In today’s time, invoice accounting software solutions can bring a lot of relief to any process for a business. It does contribute to boosting your business productivity. There are many business software who only caters to the needs of specific industry such as medical & healthcare, construction, consulting, real estate, etc.

But as an independent view, you can opt for the best invoicing platform that provides the latest features and functionalities that will optimize your daily business tasks. The main advantage of using such online invoice maker or cloud invoice generator is that you don’t have to be an expert an financial or any other sort of expert as they come with a simple, easy and intuitive user interface.

But, what are the important features and their benefits that could help your business get a leverage in this competitive age? Below, we have listed a few key benefits of using invoice/ billing software in your company.

1) Save Time

A quality invoice app can really help you be productive and save time as compared to manual bookkeeping. The cloud invoice system can actually process front end documents as well as keep the backend transactions intact.

2) Constant Financial Supervision

Certain invoice accounting software facilitates to do computerized bookkeeping and maintain financial records instead of manual accounting. These records can be retrieved anytime and enable the company to manage continuously track financial records.

3) Cash Flow Management

With online invoicing solutions, you can easily monitor and record account receivables and payables. This helps you to determine current & future cash flow and also keeps you in line with the late fees and overdraft charges.

4) Reduce Errors

One of the key benefit of using an online invoice maker is the ability to minimize mistakes in calculation especially, in drafting detailed invoices including specific items, worked hours, etc.

5) Tracks Inventory

You need to opt for such an invoicing platform that provides you with quality solutions such as tracking product inventory & gives up to date details on the stock. Calculating product inventory while order processing and intimating when the product is going to run out of stock are the few tracking features that come along with such software.

6) Actionable Reports

Leading invoicing solutions provides detailed reports of the business process including costs and revenue generation. You can also customize the range of such reports and insights. Moreover, you get the report of cost and revenue, Also, you can get handy information such as which customers are generating more revenue for the company, etc.

7) Anytime, Anywhere

One of the great advantages of using cloud invoicing apps is that you can access your records from anywhere, anytime from your smartphone or smart devices. You can not only send online invoices but also can perform tasks such as viewing invoice & expense information, attach receipts, tracking billable time and more.

8) Keeping It Centralized

Online invoice billing software solution allows you to centralize all your business’ key processes such as payroll, invoicing, inventory management and more. This can help you make informed and smart decisions while operating your business more efficiently and productively.

9) Everything Accessible

While manual invoices can be lost, misplaced or hard to track down when in need. In such a scenario, the online invoice generator can store all the data and information securely in a remote location which you can access by ‘Sync’ option connecting with your cloud account. You can perform many tasks such as review, print or even re-send invoices if needed. Moreover, you can easily retrieve data also with the help of invoice numbers, name, total amount, etc.

10) Easy Tax Calculation

Invoice accounting platforms can automatically calculate tax amount that needs to get paid on each invoice. You can get a detailed report on the amount of tax for a given time period.

Conclusion:

Moon Invoice, a simple and easy online invoicing platform can streamline your entire expense management process with its ‘Payment Simplified’ feature. The feature can help you optimize, organize and can help you to take necessary action to get you to up to speed in terms of payments.

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.