Tracking invoices in a small business upholds a healthy financial state. Sending while tracking your invoices simultaneously is a different case altogether. Not only does it maintain a good financial state for your business, but it also increases early payments from clients. All you need is a simple tool that sends and track invoice for small business.
Invoice for Small Business
In choosing the right tool to send and track invoices, there are some features you should make sure the tool you chose has. In this guide, I will take you through the most critical features that the invoice for small business tool must have.
Must Have Features for Best Invoicing Tool
1. Support different currencies
If you sell your services to clients from different corners of the world, they will use different currencies. Clients best understand values stated in their local currency. Since you want your client to understand your proposals, contract, and receipts, the invoicing tool you use should support multiple currencies.
Even though your tool might not have every other currency in the world, it should have the dominant one. Where the local currency of your clients is not included in the invoicing tool, they will quantify your volume by a dominant currency.
If you choose Bonsai for invoice for small business, you’ll get the benefits of sending clients proposals, contracts and receipts in their preferred currency.
2. Support different types of invoices
Invoice for small business comes in different kinds like one-time invoice, recurrent invoice, and recurring auto-payment, among others. As your customer base grows, you find yourself demanding other invoices.
One of the dominant invoices you will need is a one-time invoice. This invoice is sent to your client for a single purchase of a product or service from your shop. If you are a Bonsai user, this one-time invoice is available. You can use it for different clients or the same client for different purchases.
Bonsai also supports recurring invoices. These invoices could be recurring weekly, monthly or even yearly. It is an easy solution to automate scheduled time to send such invoices to your client. This solution saves you from sending invoices to your clients routinely and manually.
3. Support different payment methods
The payment method you accept from your customers dictates how soon they will pay you. Clients who do not use the payment method you accept must take the time to enroll for such payment methods. When you decide on an invoicing tool for your business, always choose one that supports multiple payment methods.
It would be misleading to assume all your clients use just one financial service. This will limit some from doing business with you if they are not willing to enroll in your exclusively accepted payment method.
Furthermore, try to understand if the tool you use charges any additional fee alongside what the client’s financial service provider will charge them. If the tool you use charges an internal fee for transacting, then your clients will be charged double fee while paying you.
Luckily, the Bonsai invoicing tool does not charge you for any payment you receive from your clients through their tool. It is free of charge solution for centralizing payments made by clients using different payment methods.
4. Update invoice total automatically
Preparing an invoice should not be tedious like preparing books of account. Details like the total amount payable and taxes should update automatically as you draft your invoice. As a small business owner, you are looking for simplicity and convenience in preparing invoices.
Notably, automatic updates of the total amount and taxes are also available for the Bonsai invoicing tool.
5. Support tracking of off-the tool payments
Only some of your clients will pay you through your preferred invoicing tool. Others will pay you with cash.
In selecting your invoicing tool, try to make sure it gives you the option to track payments made off the tool. This is a feature you will get if you choose Bonsai as an invoicing solution for your small business.
There are a handful of tools that support invoice for small business. Even though they offer different features, your preferred tool should at least support the features mentioned above. With tools like Bonsai invoicing, these are features you can easily use within their intuitive invoicing dashboard.
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