Online Invoicing Portal: A Small Business Guide

Eleven to fifteen hours. That’s how much time small businesses are likely to spend on financial processes like invoicing every month.

Think of all the other things your company could achieve with an extra 15 hours added to your work time (maybe longer coffee and tea breaks?)

By switching to an online invoicing portal, business owners can optimize operations for increased productivity. In this guide, you’ll learn trusted tips for choosing the best online invoicing software for your small business.

Key Takeaways

• An online invoicing portal reduces time spent creating invoices and improves billing efficiency.
• Enabling customers to pay online can improve client satisfaction.
• Consider integrations, payment methods, and user-friendliness when choosing a payment portal.
• An online portal helps you track and record payments for simplified bookkeeping.
• A streamlined payment system reduces payment barriers to help you get paid faster.

Table of Contents

• What is an Online Invoicing Portal?
• When Do You Need an Online Invoice Software?
• What Should You Look Out for When Choosing the Best Online Invoicing Portal?
• What are the Benefits of an Online Invoicing System?
• Why Choose FreshBooks for Your Online Invoicing Needs

What is an Online Invoicing Portal? 

An online invoicing portal is an automated system for generating and processing invoices. Switching to an electronic invoice system translates to improved efficiency and fewer invoice disputes.

Whether you handle a few transactions or large volumes of client billing, invoicing can be a chore. 

The right billing system takes care of tasks like client support, tracking payments, and invoice delivery, which frees up time for companies to focus on their core operations. It allows businesses to send out custom invoices or request advance payments from their clients.

When Do You Need an Online Invoice Software? 

At the early stages of your business, you might be able to pull through without invoicing software. However, as your operations expand and the company acquires more customers, an electronic invoicing system becomes a must-have.

Specifically, you should invest in an online invoicing portal if:

1. You’re tired of manually creating reports for clients and other billing paperwork. 
2. Your accounting team is overwhelmed with client requests and financial transactions. 
3. It has become difficult to track payment status and update your financial records on time.
4. The business experiences high volumes of disputed invoices on an ongoing basis. 
5. Employees spend many hours creating payment backlogs and chasing unpaid invoices. 
6. There is confusion in your current invoicing process, and clients are constantly asking you to resend billing information, transaction documents, and other details.

In summary, if you need a more straightforward way to send and process invoices as well as receive payments, then an online invoicing portal might be one of the most significant additions to your business. 

What Should You Look Out for When Choosing the Best Online Invoicing Portal? 

Every small business has its unique needs and goals. 

For example, you might be looking to ramp up sales for existing customers while another company is focused on brand visibility. Specific business objectives should guide your choice of the best online invoicing software. 

Here are some other things to think about when choosing the right portal:

1. Choose a portal with a simple but stylish interface.
2. An invoicing platform with a customer payment portal for client support is an effective solution for fast payments.
3. Choose an invoicing tool that allows you to set automatic payment reminders, duplicate invoices, and send recurring bills and receipts. 
4. Go for an accounting invoice software that supports applications and integrations you already use in your business. For example, some platforms work with online payment processing portals like PayPal and Stripe. 
5. Invest in a billing portal with an automated payment feature. 

If you want to know which software is right for your business to create invoices and collect payments, you can read our article on the best invoicing software.

What are the Benefits of an Online Invoicing System? 

There are many benefits of utilizing an online invoicing system for your business, and they aren’t limited to the easy way of sending and tracking invoices. 

Here are a few reasons why you might want to adopt an online invoice platform:

• Save time: Switching from paper invoices to an online invoicing portal means that you do not have to spend a lot of time on manual billing processes like printing and mailing invoices to your clients. 
• Resolve disputes: It helps you resolve invoice disputes on time by serving as an effective communication channel. 
• Track invoices: A cloud-based invoice portal provides an easy way to track and record online payments in real time. 
• Cut costs: Utilizing an online platform helps you to cut down the cost of processing invoices. 
• Some invoicing software comes with several customization options that allow you to align your invoices with your brand image. For example, you can add your business logo and colors to your online templates for bills and receipts. 
• The right invoicing software is an invaluable tool for understanding consumers’ preferences and behaviors.

Why Choose FreshBooks for Your Online Invoicing Needs

An online invoicing portal helps small businesses improve their efficiency by reducing the time and energy spent generating and processing invoices. It also improves accuracy by minimizing the risk of manual error, reducing the likelihood of invoicing disputes and helping you get paid faster.

FreshBooks invoicing software helps you create professional invoices in minutes. Discover helpful invoicing features like:

• Invoice templates for different industries, so you can create the perfect invoice in minutes.
• Create invoices with custom details like logos and messages to help build a personal connection with your clients.
• Digitally share estimates and invoices with clients, which speeds up the approval and payment process and boosts client satisfaction.
• Send automatic payment reminders to encourage clients to pay on time.
• Generate recurring invoices to save time on invoice creation for repeat clients.

FreshBooks invoicing software pairs perfectly with FreshBooks Payments to help you accept payment online. With options for credit, debit, and bank transfers, you and your clients can enjoy the convenience of online payments. Simplify your invoicing process, build customer loyalty, and make collecting payments a breeze with the right online invoicing software for your small business.

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