Instead of relying on paper billing, manual spreadsheet-based billing adopting modern
billing techniques such as cloud billing software will go a long way in improving
customer experience. Not only does invoice automation ensures prompt invoice delivery
to the customers, but speeds up the sales process, delighting customers and improving
their experience. This will help you in building a long-term relationship with the
customers that will significantly improve loyalty and growth prospects of your retail
business.
Billing software has helped many businesses with faster billing, as we can see in
every store there is always a queue that makes the task hard for the employees and
makes the customers impatient.
In this article, we will answer the question – what is cloud billing software –
and go beyond its definition and through its features, advantages, and benefits
Everyone has been talking about “the cloud based billing software” But what does
it mean?
In simple words, cloud based billing software means online billing. Instead of accessing
the software from your computer’s hard disk, you access it using the internet.
In other words, cloud billing may be called as billing that is based entirely on
the internet. As in the past, where people needed to run programs or applications
from software which would be downloaded from a server or a physical computer, cloud
services help them to access those applications through the medium of internet.
Cloud POS software , integrated with POS hardware, uses an internet infrastructure
to access data via a remote server. In other words, the data stored in your POS
system can be automatically backed up and synced, making it easier to protect and
update information.
The reason for switching to cloud based billing system software
Outdated systems might not be equipped with automatic cloud backup capabilities.
This might lead to loss of critical business data. Older systems also were not quite
developed to help you access business reports and data on-the-go.
Owing to lack of cloud-based backup and retrieving features, your existing system
might not be of much help in the modern world. Real-time data analysis and reporting
are quite difficult with old billing software as they cannot process and give you
access to data, whenever and wherever you need.
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Save Money and time:
Cloud based billing software can significantly reduce costs because cloud eliminates
the need for physical or hardware storage and doesn’t require additional IT professionals
for equipment maintenance.
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Improved Reliability:
Operate in offline mode automatically when you lose Internet connection. Each device
runs independently even if the internet is down.
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Security:
Physical storage devices are prone to a system malfunction, a hazard that is overcome
almost entirely when you move to cloud storage. While nothing is 100% secure, the
cloud does offer the safest available way to store data which also comes packed
with a wide variety of backup and disaster recovery provisions so that even if a
mishap does take place, your data would stay untouched.
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Collaboration:
With cloud based billing software scattered groups of people can access data and
information in real time and through centralized storage, thus improving the collaboration.
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Auditing:
Online Billing Software allows you to save everything. Your estimates, invoices,
expense receipts and any other related documents are online and in centralized storage.
Benefits of cloud based billing system
There are many
benefits to a cloud-based billing software . It is simple to implement,
easy to access billing system , very flexible and
is reliable in terms of backing up data. Implementing this system does not require
extra hardware or software. Here are some of the advantages of a cloud billing system.
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Online Storage:
With a cloud based POS system, data is always saved online, which makes the system
safer. Additionally, as everything is automatic, you don’t need to worry about where
and how often your data needs to be backed up.
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Automation:
With online billing consolidated sales, customers, inventory, payment, and expense
information for any location with our innovative real-time data synchronization
mechanism, as if it is a local store. No need of day-end process or manual upload,
download or reconciliation.
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Any time access:
As all data is saved instantaneously in the cloud, you can track sales as they happen,
update prices and place orders wherever they are – all you need is an internet connection.
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Reduce error:
One of the best features of cloud
invoicing is that you no longer make mistakes while calculating VAT and
currency rates. The cloud application will do that for you instantly! Eliminate
typos that leave you exposed to your customers and focus on more important things.
One of them being collecting receivables from your customers.
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Detailed Reporting:
Online Billing Software provides reports
in cash flow operations per period, client, and type of transaction. You can export
these reports, store them on your computer and edit them any way you wish.
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Centralized CRM:
Analyze consolidated customer information to get more insight into your customers’
buying patterns, preferences etc. This will help you to tailor offers and promotions
for across the stores or region wise to increase customer footfall and revenue.
Run SMS or Email promotions from the software.
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Control & Track Inventory Movement:
Move stock between stores or your warehouse with stock transfers, and quickly perform
inventory lookups across all your sales channels. Transfer centrally or at store
level in real time. Inventory system in cloud billing software automatically
generates purchase orders and transfer orders based on inventory levels.
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Accounting:
Acknowledge trial balance, balance sheet or P&L account in a single click. Capture
all the expenses that take place at your business. Ledger defines where you have
spent and how much. With error-free data, tax calculation and bank reconciliation
become much easier in the financial year-end. A clear picture of your profit and
loss helps you to understand how much to invest in future aspects. Download or share
this finance reports with your business partners anytime.
Conclusion:
As we know by now, the cloud based billing system is extremely beneficial for the
businesses and it's user-friendly. Above mentioned are few & examples of how various
businesses are getting benefits of cloud billing software.
Many businesses are under the impression that implementing cloud billing software
means ditching their existing system entirely and trading their traditional terminals
in for tablets and handheld devices. That isn’t true. Cloud computing doesn’t have
to be a huge undertaking. It can be as simple and seamless as your retail or restaurant
business requires. Cloud based billing software can be integrated into your existing
system to increase the security and visibility of your restaurant or retail store’s
information.