Leaving a paperless trail has become a trend in invoicing, and for good reason. With your billings stored digitally, you won’t have to deal with missing invoices or find an otherwise relaxing gust of wind as a source of headaches. An accounts receivable software comes as the tool for the job. The software streamlines payment cycles and automates collections, allowing you to store invoices and record transactions on your computer.
A program like Invoiced does even one better. It acts as a payment and billing solution, customer profiler, and a payment tracking portal rolled into one platform. And these go on top of its invoicing function. The software ensures that the numbers on your financial statements tally at all times. Best of all, Invoiced has a free trial to go along with two of the paid plans.
In this article, we will cover Invoiced pricing plans and the features that come with each. How some of the functions apply to businesses will also be tackled. By the end of it, you will know which plan is the most beneficial for your operations.
Besides the preparation of invoices, recording transactions digitally using spreadsheets is a tedious process. A few transactions are manageable, but for big businesses with busy daily cashflows, it takes a lot of time. The likelihood of committing errors goes even higher when collecting payments. Adjustments need be made since, according to the Export-Import Bank of the United States, 60% of invoices are settled late.
With an accounts receivable system, all transactions can be performed digitally. The software serves as a payment portal for credit cards and integrates with online services like Paypal. Since every industry deals with financial transactions, most businesses will benefit from the manner it simplifies cashflows. It ensures that not a single transaction is missed and addresses a lot of other invoicing problems.
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Aside from providing invoicing solutions, Invoiced doubles as an automated payment processing system. It handles your cashflow like a financial manager, keeping track of every transaction from invoicing down to payment collection.
Invoiced is an accounts receivable automation solution that streamlines the billing and collection process. Designed as a cloud-based system, the platform acts as an automated billing scheduler, allowing you to preset invoices and map out your collection schedule. It can also consolidate repetitive tasks and has custom features that accommodate various cashflow models. So whether you’re a boutique firm, a mid-sized company, or an enterprise, the software has available solutions for your business.
Navigating its functions is easy, with the collection and customization tools neatly laid out on the dashboard. The platform carries four basic modules, namely Invoice-to-Cash, Subscription Billing, Payment Plans, and Customer Portal. In those modules, you can prepare and customize invoices and view the transactional history with your clientele. Dealing with numerous transactions can be a pain, so the platform runs the data by user-assigned metrics to populate reports like the promptest payers as well as the most delinquent ones.
To provide a variety of payment channels to your customers, Invoiced links with multiple online payment systems. This way, your clients can settle their dues via credit card, debit card, or Paypal. The platform also allows automatic payments, much to the convenience of both the seller and the buyer.
Since billing is closely linked to accounting, Invoiced integrates with popular accounting platforms like Quickbooks and Xero so that facts and figures are painlessly migrated to your financial statements.
Although all of Invoiced’s plans are paid, it has a 14-day free trial for both the Basic and Advanced packages.
Detailed Invoiced Review
Detailed Invoiced Review
Invoiced’s Basic plan is packed with all the system’s core features such as invoice management solutions, automated dunning, automatic payments, and its variety of payment channels. Even though the plan takes in only five registered users, it serves up to 100 customers, which is ideal for startups and small businesses. The plan is priced at $100 per month while adding an extra user costs $25 and an extra customer $2. It has a free trial so you could get acquainted with its features prior to purchasing the platform.
With the Basic package, users can streamline their collection cycle with no hitches. They can build their collection schedule through the system, accounting for the payment dates of their clientele. In doing so, no payment is forgotten or left uncollected. You can also create invoices, view the payment history of each client, and digest reports documenting payment promptness. The different modes 0f payment affords convenience to your clients, ensuring that your business will get paid on time.
A lot of new businesses don’t inherently possess a billing system. Typically, they rely on the details of deals noted on paper, their online commerce sites, or email. The same goes for the inflow of money through their sites’ payment portals. This is manageable when dealing with just a few transactions. However, when the business starts gaining traction, the number of payments to track down or collect multiplies exponentially. Of course, this is a good problem to have, but still a problem nonetheless.
