The Chronicles of Online Invoicing

• Global e-invoicing market to reach $20.529 billion by 2026: As per Zion Market Research.
• As per report, the global e-invoicing market was valued at approximately USD 4.6 million in 2018.
• It is expected to grow at a compound annual growth rate of 20.4% from 2019 to 2024.

Online invoicing has becomes the most popular tool today. Every day we send multiple invoices to customers all over the world. But how many times have we literally loved the software that has made our lives so convenient? 

Invoicing has never been easier. It has evolved step by step. It is still evolving. 

Today, in today's world of fully utilized automated online invoicing software that is fast, fluid, and easy, it has evolved from a fascinating history of technological innovation. 

Fun fact: invoices are almost as old as human civilization. This written document for customers has been used for thousands of years. Over time, the basic format of invoicing has not changed one bit. 

The biggest innovations in the world of invoicing have come recently, following the development of technology and the Internet. These two things have made sending invoices around the world a matter of seconds. This was not even imaginable ten years ago. 

So what has led to superior development, and what is planned for the future of online invoicing? In this blog, we will recognize the different stages of online invoicing.

The evolution of online invoicing

Electronic invoicing, the precursor to online invoicing, is not a new phenomenon. Electronic invoices have been for more than decades. But they used a complicated and inflexible electronic data exchange to operate. They regularly required a specific communication system between trading partners. It was not always scalable, it was limited, and the investment was expensive. So it was not a popular format. 

 

Later, with the development of the Internet and technology, various forms of e-invoicing formats emerged, such as EBPP/EIPP (Electronic Bill Payment and Presentment).

However, in the early years of the 21st century, large companies began to look for processes to streamline their treasury activities. But at that time, there were no robust guidelines, formats, or security frameworks. 

However, the acceptance of reliable internet connectivity and the use of personal computers accelerated rapidly, and more robust frameworks for online invoicing were created. This is particularly the case in the European Union, which has led to a massive advance in e-invoicing. 

The main driver for this massive acceleration in this particular area was the reduction of costs, which were relatively very high, and the effort in terms of manpower. From the outset, online invoicing was seen as a cheaper and more reliable alternative to manual processes. 

In the last decade, with the constant growth and evolution of the Internet, online invoicing has touched various aspects of growth and progress. Today, cloud billing software has made it much easier to record, validate, analyze and share data. It has become an integral part of companies, small businesses or even freelancers (who register and use its benefits online). 

The presence of online invoicing

Online invoicing software has come a long way. Specialists such as Invoicera offer their users a range of tools for invoice processing, payment automation, and workflow automation with secure connection and access. Online invoicing will soon become a standard that companies will have to adapt and follow. 

 

A cost and effort-saving method, online invoicing software is widely chosen by freelancers and small businesses to generate extra profit margin. It saves money on paper, envelopes, stamps, postage, etc. 

The overall estimated reduction in paper usage in the accounting department is over 80%. This makes invoicing more environmentally friendly.

With the current trend, online billing is expected to expand rapidly within a few years. It is interesting to know what the future holds for this technology. With recent government billing mandates, online billing has become a major trend among businesses. 

Currently, online billing is more focused on small businesses. In the United States alone, there are 28 million small businesses in operation that are quick to accept online invoicing for their processes. Small businesses demand a comparatively different version of online invoicing that is simple and fast. 

It has been concluded that invoicing software must create a balance between the needs most demanded by small businesses and enterprises.

Online invoicing is expected to grow further with mobile invoicing applications to help managers to overcome administrative jobs even while on the move smoothly. There is a clear inclination towards mobile applications, with an increasing number of downloads. 

How Invoicera decoded and framed perfectly adapted online invoicing software

Invoicera is one of the good online invoicing software in the market. The cloud-based invoicing software has served more than 3.5 million users worldwide for more than 16 years. The software can be customized to each company's needs and works for businesses, small businesses, and freelancers.

The invoicing software offers many unique features tailored to the specific needs of freelancers, small businesses, and companies. It helps you automate and simplify your business processes and communication with online invoicing and payments, expense management, recurring/subscription billing, customer/supplier dashboards, time tracking, invoice approval process, multilingual and multi-currency support, staff permissions, financial reporting and analysis, order management.

Features: 

Invoice approval process/customized approval process.

Two-factor authentication

Multi-company access

Over 30 payment gateways

3 layers of account security

Personnel management

Accounts receivable and payable management

Multi-language invoice support

Services: 

Online invoicing software

Subscription billing management

Project management

Time tracking software

Customised workflow management

Expense management

Customised billing solution

Multi-company management

Third party integration