Features

Your organization may achieve or surpass its long-term objectives with the aid of a strong sales management system.

Sales rep collaboration is facilitated by sales management software, which also simplifies routine tasks. You may improve cooperation, decrease tedious admin activities, and eventually reach your intended sales goals by implementing a sales management system. Businesses use the process known as “invoice management” to track invoices, pay suppliers and vendors, and invoice clients for goods and services they have purchased.

Invoice management, to put it simply, is managing both accounts payable and receivable.

While handwritten invoice administration is still an option, it is a discredited method of conducting business. Manual invoicing may quickly turn into a tiresome and time-consuming operation since you have to record each invoice on an Excel spreadsheet and review it twice for mistakes.

You don’t have to confine your business to pen and paper, which is a good thing. As a quicker, more precise, and more affordable option, invoicing management systems are now used by the majority of organizations.

 

Some amazing features of sales management

 

Maintain Quotations:

A quotation is issued by a seller to a customer in order to provide products at a set price and under specific terms. It is used to inform customers about the cost of products before they commit to making a purchase. A sales quotation is essential since it aids in the establishment of a base price for goods and services. This can assist a customer in reviewing their budget and project requirements to choose which estimate best meets their requirements. Sales quotations also help the company issue the quote to prepare for incoming orders. They can purchase the resources and personnel required to satisfy the demands of a customer and begin arranging production specifics.

 

Sales Order managing:

The sales order certifies the conditions of a transaction between a buyer and seller. The order is created by the seller, frequently in response to a purchase order. The seller will transmit this document to the customer or use it purely for internal purposes. The sales order specifies the amount, price, and delivery date, among other things. After confirming the order, you can make invoices and give it to your customer. After the buyer approves the seller’s price quotation, the seller issues the sales order and verifies the sale. Once a sales order is generated, the purchase is regarded as legally binding, and no further negotiations are permitted.

 

 

Invoice management:

To keep income flowing and your business expanding, you must charge clients on schedule. The longer you wait, the more difficult it may be to collect. Iquidi’s most impressive feature is its invoice. It gives you a complete picture of your company’s financial performance in real-time and allows you to automate invoicing. You may set up repeating invoices, print them, and collect digital payments right from the invoices. You can also keep track of your outstanding invoices and give discounts.

 

Approval flow Management in the invoice: 

Automating invoice approval can free up your staff to work on more crucial projects while reducing labor costs and improving accuracy. The lifeblood of your firm is invoices. They are an essential component of your financial well-being since they reflect the money you earn and the money you spend. The issue is that errors do occur occasionally. It’s possible for invoices to be sent with inaccurate information or to the wrong email address, which may be quite problematic for both you and your clients. Workflows for invoice approval are crucial because of this. If clients do not receive their orders as anticipated, or worse still, if they receive them late because the approval process took longer than anticipated, sending out unapproved invoices might damage your company’s image with customers. It is crucial to develop an automated invoice validation workflow, a series of consecutive approval levels carried out by various parties, in order to improve information flow and safeguard internal procedures.

Repeating Invoice:

Use a repeated invoice instead of creating the same old invoice again and over. You may generate the same old invoice with a single click after a day, week, month, or year and keep track of all the past invoices. This will allow you to preserve your pricey time and simplify your accountancy.

Payable and Receivable Accounts:

An important aspect of regular business operations is accounts payable. Each invoice has its own payment terms, and various suppliers could demand different conditions, such as payment due dates or payment methods. An effective supply chain for your company depends on making sure that vendors are paid on time. Regularly compensated suppliers provide prompt and trouble-free deliveries of their items. In accounting, whether or not payment has been received, costs are recorded as soon as you get the invoice. The liability account that is in charge of classifying these invoices as a debt owed to the suppliers is accounts payable. The reverse of accounts payable is accounts receivable. Accounts receivable tracks the cash consumers owe you for supplied goods and services if accounts payable recorded your company’s obligation to vendors.

 

An invoice management system has the following advantages:

 

1. Precision in Data Processing

There is a greater likelihood of mistake the more invoices you handle and generate. Additionally, those possibilities quadruple when everything is done by hand. Your line of defense against these blunders are online invoicing management solutions. You don’t have to manually enter invoice information onto spreadsheets since both accounts payable and receivable are fully automated for you. Duplicate payments, lost items, and other data input mistakes are entirely eliminated as a result.

 

2. Quicker Bill Processing

With the use of invoice management tools, you may process invoices twice as quickly, spend less on accounts payable, and reduce human error.

 

3. Faster Payment Acceptance

You may prevent any bottlenecks in the invoice approval process with the use of invoice management software. The invoicing software will automatically permit users with the appropriate authorization level to authorize bills thanks to built-in authority logic. without losing any time.

 

4. Save both money and time.

On the other hand, with invoice management solutions, you may completely eliminate the hassle of dealing with this time-consuming procedure and save your organization a ton of money. You receive automated reminders for when payments are due, the invoice is promptly recorded as a transaction in the appropriate ledger account, and you can send and receive payments instantly from the platform by directly linking your credit cards and bank account.