Sales invoicing software is increasingly popular among all manner of businesses in the UK because of the convenience, professionalism, and potentially increased profitability that they bring to the table.
If you are thinking of joining the increasing number of invoicing software-enabled businesses, you are definitely on the road to smoother operations and potentially higher profits. However, you do need to choose right if you want your business to have the best sales invoicing software.
Use this checklist to evaluate the various sales invoicing software options out there:
You want your invoices to have the business’ own logo and a design that matches the business’ brand DNA. An invoice is like a souvenir that your clients remember you by. It speaks volumes about your brand and is very important in today’s world. So be sure to find the best one and to read up on reviews and ratings before you decide which one to get.
You should therefore be able to customize invoices and add (or subtract) elements if the sales invoicing software is to be useful. Any invoicing software that does not let you insert a company logo, should be eliminated from your shortlist immediately.
Invoicing support for UK taxes
It is extremely vital to zero in on a sales invoicing software that is able to support UK taxation norms, specifically. Insist on this to ensure that the tax component is added on automatically. This means that it should support income tax and national insurance addition to the invoice if you are a sole trader or freelancer, or alternatively corporation tax if you are a company.
An additional feature that you might want to look for if you really want the best sales invoicing software, is the ability to tell you how any upcoming taxes are likely to impact your profitability. This can help you make plans to adjust your pricing and that is extremely important.
Today most clients want invoices by email. This is not only good for the environment but good for cutting costs (because you save on printers and ink cartridges, printer paper, and maintenance of the printer) but is also good for the planet. It’s also super professional as soft copies are much harder to misplace. Ensure that your software integrates with email so that you can send invoices via email.
It cannot be underscored enough that the best sales invoicing software companies will always invest in securing your data optimally. Look for double firewall protection and read user reviews with a special focus on what people are saying about a given software’s security.
Also, find out how long your data will be maintained because the norm is for UK businesses to maintain accounting data for up to 7 years. This can vary from country to country.
Ordering inventory ahead of time loses interest on money in the bank and can cause unnecessary cash flow issues. Similarly, lacking inventory can result in your business losing clients to another company that has the stock when they request it.
Invoicing software already knows how much of your inventory is being sold on a daily, weekly, monthly and annual basis. It should therefore be able to give you inventory shortfall or surplus notifications.
By virtue of it chugging down and relaying data at the rate it does, your sales invoicing software is sitting on a gold mine of useful data. The best sales invoicing software options out there do not just secure this data, but also use it to deliver smart insights.
Moreover, some businesses are concerned with inventory, others with cash flow, others with accounts receivable and payable, and so on.
You should be able to customize the combination of insights that the dashboard delivers so that you get just the insights that allow you to run your business efficiently.
Today, most sales invoicing software options usually offer users a partner app that can be downloaded on smartphones to keep an eye on key business performance metrics by accessing the dashboard that we just discussed.
This allows decision-makers to consult the dashboard before making any decision whatsoever. They can quickly open the accounting dashboard up while in a meeting, or on the go. They can also answer any question thrown at them by investors or potential investors, at any point.
Look for tiered pricing in your sales invoicing software so that you can choose a package depending on the number of users who will be handling the software simultaneously. For example, if you have 40 employees, who work in 2 shifts, you need a package that gives you 20 login ids.
The categorization of data gathered should be automated and searchable.
The best sales invoicing software should be able to solve key challenges related to invoicing and accounting. Be sure to only go with sales invoicing software brands that offer you a free trial.