Create an invoice management system for WooCommerce

What are bills?
What is an invoice management system?
Why do I have to use it for my WooCommerce store?

A lot of such questions arise when you decide to start a new online business. And they certainly can’t be ignored at any cost …

Managing an online business requires a lot of additional skills and knowledge, from stock management, shipping and tax management to all accounting audits. Invoicing is one of many tasks that require punctuality and accuracy.

People with an accounting background must already be aware of bills and their benefits. But we understand that not all business people and digital marketers come from the same background.

So, when discussing the concept of invoice, we encounter the following segments –

What is an invoice?

An invoice is a type of financial document that is very important for internal accounting audits. Invoices keep track of transaction factors such as sales price, discount rates, shipping and tax information, and more.

invoice management system

Simply put, an invoice is a commercial document that contains details of the agreed terms when a transaction takes place between a buyer and a seller. It contains a list of goods or services purchased, including taxes, and information about discounts added to the cost of the product. It also provides information on the payment methods available for credit purchases.

There are different types of invoices, depending on the business model you follow, such as –

  • Paper receipt
  • Invoice
  • Credit note or debit
  • Sales invoice, etc.

Invoices play a very important role in the keeping of accounting documents and the performance of internal audits in every company.

You may be surprised, but you need a well-structured invoice management system to manage all your billing information and keep it in sync with other business processes.

What is an invoice management system?

As the name suggests, an invoice management system is a structured platform for managing all invoices and related documents shared between a buyer and a seller during a transaction.

There are several steps in the transaction process – from the moment the customer makes a decision to purchase a certain product / service; buyer and seller on reciprocal terms.

Further creation of a purchase order with quotation rates, discounts, shipping prices, etc. Once the seller has also confirmed this PO, an invoice will be issued dictating the final terms. The created invoice is shared with the finance department and the customer in the last stage of payment.

Did you know

Many times, sellers find themselves in situations where the buyer refuses to complete the purchase and the invoices generated are further canceled. This causes them a lot of problems with the closure of the accounts at the end of the financial year.

Therefore, in order to avoid such problems, it is recommended to cross-check the following points before invoicing:

  • Was the interested buyer allowed to place an order for the ordered products / services?
  • Did the manager approve the purchase order (PO)?
  • Is the applicable invoice related to an existing supplier contract?

As complicated as it may seem, an invoice management system is rather a simple process. It aims to explore the additional effort that store owners and sellers are forced to replace with manual e-invoicing.

E-invoices or e-invoices are paperless ways of generating invoices and are easier to share with customers via e-mail, SMS, WhatsApp, Messenger, etc.

E-invoice for customers –

buyer invoice management system

E-invoice for sellers –

vendor invoice management system

How an invoice management system improves your business processes (benefits of using e-invoicing)

Having an invoice management system allows you to take advantage of many hidden benefits that you did not have for a long time.

If you add more to the listening benefits above, the invoice management system or e-invoicing will also play the following roles for your store –

1. Allows online bill payments

Not all companies have an immediate payment policy. The existence of debts and credit payments is common practice for any business. In this scenario, the use of an invoice management system can be quite useful in speeding up debtors’ payments.

How?

As a seller, you can immediately request payments for open invoices from the customer via online payment methods.

2. Easy communication between the parties involved.

Because we just discussed that there are various documents in the process of completing the transaction. In the past, with manual configuration, it was too difficult to manually distribute each document to these customers by sending e-mails or during a call for a short period of time. Also, these were not many reliable methods because there were no specific records.

However, with this billing system, it is much easier to follow up with customers. It is also easier for customers to contact the seller.

3. Access to old invoices and receipts

The most important advantage of using an invoice management system is that salespeople can share access to previous documents, receipts, invoices, etc. with their customers at any time. Thus, it makes payment requests for previous invoices more viable for sellers.

4. Better cash flow

It is difficult for business houses to monitor the entire transaction at all times. Managing multiple transactions, such as debts, payslips, and business expenses, is a tedious task to keep all the details in mind. As a result, important transactions were often missed by mistake. The existence of an invoice management system automates the entire transaction process, ensuring a positive cash flow status.

How does the invoice management system work?

