10 Crucial Benefits Of Mobile Invoicing

Business is only possible when you act and execute with hand-in-hand pace that your customers expect the speedy work. Of course, startup entrepreneurs, freelancers or small to large business people are all aware of the importance of the invoices. The one piece of paper that enumerates them for their work. However, they are also aware of the painstakingly involved time-consuming process that innately comes with an invoice.

That’s why many businesses and organization have opted the futuristic path of mobile invoicing. Are you in a dilemma of whether or not to adapt to mobile invoicing? Below mentioned are a few of the surprising benefits of mobile invoicing.

1) Payments on-the-go

Delaying the invoices can cause payment imbalance for a company. Thus, an online invoicing application lets you instantly send invoices once the service or product is rendered to the customer. Moreover, it also prompts customers/vendors to make immediate payment with a ‘Pay Now’ option via multiple payment methods. Online payment encourages customers to pay 2x faster than usual.

2) Centrally located client’s data

Long gone are the days when you had to pull out manual invoices from your office cabinets. Now store client’s information such as name, address, phone number, and even the invoice bill either in the invoicing software or in the cloud. Few of the invoice maker also allows storing locally on your mobile device.

3) Money Saver

Mobile invoicing is a hugely cost-effective option. You eliminate the cost of paper, ink, postage, etc. It is also found that such small business billing app helps in keeping your invoices organized for the general and accounting purpose as well.

4) Optimized billing process

With free invoice generator, your billing process can be standardized and let it much more professional looking. Most of these can integrate with the cloud-based system and you can sync your data across multiple devices to have a uniform look no matter from where you access it.

5) Environment-friendly

Paper-based invoicing system is, of course, harming our nature. Digital invoicing is not only eco-friendly but also a great initiative for the go-green campaign.

6) Being Creative

Mobile invoicing allows you to customize your invoice estimates, etc so as to avoid the dullness from the invoices. Moreover, you could also add your digital signature and company logo along with many in-built templates to give your invoices a fresh and professional look.

7) Work from anywhere

Invoice estimate app lets you work from anywhere as long as you have an internet connection and a smartphone or device. With time logs and expense tracker, your team can even manage and update invoices whether they are in a gym or grabbing a coffee or out for a client-lunch meeting.

8) Easy for customer to pay

With mobile invoicing, you can pay with a wide range of payment options starting from PayPal, debit/credit card, online payment gateways, etc. When you provide multiple payment options to clients, you can receive your payment at least 2x faster.

9) Reduce accounting workload

Paper invoices tent to attract mistakes or errors especially with the recurring invoices. However, much of your accounting workload is reduced with professional invoice maker as it feeds all the details automatically and even notifies you for any unpaid or due invoices.

10) Automation

Usually, startup entrepreneurs, solopreneurs, freelancers and small business have one thing in common is that they focus many parts of their energy on acquiring new business and clients for growth and prosperity. Hence, with the best invoice app, you can set-up automated payment reminders when an invoice becomes due or even to send a recurring invoice to your regular client.

Wrapping Up:

‘Moon Invoice’ lets your business be on top of the competition with Instant Invoicing & Billing, an Easy track of Payment & Notifications, Accurate Insights & Reporting Data. Few amazing add-ons with Moon Invoice are that you can add & “Manage Multiple Businesses”, “22+ Professional PDF Templates”, “Import/Export & Print Utility” and data backup “iCloud sync & MoonSync support”.

Recurring Payments Vs Recurring Invoices

Recurring Payments	Recurring Invoices
Recurring payments charge the customer’s credit card account or debit card account on a predetermined schedule for the same amount as preapproved.	Send an invoice to your customer on a regular basis. The client receives the invoice but, money is not paid unless the customer approves.
A business that takes prepayment of money and sells a monthly subscription service and product. Subscription services are excellent examples of this.	A company that provides fixed services with billable hours is an excellent choice for recurring billing. For example law firms and consulting agencies.

Pros and Cons of Recurring Invoices

Pros	Cons
You eliminate the possibility of human error by automating the billing process. If you use a recurring invoice, you will not be concerned about forgetting to charge your customers for the things they ordered.	You must exercise caution while recurring billing to prevent issuing inaccurate pricing. This also holds for price changes that could take place right once an invoice is created.
If you provide your customers with the option for recurring billing, they are more likely to buy products regularly.	It could be difficult to cope with recurring invoices if a transaction fails for any reason.

Net 45	Invoice is due in full within 45 days with no early payment discount offered
2/10 net 45 terms	2% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/15 net 45 terms	1% discount if you pay within 15 days; otherwise full payment of the invoice is due in 45 days
1/10 net 45 terms	1% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/7 net 45 terms	1% discount if you pay within 7 days; otherwise full payment of the invoice is due in 45 days

Category	Net Method vs. Gross Method	Explanation
Calculation Approach	- Applies tax credits first; reduces taxable income before computing tax liability.	- Doesn't apply tax credits; computes taxable income without considering tax credits.
Tax Credit Eligibility	- Allows for greater likelihood of tax credit eligibility due to reduced taxable income.	- Limits tax credit eligibility because taxable income hasn't been reduced yet.
Itemized Deduction Requirement	- Lowers threshold requirement for itemizing deductions due to decreased taxable income.	- Raises threshold requirement for itemizing deductions due to higher taxable income.
Advantages	- Leads to lower taxable income and increases chances of meeting qualifications for other tax benefits.	- Results in higher taxable income compared to net method.
Disadvantages	- May miss opportunity to reduce tax burden if taxpayer doesn't itemize deductions or take advantage of tax credits.	- Increases taxable income and may result in higher overall tax bill.