Why You Should Stop Using Excel for Your Invoicing?
Invoicing is a crucial task for all businesses. Whether it’s a product or service, whenever there’s a purchase or sale, invoices must be issued to facilitate accounting and remain compliant with the law and professional with your clients. Although it appeals to many entrepreneurs, a spreadsheet like Excel requires rigor and organization to avoid certain errors.
Here are the most common and troublesome risks you may encounter when using it for your invoicing.
Non-compliance with the Law
An invoice is a supporting document, but to be valid it must comply with a series of rules to meet legal requirements. This applies to all companies regardless of size, from corporations to micro-enterprises. A spreadsheet generally doesn’t account for these mandatory details. It is then your responsibility to know all the legal information that must appear on your accounting documents.
With tax regulations changing frequently, an online invoicing tool evolves at the same pace and is constantly updated by experts.
Risk of Errors
Each manually entered formula represents a risk: legal risk, inaccurate financial statements, false declarations, business decisions based on wrong figures, loss of client trust… a minor error can have immense repercussions on your business. Fines during audits can quickly become very costly.
An online invoicing software will provide consecutive invoice numbers automatically and convert quotes to invoices seamlessly ?
Wasted Time
Using a spreadsheet can cause real organizational issues that undermine your productivity, that of your collaborators, and your clients.
Information sharing is limited. It’s impossible to track invoices in terms of deadlines and follow-ups. ⏱
Storage
Saving professional invoices on your hard drive is a risky decision. In case of hardware failure, you risk losing track of all invoices you’ve issued or received.
The solution to avoid all this is to use online invoicing software like Wysii. You’ll be able to perform all operations related to each invoice in the same tool, from any device and at any time. Keep your invoices securely by backing them up on the cloud and almost completely eliminate the risk of losing invoices.
Saving Money?
You should also consider the efficiency gains offered by specialized software. Here are some features you’ll have difficulty replicating with an Excel file:
- Converting quotes to invoices;
- Real-time cash flow tracking;
- Simplified invoice management;
- Key performance indicators
- Electronic signature.
If you do the math, you’ll find that your investment in invoicing software will quickly pay for itself by fully utilizing the features it offers.
Conclusion
Although traditional methods may meet some of your basic needs, they can also cause inconveniences that can be avoided by using other reliable solutions.
Your time is too valuable to be wasted on a spreadsheet. It’s time to change your habits to focus on value-creating activities. That’s what you do best!
Does changing your invoicing system seem complicated? It won’t be if you choose Wysii, the online invoicing software that perfectly complies with Algerian regulations.
