Home Accounting and Inventory What is a Billing Software? – How Does It Help Small Business in Finances?
Online Billing Software - Khatabook

What is a Billing Software? – How Does It Help Small Business in Finances?

by Khatabook

What is a Billing Software?

In any business, small or big, there is a need to prepare a bill for various reasons. Bill is a written document that contains the details of the goods sold or services provided to the customer. Bill is prepared by the service provider and handed over to the buyer. In the olden days, bills were manually prepared by entering all details related to every business service. But with the advancement in technology, you can make use of a billing software which will help prepare your bills, speed up the process and improve accuracy as well. 

Essential details in a bill will include the seller and buyer name, address, contact details. The bill number for easy tracking, the product sold or service offered details including the cost, tax details, and the payment instructions.

Features Offered By Billing Software

The online billing software available in the market offers several features that make the life of the business easy.
You only have to install the software once and you can keep generating bills in the future.

  • Invoice generation – It is the basic feature of every billing software in India which will create a professional invoice by extracting the project, time, and customer details. 
  • Customer record creation – Some advanced billing software help in summarizing the customer’s details and the purchase information. The smart system will segregate the details under the name of each customer for easy retrieval and reference. 
  • Processes credit cards – A billing software, custom made for a business like a restaurant will process the credit cards and provide a reminder on due payments as well. 
  • Customized templates – This feature will allow the business to prepare invoices and customize it based on customer needs and specifications. Thus this one time exercise will make future billings quick, and accurate.
  • Tax report generation – The best online billing software must be able to generate tax reports. The dependency on any external system to generate a tax report can be curtailed with the help of this feature.

GST Billing Software 

It’s been 3 years since the Goods and Service Tax (GST) was rolled out by the Indian government and small businesses want to set things in place to manage their taxes. GST ensures a very minimum cascade of taxes making it an anti-inflationary method. There is a huge cost reduction in carrying out a business with the help of GST.

 The free GST billing software allows users to calculate the GST and file tax in no time. Time has come and it is a must that all businesses present GST invoices for every business transaction. 

How to Choose the Right Free Billing Software? 

  1. Make sure that the software is secure and will it maintain your information confidential.
  2. Next comes the accessibility. One must ensure that the billing software is compatible with different platforms and can be accessed via laptops, PCs, smartphones irrespective of the operating system.
  3. Then is the ability of the billing software to integrate with the existing ERP and other software to keep the business intact. 
  4. It must be able to fetch all tax-related details and save the time of the business in accounting. A smart system is important. 
  5. Finally, check if it is lightweight and responsive allowing even a layman or a naive person to learn using it quickly. 

Benefits of Billing Software for Small Businesses

Billing software will not only provide automatic billing but can also help in numerous ways. Such as to handle the financials better and to make every small business profitable. 

Cost-Effective

There are many free online billing software that saves costs and are ideal for small business players. But apart from that, these can reduce manual entry time, and thus you won’t need to hire a person exclusively for that purpose. Therefore, you save the cost of human resources as well. Generating an accurate bill at the cost of nothing is a boon to the business owners

Intelligent Management System 

The details of each customer can be updated on the software just one time and the customized solution offered by the software will pick up details from the next time onwards. This will allow the business to stop focusing on trivial things like entering the customer address, and other personal details every time which is a must in manual entry. This also saves time and a lot of effort, making it an effective management system. 

Error-Free 

System calculations are error-free in this online software. The only possible error that can happen is when the data is entered into the system. But the smart features of the billing software will extract data from the customer file online. Hence, calculations take place without any errors making it a hassle-free process.

Safe & Secure

The online systems are secured and all these software are encrypted which will not let any confidential details go out. Both the business and the customers can feel assured about data security. 

Compliance Adherence 

When the software generates GST bills, there is no fear of noncompliance from the government rules. This will make you feel confident about expanding the business without any anxiety and also will enable you to apply for government loans etc.  Setting up things right at the beginning is a must for a successful business journey. 

Earns Reputation 

Having said that the billing software offer cost-effective, accurate, and quick bills, you can certainly earn goodwill with your customer. Happy customers are your brand ambassadors who will refer you with many more business opportunities. You can retain the existing customer and add more clients with their references. With the help of the billing software, the business financials increases both directly and indirectly. 

Final Suggestions

To start with, one can try using GST billing software free versions and that will provide an idea about how it can be used. Further, all the benefits listed above can be enjoyed and that will prompt you to rely on the best billing software which offers many features without any limitations. In short, you can enjoy a hassle-free, cost-effective, accurate, and quick billing with the help of the online billing software.

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