How Far Online Invoicing Has Come, How Long to Go?
- Global E-Invoicing Market Will Reach USD 20,529 Million By 2026: Zion Market Research.
- According to the report, the global e-invoicing market was valued at approx $4.6M in 2018.
- It is expected to grow at a CAGR of 20.4% between 2019-2024.
Online invoicing has become one of the most go-to yet granted tools nowadays. Every day we send multiple invoices to clients worldwide. But how many times have we literally adored the software that has made lives so convenient?
Invoicing has never been so easy. It evolved step by step. It is still evolving.
Today, in the world when you are making full use of an automated online invoicing software, which is fast, smooth, and easy, it evolved from a fascinating invoicing history of technological innovations.
Fun Fact- Invoices are nearly as old as human civilization. This written piece of document for customers is being served for thousands of years. Throughout time the basic format of invoicing has not changed even a bit.
But, the biggest innovations in the world of invoicing has come recently, post the development of technologies and the internet. Both of these have made it a matter of seconds to send invoices across the world. It wasn’t even imaginable a decade ago.
So, what led to superior development and what is predicted to be in the future of online invoicing? In this blog, we will acknowledge the various steps of online invoicing.
The Evolution of Online Invoicing
E-invoicing, the forerunner to online invoicing is not a new phenomenon. Paperless electronic invoices have been around for more than 3 decades. But, they used a complicated, rigid electronic data interchange to function. It regularly required a dedicated communication system between the trading partners. It was not every adaptable, limited, and expensive to be invested in. Thus, not a much-chosen format.
Later, with the growth of the internet and technology different forms of electronic invoicing formats came into existence including EBPP/EIPP (‘electronic bill/invoice payment and presentment)
However, in the initial years of the 21st century, big business giants started looking out for processes to streamline their cash flow activities. But, at this time there were no strong security guidelines, formats, or frameworks.
However, soon reliable internet connection and usage of personal computers received acceleration in acceptance and more strong frameworks for online invoicing were being created. Being especially case in the European Union, it led to the massive advancement in the field of online invoicing.
The major driving force that was behind the massive acceleration in this particular field was to reduce the involved costs, that were relatively very high, and labour efforts. From the beginning, online invoicing was considered to be a cheaper and more reliable alternative to manual processes.
In the last decade, the constant growth and evolvement of the internet, online invoicing touched varied aspects of growth and advancements. Today, cloud-based billing software has made it so easy to record, validate, analyze, and share data. It has become an integral part for enterprises, small businesses, or even freelancers (who sign up and use its benefits online).
The Present of Online Invoicing
The technology of online invoicing has come a long way. With specialists like Invoicera providing its users an array of tools for invoice processing, payments automation, and workflow automation with the security of login and access. Online invoicing will soon become a norm for businesses to adapt and follow.
Invoicing online, being a cost and effort saving method, is widely chosen by freelancers and small businesses to save extra margin in profits. It saves money spent on papers, letter,s envelopes, stamps, postage, and more.
Overall estimation of a decline in the usage of paper in the accounting department is above 80%. Therefore, making invoicing more environment friendly.
Another major benefit of online invoicing is speed. You can get an online invoice created, generated, approved, and sent within a few minutes. Moreso, check its status in real-time, ask for payments, and accept payment online so quickly.
Online invoicing software like Invoicera gives you access to multiple pre-designed customizable invoicing templates for flawless invoice creation. It also allows you to automate your invoicing for recurring clients to completely eradicate the hassle of invoicing from your day-to-day activities. Such advancements in invoicing make it a completely reliable and integral part of organizations.
Busy professionals find it completely convenient to automate their invoicing, expense management, AR & AP management, and revenue analysis with together packaged online invoicing software.
Today, businesses without an online invoice system find them in a stranded state sometimes as consumers are asking more and more of online invoices sent to their mailboxes nowadays.
What the Future Will Unfold in Online Invoicing
With the ongoing trend, online invoicing is expected to rapidly expand in the span of a few years. It is interesting to find out what the future will hold for this technology? With the recent government mandates for invoicing, online invoicing has become a major trend amongst business houses.
Online invoicing is more focusing on small businesses in the current period. The US alone counts 28 million small businesses running and rapidly accepting online invoicing for their processes. Small businesses demand a comparatively different version of online invoicing which is simple and fast.
Drawing a conclusion to an invoicing software to create a balance between the most demanded needs of small businesses and enterprises.
Online invoicing is expected to grow more with mobile invoicing apps to help managers calmly get over administrative jobs even while on the go. A clear inclination towards mobile apps is visible with number of downloads increasing.
How Invoicera Decoded and Framed a Perfectly Fitting Online Invoicing Software
Invoicera is one of the leading online invoice software in the market. The cloud-based invoicing and billing software has catered to more than 3.5 million users around the globe since the past 16+ years. The software can be customized according to individual business need and works for Enterprises, Small Businesses and Freelancers.
The invoicing software offers many unique features customised to specific business needs of freelancers, small businesses and enterprises. It helps you to automate and simplify your business processes and communication with online invoicing and payments, expense management, recurring/subscription billing, client/vendor panels, time tracking, invoice approval process, multilingual & multi-currency support, staff permissions, financial reporting & analysis, purchase order management.
Features:
Invoice approval process/ customized approval process
Two-factor authentication
Multiple business access
30+payment gateways
3 layers account security
Staff management
A/R&A/P Management
Multi-lingual compatible Invoices
Services:
Online invoice software
Subscription billing management
Project management
Time tracking software
Custom workflow management
Expense management
Customize Invoicing solution
Multi- Business Management
Third-Party Integration
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