An invoice is a document containing a list of items purchased. It basically records a transaction between a buyer and a seller. A business owner may send invoices to vendors as well as receive them from suppliers. So, he may have to manage invoice properly to have a consistent cash flow.
Imagine a small business owner named Alex who has a jewelry shop. His business has been growing considerably, and now he needs to manage multiple vendors and suppliers together. This means now he has to deal with multiple invoices.
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Here are some of the most common challenges that Alex might have faced while managing invoices manually.
- He may find himself missing invoice due dates as his manual method does not give any alerts. This may result in delayed payment and might considerably affect his cash flow.
- Since now there are more invoices to deal with, there are possibilities of errors such as incorrect amounts, incorrect client details, etc. This can create frustration in clients and can break their trust.
- As Alex’s business grows, his number of clients may grow, making it difficult for him to track payments. He may get confused about who has paid and who has not. Each time, he may have to cross-reference with his spreadsheet, which is inefficient and prone to mistakes.
- During tax filling, Alex may find difficulty in gathering all the necessary financial information. His manual system may not provide a record of his income and expenses.
Having proper software that assists in managing invoices is important, especially if you own a small business, like a jewelry shop. Zil Money is such a software that can help you with this. The platform lets you create and send invoices digitally without any effort. You may also make invoice payments with the cloud-based platform. Payments can be made via ACH, wire, checks, and many more.
With the cloud-based platform, you can make accurate invoices that are trackable. This helps you to have a clear idea of where your money is going and from where it is coming. Also, the platform helps in tax filling and is also able to adapt to changing demands.
How Do I Create and Send Invoices?
Creating and sending invoices is easy and effortless with Zil Money. All you need is a subscription, and the rest is a breeze. Follow the given steps to manage your invoices efficiently.
- Tap on the Receivables options from the side panel and then click on invoices.
- Click on the New button to create new invoices.
- You can then add all your invoice details, such as invoice number, on the dialog box that appears.
- You can even enter the tax details and add attachments.
- After data entry, you can either save it or send it right away
- There are two options for sending an invoice: mail and email.
- After the invoice has been created, it will appear under your invoice list.
- From there, you can print, send them via email, SMS, or mail, and even delete them.
- The platform even allows you to import invoices from third parties.
How to Receive Invoice Payments?
About 9 in 10 Americans use digital payments. One of the most commonly used digital payment methods is payment links. Payment links are becoming more and more preferred in the US, especially by small business owners. This is mainly because of the convenience and simplicity they offer.
You can receive your invoice payments from customers and vendors directly by sending them payment links with Zil Money. You can send a customized payment link along with your invoice using the platform via email or SMS.
The payment link that you have provided to your payee will lead them to a specific online checkout page. From there, your payee can pay via their preferred payment option. This gives your customers the convenience to pay from anywhere they are.
Zil Money lets you receive payments immediately. Even if you receive payments via checks, you can easily print them on blank stock papers using the platform. The platform lets you print checks on blank stock papers.
How to Make Invoice Payments?
There are multiple payment options available on Zil Money, with which you can pay your invoices to suppliers. Below are the most preferred:
Credit Card: A recent study shows that 32.6% of consumers’ monthly purchases are made via credit card. Moreover, you can observe that the number of people using credit cards has also increased. Studies show that people using credit cards for making purchases have grown from 22% to 39% over the past seven years.
However, credit cards come with significant drawbacks for the payee. Most vendors do not promote using them since they, have to pay transaction fees while receiving card payments. This is where Zil Money helps you. The platform acts as an intermediary between you and your vendor. You can send card payments to the platform, which helps you to earn rewards. Then, the platform will send your money to your payee via the method you have opted for rather than a card. This helps your payee to receive money without paying transaction fees.
ACH: According to NACHA, the regulatory body that monitors ACH transfers, the number of usages of ACH is increasing. As per their studies, there were 8.3 billion number of ACH payments in the second quarter of 2024. This figure is a 6.3% increase when compared to the total ACH payments the previous year around the same time. Zil Money is an official member of NACHA, so making ACH payments via the cloud-based platform is convenient and affordable.
There are also multiple other options with which you can make payments using the platform, such as wire, checks, etc.
Conclusion
Managing your invoices is important to have a consistent cash flow in your business. If you own a growing business like a jewelry shop, you may have a number of invoices to deal with. You can find a solution for your invoice management by using Zil Money.
The platform offers a user-friendly interface with which you can easily create and send invoices. You can receive invoice payments via a number of methods with the cloud-based platform. The all-in-one platform also allows you to make invoice payments to your suppliers easily. You can select from multiple payment options such as ACH, wire transfers, check, card, and more.