The invoice management system has relatively simpler functionality than manual work. It is an automated system. This means that all the tasks it performs are well structured and synchronized to provide the best results for store owners.

how the invoice management system works

Speaking of how this system works, it is a four-step process –

  • Step 1 – The customer decides to procure the product / service
  • Step 2 – The buyer and seller decide on mutual terms and the purchase order (PO) is prepared by the customer.
  • Step 3 – The seller receives the PO and the administrator or finance department controls it
  • Step 4 – The invoice is generated by the seller, it is shared with the finance department and the customer. The customer then makes the last payment for the ordered product / service.

WooCommerce Invoicing System – MakeWebBetter’s Ultimate Solution!

wo-trade billing system

The WooCommerce invoicing system The plugin is a simple invoice management system that MakeWebBetter offers to the e-commerce community. This plug-in automatically generates WooCommerce PDF invoices and attaches them to relative WooCommerce emails.

This is a suitable solution to eliminate the extra effort that the seller has to manually generate invoices and issue packages. Plugin The WooCommerce invoicing system extends the functionality of your store, allowing you to create 2 pre-created bulk invoices with a customizable invoice template. It is also compatible with third-party plug-ins, such as multiple payment gateways, shipping services, account auditors, etc.

Get the most out of your invoices

WooCommerce invoicing system

Discover the plug-in

Create an invoice management system for your store with the WooCommerce invoicing system!

Installation and Activation Process or WooCommerce Plug-in The billing system is similar to any other WooCommerce plug-in. It’s quite easy to do with automated processes. But doing it by hand is a bit time consuming.

Let’s see how you can set up this fruitful plug-in for your WooCommerce store by following these steps:

Step 1. Download the plug-in

To download the plug-in

  • Go wordpress.org
  • Look for WooCommerce invoicing system
  • Scroll down and select a plug-in from the search list
  • Download plugin

Note: Instead of reviewing it all, go directly to the product page here and click the button “Download” plug-in for a ZIP file.

Step 2. Install and activate the plug-in

If the plug-in ZIP file exists, you must install it either by automatic installation or by manual installation, whichever works best for you.

Automatic installation process:

  1. Log in to your WordPress Control Panel. Navigate to the page Plug-in menu, click the button Add a new one.
  2. Click the button Upload plug-in button.
  3. Click the button Browse button, navigate to the downloaded page WooCommerce Zip File Invoicing System, click the button Okay.
  4. Install the plug-in by clicking the button Install now.

Manual installation:

  1. Extract the downloaded files WooCommerce Zip File Invoicing System.
  2. Upload folder WooCommerce invoicing system / wp-content / plugins / directory.
  3. Go Plug-in menu until Activate the plug-in.

Step 3. Configure the settings

After successfully installing and activating the plug-in, configure the settings to take advantage of it.

general settings

Enable plug-in

  1. Go MakeWebBetter> WooCommerce Invoicing System> General Settings.
  2. Turn on the button(available against the “Enable plug-in” setting) on ​​the right.

Add business details

Invoices are a great tool for introducing effortless branding and spreading brand awareness. To do this and continue configuring the plug-in, enter your company information, such as company name, address, contact information, company logo, and more.

add business information

Set the order of the invoice number

It is obvious that each transaction is distinguished by a unique transaction ID created for each transaction. Similarly, each invoice number is a unique number. With this invoice management system plug-in, you can design your unique invoice number sequence as a seller by adding prefixes and suffixes to the selected number code.

invoice prefix suffix

Select Invoice Template

Plugin The WooCommerce invoicing system offers two customizable built-in invoice templates that you can choose from each.

select an invoice template

Step 4. Download PDF invoice and packing list settings

The WooCommerce Plug-in Billing System also allows the seller to download PDF invoices and packing slips by following the downloadable instructions –

  1. The seller can download the individual order invoice or packing sheet from the page order form by clicking on the icons next to each order number. download pdf invoicesdownload packing slips
  2. Customers or buyers can download invoices for the order in PDF format either at the checkout (after receipt at the checkout) or from their order “My account” dashboard.download invoices to customers

Note: With this plug-in, the seller’s invoices can also be downloaded in bulk. Read the documentation to know “How?”.

Closing remarks!

You can never ignore or deny the purpose of your invoices if you are willing to run a genuine business store. Invoices are crucial. And so is the invoice management system.

An invoice management system is an automated platform that generates and manages invoices, packing slips, and other financial documents that occur during the transaction process. Giving more prominence to the invoice management system, our product, the WooCommerce invoicing system, is loaded with features to help you get the best results.

What do you think about invoicing and billing management systems? Share your views in the comments below.

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