The best automated invoice processing software features can help you cut down on paperwork

Retailers are always looking for ways to reduce their operating expenses. In light of ongoing restrictions mandated by the COVID-19 pandemic, the need to boost productivity and cut costs has never been more pressing. 

One way businesses can capitalize on automation is by adopting invoice processing software that improves the accuracy of invoices and cuts the time and effort required to create and process invoices. The best automated invoice processing software features help retailers reduce costs, streamline operations, and enhance cash management.

Here’s a closer look at five key features of invoice processing software.

1. Invoice processing integrated with a cloud-based POS

The most important characteristic of modern invoice processing software is its ability to integrate seamlessly with the business’s accounting, sales, inventory, and other operations. Cloud-based point of sale (POS) systems make it easy and affordable for retailers to integrate invoice processing functions with a range of management and administrative tasks. Stores have access to their invoice processing and other functions from any computer or mobile device.

The gold standard for invoice processing is a one-click invoicing solution that links automatically to sales reports, inventory counts, and other administrative and financial operations. An important consideration when choosing invoice processing software is how well the solution supports the retailer’s customer-management activities. Building strong relationships with customers includes connecting invoices with customer purchase histories, loyalty programs, and personalized discounts and special offers.

These are among the factors to consider when choosing a POS invoicing solution:

Easy setup and implementation with little employee training requiredSupport for mobile devices so employees can create and access invoices at any time and from any locationInvoicing features that are custom-fit to your business

Customization is key to crafting an invoicing system that meets the company’s needs as efficiently and inexpensively as possible. Working with an experienced POS partner ensures that the solution you create is right-sized for your business’s unique situation.

2. Professional accounting features at a small-business-friendly price

The low price of cloud-based invoicing software naturally gains the attention of small retailers, but the invoicing solution they choose must meet all the requirements of their business. These are among the typical functions of invoicing software for retail:

Generate any quantity of custom invoices quickly and accuratelyAutomatically process recurring bills and penalty feesServe as a repository for customer information that is easy for employees to accessSupport a range of payment types, including contactless payments and mobile wallets such as Apple Pay and Google PayConnect easily to the store’s POS and other business systems

Integrated systems deliver the efficiency that can spell the difference between success and failure for a retail business. Because few small retailers possess the knowledge required to implement fully integrated POS systems on their own, it’s vital to find a partner with the skills and experience to ensure the invoicing solution you choose for your business meets all of your expectations.

3. Customers have more payment options, more convenience

The best automated invoice processing software makes it easy for your customers to conduct business with you. Cloud-based invoicing systems that are integrated with a retailer’s POS operations allow customers to view their purchase and payment histories, make changes to orders prior to delivery, and reconcile their own financial records. 

By accepting online payments, mobile wallets, and other payment methods, retailers can easily integrate their online and brick-and-mortar operations to provide customers with a seamless shopping experience. All the information the store needs about customers is easily accessible in a single clear and comprehensive view, which allows stores to be more responsive to customer questions and requests.

4. Automated invoice generation, payment verification, and fulfillment

Once invoice processing has been moved to the cloud, all aspects of the operation can be automated: from invoice generation to payment verification and confirmation of shipment. When a customer requests a product or service, an invoice is created automatically that tracks payment status, generates mailing labels when payment is validated, and transfers the transaction data to the store’s POS system.

Financial records are stored securely and readily accessibleAutomated record-keeping facilitates reconciliation during tax seasonUse of a modern order and payment processing solution gives customers a solid impression of the businessThe time and effort saved by automating invoices can be applied to serve customers and address other demands of the business

A major component of efficient cash management is the ability to monitor the flow of money through the business from accounts receivable and payable through tax payments, salaries, overhead, and other expenses. Invoice processing integrated with other POS functions makes it easier for businesses to identify the sources of lost revenue. The data the systems collect is used to analyze sales patterns to predict trends and enhance inventory management.

5. Automated invoice processing as a component of a business’s financial management

Small businesses can now benefit from advanced financial management features found in enterprise accounting systems. These include recurring and batch invoicing, automatic payment of recurring fees, expenses broken down by category, and bank statement reconciliation. Reporting and analytics have become core functions of business management software for small and midsize businesses. The best automated invoice processing software links directly with these and other data-analytics operations to provide managers with greater insight into the company’s financial performance.

Which invoice processing software is right for you?

Many small businesses require only the standard billing and invoicing features, but others will benefit from such financial-management capabilities as purchase orders, sales receipts, credit notes, and statements via online form templates. In addition, preparing financial reports and tax returns may necessitate being able to categorize payments as office expenses, payroll taxes, or travel and meal expenses. 

One of the most financially rewarding investments a small business can make is to purchase a modern accounting system that provides an up-to-the-minute view of the company’s finances. Today’s affordable pay-as-you-go cloud-based POS systems, like talech’s, feature integrated invoice processing that helps bring small retailers into the 21st century. The result is a more efficient operation, more accurate invoicing, and happier customers. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.