We think that nothing stays behind in this world and today’s generation quickly adapt to and embrace new changes. Must be true for most of the cases, however, according to a survey, there exist nearly 80% of organizations who have still not made their account payable process automated. This in a way is adversely affecting the business operation. The solution is quite simple. You need to adopt an e-invoicing platform that is effectively optimized to manage invoice payment.

Through this blog post, we are going to shed some light on the essential elements and features that a firm or company should look out for in an invoicing solution.

1) Sending & Receiving Invoices:

While many of the companies are only involved in either sending or receiving online invoices, the best approach would be to integrate system so that you will never forget to send those recurring invoices. This will increase efficiency and will also boost the productivity. Online faxes are also cost-effective and can also be further utilized to enhance scalability. Hence, you’ll require such an online invoice service provider that should cater to your work needs as well as not complicated at the same time.

2) Multitasking With Features:

You need to look for an invoicing solution that suits your personal or business needs. You will need something satisfying on the service aspect as well as device compatibility and even pocket-friendly. In such scenario rely on a trustworthy name such as ‘Moon Invoice’. Moon Invoice takes cares of your all kind of invoicing needs may it be large or small.

Moon Invoice not only performs essential and mandatory features such as managing invoices, purchase order, credit notes, payment but also puts on an add-on-value with other features like add multiple businesses, manage customers & vendors, manage products & tasks and many more. In short, you’ll need to opt for an online invoicing platform that provides end-to-end services.

3) Professional Invoices For Payments:

Another crucial aspect is the payment method and other options for suppliers and vendors. Ensure that the said online invoicing platform offers simplified payment solution and boost the financial tasks accordingly. With Moon Invoice, your clients can bill the customers in their own language, hence eliminating the barrier and increase ease of doing business by selling products or giving services overseas. Also, quick and simple tax & discount calculations along with the managing credits can also be accomplished with Moon Invoice.

4) Secure Archiving Ability:

It is quite clear that managing paper-based invoices is more tedious, time-consuming and utilizing extra resources as compared to electronic invoice archiving. Few handy benefits of the latter are less space and resource, optimum data security and most importantly can provide you with the online access to any invoice or document of your need. As per the global compliance guidelines, it is of utmost importance for companies to securely store the right data for a right amount of time and also to purge it from time to time.

5) Reporting & Analytics Capabilities:

Businesses and start-ups need to make a smart decision for improved business intelligence. At such instances, your e-invoicing platform could really make an impact with features such as actionable insights and reports with creative all-in-one dashboards to perform tasks.

Moon Invoice can provide specific productivity objectives you wish to accomplish such as whether you want to check summary for the page or account payable or receivable details or account statements or product inventory and other such tasks and results can be obtained via other customization and settings.

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.