Running an IT company with a large number of employees and processing payments, such as vendor payments, can be one of the most difficult and exhausting jobs. Over 48% of businesses have 500 invoices each month to handle. One little mistake in managing the invoice payment can lead to a huge mess and mix-up, resulting in complications and serious relationship issues with your providers and vendors.
For any business, including IT firms, it is good to automate the process of invoice generation. Imagine how difficult it is to write invoices and keep records manually. 66% of businesses take more than five days to process invoices alone. It is such a wasted effort and leads to missed opportunities.
In this evolving digital landscape, more businesses are pressured and demanding to make automated invoices. Considering the efficiency, speed, accuracy, and convenience, automating invoice generation is cost-effective, productive, and simpler than writing and generating invoices using traditional methods. The cloud-based platform allows you to manage invoice for your IT firm accurately without the help of a third party.
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What Is Invoice?
An invoice is a formal document provided by the vendor to their customer that includes details about the quantity and price of the purchased item. If your firm buys eight computer systems for the employees, the seller provides a document with the details. Invoices can be used as a legal record to show the payment has been made.
Zil Money allows your firm to create and send branded payment requests to your client and collect them electronically. You can send an invoice request through email or SMS. Also, you can avoid keeping long paper records of invoices.
Payment Challenges Faced by IT Firms While Managing Invoices
Late Payments:
Delayed and missed timely payments can affect the payee-payer relationship. Inadequate internal processes and lack of coordination and tracking can lead to late payments in IT firms.
Complex Payment Process:
With lagged invoice approval processes or outdated accounting software, the firm faces difficulty in the process of payments.
Cash Flow Issues:
When a firm has a large employee count, meeting everyone’s payment at a time can be hectic and impractical. Also, the company might experience insufficient funds and cash flow issues while making payments.
Fraud Risks:
Creating fake invoices, identity theft, or missing invoices is a sign of fraud or data loss. It can lead to severe financial loss and sensitive data breaches for your IT firm.
Benefits Of Using The Platform To Manage Invoice
With flexible payment options and features like payroll by credit card and paying the vendor with a credit card, Zil Money is a customer-friendly platform to enhance your company’s invoicing management.
Flexible Payment Options
Your IT firm may provide software development services to many clients. To provide these services the firm rely on a third party and at the end of each month they issue the invoice. You may not have the payment option they provide to conduct the transfer. The issue can limit the number of customers you get because you do not have a preferable payment method.
The platform allows you to make payments according to your and your payee’s choice. If you need to make a payment using a credit card and they need to receive it as ACH, you can make the payment through the software. Zil Money offers payment methods such as wire transfer, same-day ACH, virtual cards, check payment, eCheck, and payment links. Every transaction is affordable and secure, allowing you to sit and enjoy the payments without trouble.
Payroll By Credit Card
Timely employee payment is one of the best and most professional manners any business or firm should follow. It helps the employees to work harder and more loyally without having any personal or work issues.
Every business may be unable to pay every employee on time due to the lack of funds in their bank account. In these situations, Zil Money offers a payroll by credit card feature, where you can pay your employees with a credit card. One of the best features is that the payee does not have to pay the merchant fee for credit card transactions. Through the platform, the firm owner can make credit card transactions and earn reward points on each transaction.
Receive Payments From Your Payer
You can receive payments by creating payment links through the platform. In a few steps, you can create a payment link with the amount and name. The payment link can be sent through email and SMS as a one-time or recurring link. The sender can track and know the status of their payments. When your firm needs immediate and flexible payment, payment links are the best choice.
Pay Vendor With A Credit Card
Have you ever needed help with making instant payments to vendors? Like during cash flow issues or a lack of liquid money? You can say bye to all such challenges. Zil Money allows you to pay your vendor with a credit card without merchant fees. You can process the payment from your home or the office without any waiting time. The software allows you to import invoices easily from other software and make vendor payments on time for everyone.
Conclusion
No matter the size of your IT firm, you can instantly and simply manage invoices at one stop without any cash flow issues. To enhance your financial management, using Zil Money is highly recommended. With its top-notch payment features and credit card facilities, you can ensure your firm never runs out of money. Start enjoying your vendor, employee, and supplier payments today with the platform.