Invoiced solves the said concern with its billing scheduler and its Electronic Invoice Presentment and Payment (EIPP) tool. You can run every transaction through the EIPP, which records the details on the system. Meanwhile, you can build your collections calendar with the scheduler to be on top of every transaction. This creates a workflow that a business can leverage until it decides to scale up operations.
Since billing is directly connected to accounting, you might want to check some of the best accounting software on the market.
Ideal for medium-sized businesses, the Advanced plan comes with a monthly charge of $500, billed annually. It takes in 10 users and up to 500 customers. Additional users cost $25 per head while an additional customer yields a $1.5 fee. Also, you have the option to have the plan billed monthly at $600 per month. You can avail of the 14-day free trial if you prefer to get acquainted with its features first before deciding on whether to buy or not.
On top of the Basic plan’s features, which it carries, the Advanced plan allows users to automate their customer’s bank feed. This lets you cross-check with the bank if a payment has been credited to a customer. The plan also provides customization options for email and advanced solutions for subscriptions and remittances. Businesses with a recurring client base, such as consultancies, ad agencies, and cable companies, will benefit from the extra features.
Among the industries that will greatly benefit from the Advanced plan is publications. A magazine, for instance, can input its subscribers in the system, with their respective plans accounted for through its subscription tools. With those, the pricing differences of the plans are recognized by the system and treated accordingly. Meanwhile, the metered billing function can be used when clients commission them to produce digital campaigns, an extra service afforded by some magazine brands.
Invoiced’s coupon code modality is also useful for publications in regard to special issues with limited runs. By affixing a code to each copy, companies can track down the sales and performance of the magazines. This can help them with future promos. After all, they can apply a similar strategy, say, the inclusion of inserts or limited covers, if it proved to be a success previously.
Invoiced’s Enterprise plan is reserved for enterprises that regularly experience a high volume of sales. Weaving through hundreds or thousands of daily transactions across various product lines is a confounding process even with the presence of automation tools. In light of this, Invoiced beefed up its system by adding functions like consolidated invoicing, multi-entity support, cash forecasting, and CashMatch for unapplied payments, among others.
CashMatch lets users match payments with a ton of open invoices, assuring the inflow of cash even for transactions lacking invoices. Transactional data is then received then stored by the system. Invoiced ‘s Enterprise plan also enables more integrations and lets users custom payment rules. Its pricing is based on the scale, nature, and cashflow of your operations. You can request a demo from Invoiced and contact them for a quote.
With Invoiced supporting multi-entity entries and acting as a custom payment gateway, large retailers can make adjustments to their billing cycle to address the heavy inflow of cash. Transactions with incomplete info can be matched with open invoices while huge bundles of invoices are consolidated in the system.
This reduces the confusion in the cash flow, especially for businesses dealing with vast product lines. Users can focus more on boosting sales and marketing rather than organizing information. In addition, accurate transactional figures lead to far fewer problems in accounting.
Invoiced designed its plans to address the needs of businesses based on scale. The Basic plan works best with small businesses and startups but is not limited to those. If your company lacks the framework for organized cash flow, the plan’s core features and reasonable pricing assuage that said need. Medium-sized businesses or those that mainly work with recurring customers, on the other hand, are better off with the Advanced plan. Its subscription features and functions for automation consolidate data for repeating transactions and larger sales influxes, respectively.
Enterprises will greatly benefit from the added layer of automation and support provided by the Enterprise package. Functions like CashMatch and custom payment solutions streamline complex cashflows. Moreover, the plan comes with free onboarding and training, so you won’t get lost with the accounts receivable software’s functionalities.
While Invoiced’s plans are a bit pricey, the list of invoicing solutions they provide ensures that your business always gets paid on time. Also, undocumented inflows of cash can be matched with open invoices or prompt you to create one for them. The order that the platform imparts and the cash it assures your business make it a worthwhile purchase. It’s on the money in collecting your money.
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