An invoice is made when a product or service is rendered. It is the first step before you are being paid. In the past, invoices are typically issued physically when physical cash is received. Today, with many transactions happening online, it is important to have an electronic way to keep track of transactions when goods or services are sold. This is where invoicing software comes in.
What is invoicing software Malaysia
Each year, more companies are shifting to electronic invoicing, more so during the coronavirus pandemic when most businesses shifted online. Invoicing software is a tool that generates automatic billing for services and products rendered. This tool works by creating a list of services and products along with the costs and sends them to your customers as an electronic invoice. The software usually comes with ready-made, professional-looking templates, making it easier for businesses to create their own invoices.
How does invoicing software works
Most invoicing software help boosts productivity and efficiency by eliminating the need for postage and printing costs. Processing time is also cut down tremendously as well as travel time. This also helps improve relationships between suppliers and clients as the waiting time is shortened, and businesses can run more smoothly with electronic invoicing.
The most simple way invoicing software works is by providing invoicing in an accurate and automated way. Businesses that issue invoices regularly would highly benefit from invoicing software because the system helps take care of repetitive tasks with accuracy. Invoicing software is also designed to quicken the payment process, therefore helping to convert more customers to paying clients.
Why do you need invoicing software nowadays?
What can invoicing software do for your business that traditional invoices can’t?
Invoicing software creates invoices faster and more accurately. If you have been typing your own invoices, there is a higher margin of error. A professionally documented invoice should ideally have an invoice number with a different number on each invoice sent; details of services or products rendered; invoicing date and date of delivery. It should also state the name and contact information of the seller; name and contact information of buyer; breakdown of costs; payment details and payment due date. If you have invoicing software, you don’t have to manually key in all this info yourself which is both time-consuming and troublesome.
Invoicing software is also capable of generating invoices anywhere. This means that companies can create invoices anywhere in the world or on the go. No more rushing back to the office to create an invoice and set another appointment to meet the client again. Everything can be done and settled all at once with ease.
Invoicing software is able to integrate with your full accounting system. It can be linked to your company’s payroll, inventory, banking, and reporting systems all using one source. No more checking back and forth with multiple files and folders. Some invoicing software has more advanced features that allow you to directly integrate with e-commerce platforms and shopping carts.
Top 3 invoicing software in Malaysia
1. Bukku Accounting
Bukku Accounting is an affordable invoicing and accounting software in Malaysia. With prices range starting from RM59 per month, you can also opt for a 30-day free trial before purchasing.
Bukku Accounting provides cloud-based accounting software, as well as bundles with accounting and tax services. Bukku Accounting also has a local support center where you can seek for help should you run into problems while using the system. Bukku Accounting is running on the cloud and that enables you to issue invoices on-the-go and send it across to your customers on the spot with ease. Bukku Accounting also helps you to improve your cash flow with its intuitive business dashboard. This can be done by showing you a cash flow trend and forecast of your business based on the receivables and payables. An automated payment reminder can also be set, where you can have payment reminder emails sent out to your customers for coming due and overdue invoices.
This helps to prompt customers to make payments. Another feature that’s worth mentioning is your customers can choose to make payment online via credit card or online banking with fee as little as RM1 per transaction.
- Automated receipts generation
- Automated payment reminder
- Access anytime anywhere with any devices
2. QuickBooks Intuit
QuickBooks Intuit offers a free 30-day free trial for users to experience and try out their accounting software. QuickBooks Intuit features invoicing templates that let you customize professional-looking invoices and sales receipts that you can send in just minutes. It is a hassle-free invoicing software that able to convert quotes into invoices. This software also has a feature that allows you to track payments from customers in real-time. You will be able to see who has paid and check the status of your invoices from your computer, smartphone, or tablet.
- Convert quotes into invoices quickly
- Real-time payment tracker
- Automated invoicing
3. Sage accounting software
Sage accounting software helps you manage your cash flow better and get paid quicker. With sage accounting software, you will be able to easily create, edit and send invoices from anywhere.
It features an automated billing system that promptly tracks invoices and reduces incidents of late payments; making sure no payments are missed or forgotten. It uses cloud software that is convenient to manage across devices.
- Ability to manage transactions in multiple currencies
- Secure and reliable solution for all your accounting needs
- Comes with mobile apps that give you access to your accounting data where ever you are.
Most accounting software is able to perform electronic invoicing that eliminates the need to hire a freelance accountant or admin to help you keep track of daily sales and invoices. Most have added features that allow you to go beyond just invoicing. When choosing an invoicing software in Malaysia, make sure to check out our top 3 invoicing software listed above to get the best deals that match your budget and accounting needs.