing: POS Must Haves to Get it Right

Getting the bills paid is one of the primary responsibilities faced by adults of all walks of life. For small business owners, this means addressing the never-ending pile of invoices flowing into both your physical and electronic mailboxes. But, it also means that you must make the sale to get paid for the products and services you have rendered to others, and doing so requires that your POS solution give you the right set of tools to get invoices out the door.

Having access to advanced invoicing POS tools will add accuracy and efficiency into your invoicing process. This will be reflected in your bottom line, both in terms of improved payment remittance rates and through the appreciated clarity provided to your customers. But of course, not all POS systems will give you the invoicing tools required to move to the next level, so there are several places where you must place your awareness in order to maximize the potentials of advanced invoicing software.

Invoice Creation Should be Simple

Generating an invoice that reflects the quality and service you have provided should not be a stressful, time-consuming process. This where the advantage of adding invoicing tools into your POS solution will first show itself. Having the ability to quickly access transactions and customer information and export this into an invoice will reduce the time it takes to create an invoice to under three minutes. And, this process will make your invoices highly accurate and less prone to customer disputes.

The digital process of invoice creation presents the ability to send out paperless invoices. By digitally sending invoices to customers, you gain almost instant delivery and can enjoy an almost 100% delivery rate. No longer will your invoices get lost or damaged in the mail, nor will they get lost in the shuffle of paperwork that is likely on the desks of many of your customers. These work together to hasten the closure of pending invoices, making it easier to balance your books.

Improve Invoice Resolution Speeds

Simplifying the invoicing process will not only get your invoices out to customers faster, but will also speed up their resolution. Advanced invoicing tools can:

Send automated payment reminders for those exceeding specified payment dates. 
Edit overdue invoices to include late fees or other order adjustments 
Make other potential changes to a delivered invoice, such as partial refunds, cancellations, or item returns and exchanges.

Online payment options will speed up payment remittance by offering convenient payment options for your busy customers. Credit card payments received online are easier on the books, while removing the risks and limitations of accepting check payments, such as insufficient funds or an extended length of clearing time. Also, offering online payment options reduces the time-consuming nature of handling cash payments.

Tracking Invoice Status in a Centralized Solution

You will want to be able to monitor invoices as they move through your environment from the time they are created, past the time of completion, and over the course of the retention history guidelines you follow. Utilizing invoicing tools that are contained within a broader POS system presents your business with a centralized technology solution that makes it easier to monitor the flow of orders regardless of status.

From within one all-inclusive POS system, you can view or manage any invoice that has been created within your system by conducting a search by customer or invoice number. This opens the door to performing merchant-marked paid tasks, as well as monitoring invoice status points such as age, payment statuses, or cancellations. The ability to perform these actions makes it possible to greatly improve your accounting, profit margins, and customer transparency.

Review Invoicing History to Remediate Bookkeeping

Using innovative invoicing tools as a vital part of your POS system presents you with some exciting options to consolidate and improve how you manage business accounting tasks. You can use the advanced search tools within your invoicing feature to apply filters based on status, order details, product, or invoice number, helping you to see where your books are underestimating or overestimating the bottom line in your business.

Manual remediation of your books, as well as presenting a statement of business health to investors, can be achieved by exporting invoicing information to a spreadsheet. This can give you a new view into how your business is being managed, as well as to provide your accountant with an easy to read way to ensure that your tax liabilities are being met and that you remain compliant with any financial or industry regulations that apply to your business.

Building a Concise Invoicing POS Solution Requires POS Expertise

Adding the features required by running a modern invoicing strategy will do more than streamline your invoice management. These POS features will help you to operate more efficiently, and will free you from the chains of manual processes so that you can focus on creatively expanding your customer base. This process starts by aligning your technology needs to the expertise and knowledge of a proven POS solutions provider.

Implementing dynamic invoicing into your established business requires new skills and knowledge of cutting-edge invoice technology. The invoicing solution that talech has built into its POS technology solutions will expand on your established base of POS technology by creating an automated, easy to monitor, set of invoicing tools that help you to deliver a better customer experience.