The COVID-19 pandemic changed the way businesses do transactions with their customers. Businesses now need to leverage digital payments and contactless transactions. You also need a flexible and adaptive billing process to ensure you get your payments on time.
With the new normal in place, traditional billing methods might no longer be as effective. Fortunately, there are numerous tools you can use to accommodate your customers’ changing demands. So you should start reevaluating your current tools and strategy for a more efficient billing process flow.
With that, here are some ways on how to improve the billing process for the new normal.
1. Embrace digitisation
The new normal accelerated the bid for full digital transformation. Many businesses started migrating their billing and invoicing processes into virtual systems such as e-invoicing solutions. This allows them to ditch the filing cabinets and go completely paperless with their transactions.
By digitising invoices and receipts, you can make them even more accessible and shareable. You can store them in an electronic database where you can easily organise them and search for specific documents. Alternatively, you can place them in the cloud so you can retrieve your files through any devices connected to the internet. This will also allow you to share billing information with your customers.
2. Allow online transaction
According to the 2020 McKinsey Global Payments Report, 72% of consumers prefer contactless transactions. Instead of going to the store, they would rather use their smartphones or laptops to shop and purchase. Make your business more accessible to your customers by allowing real-time online transactions and payments.
Create an online payment portal that is connected to your eCommerce website or platform. This is where your customers can complete their purchases in just a few clicks. Just make sure that this portal is navigable and easy to use. Otherwise, you might end up frustrating your customers, forcing them to abandon their carts and look for a different brand.
Alongside an online payment portal, you should also leverage digital payment technologies that allow real-time payment processing. This will allow you to receive payments instantly while customers can see their progress through visual indicators, confirmation emails, and virtual receipts.
3. Offer multiple payment methods
The rise of cashless transactions means you need to start looking for alternative payment methods that are convenient for you and your customers. Fortunately, there are various ways of accepting digital payments. This includes credit/debit card payments, online banking, e-wallets, and even cryptocurrency.
Consider offering multiple payment methods to your customers. Having a range of options can be beneficial for both you and your customers. This will help you receive payments and process billings faster. Meanwhile, your customers have the freedom to complete transactions in whatever way they find the most convenient for them.
Most billing and invoicing software nowadays allows you to accept payment through different methods. Just make sure to choose one that is flexible and suitable for your business needs.
4. Automate where you can
Billing can often be a time-consuming and tedious cycle. But the slightest mistake in the process can have a huge impact on your business. Hence, you should consider automating your billing process to minimise errors and save up time and effort.
Invest in software that can automate certain aspects of your billing and invoicing. For example, you can look for software that can automatically create invoices and send them to your customers after every purchase.
Another software you should consider investing in is a Receipt OCR (Optical Character Recognition) like Taggun. This allows you to convert text into scanned images or files into machine-readable data. It leverages artificial intelligence and machine learning for higher levels of autonomy and reduces the human intervention required to digitise your billings and invoices.
5. Integrate your current programs
There are various tools that you can use to optimise your billing process in accounting. It would be a waste if you choose to limit yourself to just one type of software. Hence, you should consider integrating your chosen software with other programs to unleash its full potential.
For example, you can integrate your expense management software with a receipt scanning tool for a more accurate receipt and invoice data extraction. This will also automate data entry in your bookkeeping and accounting process.
Leverage the right software
Nowadays, businesses must embrace full digital transformation if they want to survive the new normal. This means implementing digital billings and invoicing and adopting online transactions. And with the rise of automation and software solutions, you might be wondering, what can you do with accounting degree?
A software can only be as effective as the person using it. Hence, it is important that you hire or work with experts who can make sure that your billing process goes smoothly. And with the right software, you can future-proof your business and face the new normal.