1. Reduce Administration
Effectively managing cash flow means automating and standardizing your invoicing process, and effectively reducing administration overhead. Fast, efficient invoicing vastly reduces the margin for error compared to manually processing invoices from scratch.
2. Manage Subscription Billing
Companies that run subscription based services know that it can require a high level of administration to keep billing and invoicing processes efficient and well managed.
3. Minimize Errors
An efficient invoicing system will automatically compile costs and quotes, and then generate invoices from this data. This greatly reduces the number of people required to produce quotes, thereby reducing the chance for human error. This in turn saves your business time, which saves your business money.
4. Create Transparency
When a client or customer has a query about the billing process, it is important to have information easily accessible so you can provide answers quickly. One of the key benefits of cloud based invoicing is the clear and easy to understand audit trail, including every action, from lead generation all the way to payment collection.
5. Integrate Systems
By connecting a set of complex systems, individual processes and administration can be greatly reduced. From the initial quote all the way through collecting payment, businesses can save time by connecting all the systems and software they use, including CRM, CPQ, ERP and Finance systems.
Source: Div Jain (Reddit)