One of the most frustrating yet unavoidable part of running a business is sending invoices. You have to itemize charges, add taxes, track who paid and chase down clients who don’t pay. DIYing Invoicing is time-consuming and even the slightest error would have you doing it all over again. Accrual accounting records a transaction and sends an invoice once the good is sent or service is provided. Manually sending invoices keeps employees occupied, increases the probability of error, and delays procedures, which in turn delays payments.
The team at Metric believes such brainless recurring tasks are not meant for humans and must be automated. The best way to handle this is accounting softwares, but not many offer inbuilt invoicing. Metric saves you the hassle of switching between different software, by providing all features in one app. You can now send direct invoices to customers from the metric app.
How does Metric’s direct Invoice Sending work?
Enter Income Details
The metric app asks you to enter your income details at the end of your workday. This form includes the number of orders, number of repeat customers, total income for the day, direct expenses and a description of the incomes.
The accounting cycle is a basic, eight-step process for completing a company’s bookkeeping tasks. It provides a clear guide for the recording, analysis, and final reporting of a business’s financial activities.
- Identify transaction
- Record transactions in a journal.
- Post transactions to an account in the general ledger.
- Unadjusted Trial Balance
- A worksheet is created and used to ensure that debits and credits are equal.
- Adjust Journal Entries.
- Generate financial statements
- The closing statements
This income details form that the metric app asks you to fill every day encompasses the first 6 steps of the accounting cycle. This regular reporting automates steps 7 and 8 by generating financial statements and identifying closing statements by itself.
Check invoice box
This new feature of the metric app saves you from drafting, sending out and processing paid invoices and limits it to checking one tick box while entering income. When entering income details, the same form asks whether you’d like to send an invoice. Upon checking the box, it asks for the customer’s name and automatically generates a customized invoice. If the payment has already been received, then you can click yes. This lets you keep track of paid and pending payments. Additionally, it becomes easier to identify customers that delay payments.
Two simple steps and voila! Invoice Sent
Preview of an invoice generated by the metric app
The invoice generated by Metric looks as shown in the picture below. It mentions the name of the customer, date of issue, a unique invoice number, number of items, description of goods or service provided, amount, and your company’s name on top.
Benefits of Automated Invoice Sending
Invoice management can be a serious drain on time, people, and financial resources with manual procedures. Automating invoice processing has significant cost savings, quality improvements and data-visibility benefits.
- Simple and easy!
- In-app invoice sending!
- Reduce Processing Time
- Get paid faster!
- Reduce Invoice Processing Errors
- Go Paperless
- Getting Better Insights
- Increases Control and Transparency
Want to know more about how Automated Invoice Sending can be beneficial, click here!