The current scenario of e-invoicing market is flooding with so many e-invoicing providers, which gives today’s businesses with many options to choose from a variety of these online invoicing service providers. What is more imperative is to evaluate criteria based on which you can take a decision to choose a new provider.

If you agree with all the following points that we have listed below in this blog post, then it is time for your business to replace existing invoice software with such a robust, simple and multifarious invoice generator platform.

1) Business standing & expertise

You’ll need to first check the competitive stature of the invoice maker company in the respective industry. You can base your overall impression by looking at how they present & promote themselves in terms of industry expert, integrate their IT-business-compliance knowledge and their involvement in the market.

2) Network size

Network size of the invoicing platform can be considered based on many factors such as their lasting relations with the clients, assurance via case studies and references, etc. Moreover, check to see their global presence within the community and interoperability policy. Additionally, the company’s success stories and their global coverage also adds value to the network size.

3) Company reliability

It is vital for you to select an invoicing solution provider based on their product investment and how long they have been existed in the market and give importance to their invoicing platform? There is no point in investing in an online invoicing app if their product is not built for long-term sustenance. Look into the company’s financial records to draw your conclusion.

4) Invoicing features & functionalities

Since you are going to invest in a new invoicing solution, it is essential to check that the new product not only provides more benefits than the current invoicing software but also can adapt to your growing business need. Check whether the invoicing solution supports multiple platforms and can blend with easily with your business process flow? The bottom line is that the new invoicing service should get you cutting-edge features that will add value to your business.

5) Compliance

Your new e-invoicing solution should adhere to the compliance and other statutory guidelines to make sure that the transmitted document’s data is sent in the utmost safe and secure environment.

6) Support & Maintenance

This is one of the key factors to check with your new online invoicing application that whether they provide you with maintenance and support. Make sure to have dedicated team support with a proper understanding of the product so as to help you in setup or with any updates or issues.

7) International Service

As the businesses have gone global and catering to their clients and customers from around the world, it becomes cardinal for you to check up on international certifications. Also, check up on the features and functionalities that support the international business’s financial and managerial operations.

8) Meeting SLA

Does the new e-invoicing service provider provide supports outside of business hours? Do they take care of system updates, maintenance, etc? You’ll need to check all these information in details before opting for their services.

9) Contract Terms

A good and professional contract should cover all the necessary terms and conditions of SLA requirements. It should specify in detail about the support & maintenance, financial fee structure, cancellation policy, etc.

10) Pricing

Pricing is a crucial factor and improper documentation can lead to discontinuing of the services. Hence, it is of critical importance to draft all the pricing structure, billing procedure & payment details are mentioned up to the mark.

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.

Few of the ‘Payments’ features at a glance are- Bill In Any Currency, Multiple Payment Methods, Taxes & Discounts and many more…

Conclusion:

Shifting your e-invoicing platform is not a small matter and the above-discussed criteria will help you in narrowing down to the one that suits best to your business need. The invoicing market is changing very fast and in such times, it is necessary for you to select a service that does not only fulfills your current business need but also can adapt to changes and upscale over time.

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.