There are numerous reasons for subcontractors to choose digital invoicing. It is rapidly becoming a major part of construction businesses due to greater efficiency and better functionality. Moreover, it is also a cost-effective method for subcontractors. There are plenty of invoicing solutions that subcontractors can implement in their construction firm.
Reasons Subcontractors Need Digital Invoicing
Paper methods in construction are known to be one of the slowest means of making invoices. They significantly tarnish the overall effectiveness of the system and reduce the productivity as well.
Therefore, many construction businesses are now moving towards the trend of automation and digital invoicing solutions. Here are a few reasons digital invoicing solution for subcontractors are necessary.
1. Better Convenience
Having to carry around a stack of papers all the time is a daunting task. Moreover, it also involves the risk of documents being tempered with or going missing. With the help of a digital invoicing method, all the data is secured inside a secure database, which helps in swift invoicing for subcontractors.
It makes data management easier, so everything is available at the touch of screen. From suppliers, stakeholders, owners and workers; you can easily setup a contract and send them anytime.
2. Digital Signatures and Accessibility
Many subcontractors spend most of their time chasing signatures and running after workers. However, digital invoicing solution for subcontractors can help them overcome this problem. These digital signatures allow subcontractors to use their time more effectively and stick to the schedule.
Moreover, there is a lower risk of losing paperwork and important documents when they are stored online.
They can also be accessed from anywhere, which makes it easy for the subcontractor to see and update data from anywhere. Whether it is from home or from the office, they can take digital signature and update the system anytime.
3. Improve Cashflow
Digital invoicing solutions also help in improving the firm’s overall cashflow. With the help of these invoices, subcontractors can stay at the top of their payments and get paid quicker than usual. For many years, cashflow has been a problem for almost every construction business.
Therefore, they need to ensure a proper invoicing system to maintain the optimum cash levels within the organization. Subcontractors don’t have to worry about finances anymore since digital tools will help them streamline the whole process.
4. Increases Revenue
Evolution in technology and digitalisation has helped numerous firms drive significant revenue in their businesses. Implementing digital invoicing can help construction business increase revenue by up to 50%. On top of that, it also reduces the price significantly due to its compact working process and rapid workflow.
Since business won’t need to spend so much time on invoicing, it will help them focus on tasks that are more important. One of the major examples is writing manually on paper cards. It takes plenty of time for the subcontractors to manually enter the data into paper cards for constructions. The digital invoices help them overcome this problem and ensure an ideal Invoicing solution for subcontractors.
Best Tools for invoicing solution for subcontractors
There are plethora of invoicing solution for subcontractors out there in the market. Therefore, they have to do avid research to get their hands on the best one. Here is a list of few notable ones every subcontractor should look out for:
QuickBooks is a tried-and-tested invoicing method that leverages cloud technology for a seamless workflow. It provides every feature a subcontractor needs and organizes a compact solution. Moreover, businesses can also maintain and customize their own templates for invoicing.
· Custom sales receipt and templates
· Schedule payments beforehand to save time
· Tracks and manage the sales tax effectively
· Support multiple currencies
· Automatically creates pay orders
· Tracking projects
It also has an online application, making it a convenient invoicing solution for subcontractors. You can access it anytime and anywhere.
A notable addition to our list is Freshbooks, which is an all-in one solution for every business. It is an invoicing tool which is equipped with other amazing features as well. It can be an optimum fit for construction businesses, especially if it is medium-sized.
· Send an unlimited amount of invoices including automated invoices
· Able to monitor and track the invoice and see whether the client has checked it or not
· Set up automatic reminders and payments
· Accept different payment methods and cards
· Create and send professional estimates and quotes
· Deep analytics and business insights for preparing future strategies.
· Business insights in terms of reports
· Work on any device such as computer, phones and tablets or pc
With the help of Freshbooks, a construction team can take their project to the next level with deep analytics and amazing features
This is a simple accounting solution that businesses of all sizes use. It covers all the basic aspects of the finances which include creating invoices. Apart from that it also offers an amazing set of accounting tools.
· Sending professional invoices to clients from all over the world
· Tracking of expenses and categorising them accordingly.
· Real time updates and insights into the system
· Tracking inventory and manage goods
Most people think that Zoho Books is a tool that is only good for accounting. However, it is not true since it offers features beyond the basic accounting tools. Overall, it is a compact system which ensures amazing functionality and could be ideal Invoicing solution for subcontractors.
Digital Invoicing for Electricians with VERGO
If you are a subcontractor, use VERGO to create optimum digital invoices with the help of cash back debit cards. It has the top benefits of digital invoicing for an electrician and will ensure you face no trouble with your business.
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