Small and medium-sized businesses that have separate accounting and inventory management systems can do their invoicing on either side. If your company’s accounting and inventory are somewhat decoupled, you can do invoicing entirely using your accounting software. For many companies, your accounting and inventory are closely linked. After all, your current stock is your business’s biggest asset. When your accounting and merchandise are intertwined, you can create invoices from within your inventory software and then export or sync them to the accounting software.
In Finale Inventory, you can create invoices from a sales order directly or from shipments associated with an order. If your invoices are based on shipments, then you may have multiple invoices for a single order, one per shipment. Creating invoices is one part of Finale’s order management features. You can experience the software’s complete range of capabilities when you sign up for a free trial of Finale Inventory.
What Is Inventory Invoicing?
An invoice is a document that records a transaction between two parties. When you generate an invoice for a customer, you include your company information, the invoice number and the date. An invoice will also display an itemized list of the purchases the customer has ordered. This list can be for services, such as a consultant or accounting services. As a manufacturing or retail business, your invoices will be for goods sold. You’ll list the items the customer ordered, the quantities and the prices. At the bottom of the invoice, you’ll input any terms of payment.
An invoice serves as a bill to the customer and a receipt of the transaction. First, you send it to the customer, creating an open invoice. Once the customer has paid the invoice, the document will be marked “paid.” The bill then serves as evidence of the completed transaction. Invoices can be used in your accounting records and for tax purposes.
Invoices also serve as an easy way for you to update your inventory after you make a sale. Your client can likewise use the invoice to verify the quantities and items received. Then, the invoice allows them to update their own inventory.
Many small-to-mid-sized companies use a text document or spreadsheet to generate invoices. With this method, you have to input every number manually. The process is time-consuming and leaves more room for error. Mistakes in invoicing can delay payments and make your inventory numbers inaccurate. Many businesses run their invoices through their accounting software. Most accounting software lets you generate and populate invoices, with fewer manual entry required.
The advantage of using your inventory management system to generate invoices is that your inventory updates automatically. Billing and inventory management software gives you an accurate count of your current stock. The technology also helps you fulfill orders more efficiently. If a customer makes an order for a product that is out of stock, this information will transfer over to your invoice. You can then fill a partial order, shipping over the available inventory. When the rest of the request comes back in stock, you can fulfill the rest of the order with a new invoice.
How Does Invoicing Stock Control Software Work?
Invoices are a critical part of your inventory management process. Integrating invoicing software lets you keep close tabs on your inventory. All you have to do is generate your customers’ invoices, and your current stock updates accordingly.
Sign up for a free trial of Finale Inventory to experience the ease and speed that inventory invoicing software provides, including:
- Input stock: If you’re just getting started with your invoicing and stock control software, the first step will be to input your initial inventory. You’ll have to conduct inventory auditing to determine the status of your current stock. You’ll assign each unique item an SKU reference number and assign it a price for billing purposes.
- Add purchases: Once you add the initial stock, you can update it at any time by adding acquisitions to your account. An easy way to record accurate numbers from your purchases is to look at the invoice you received. Your suppliers will give you an invoice with quantities for each of the items you ordered. You can input these quantities into your inventory management software to have your available stock update.
- Create sales orders and shipments: Whenever you make a sale, all you have to do is create a sales order for the client. You can choose to generate an invoice directly from the sales order or make an invoice after you create a shipment.
- Generate invoices: After you create a sales order or shipment, the invoice will generate automatically. You can find it in the “invoice” tab of your software. Once you confirm the invoice, you can create a shipment. The quantity you include in the invoice will deduct from your available stock.
What Is Invoicing Software?
Invoicing software, a solution offered by Finale Inventory, is a strategic tool that aids businesses in generating a digital invoicing bill for services or products. The invoicing software creates a transaction summary that can be delivered electronically for reporting use. Check out Finale’s advanced example below.
Simple Invoice Software with Inventory Management
See how simple it is to create sales orders, shipments and invoices with our Finale Inventory video demonstration.
Setting up Taxes for Sales Orders and Invoices
Finale Inventory makes it fast and easy to generate taxes for sales orders and invoices, no matter where you ship to. You can set custom state tax, federal tax and more.
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Simplify Inventory Invoicing With Finale Inventory
For a business that relies on an accurate count and value of its inventory, invoicing through your inventory management software is crucial. Finale Inventory’s sales invoicing and inventory software makes the entire process simple. By using Finale Inventory to create sales orders and bill customers, you can give your customers accurate information about the availability of their orders. You can know when you need to send a partial shipment while you restock. You can also get up-to-the-minute sales information that can help you get accurate demand projections.
If you’re looking for invoice, inventory and accounting software, Finale Inventory has the complete flexibility to customize our software to your needs. We offer the ability to integrate with Quickbooks Online or Quickbooks Desktop. We also have custom capabilities to integrate your system with any accounting software your company uses. So, whether you invoice clients with from the inventory or accounting side, you can be sure to have accurate information in all of your programs. Use these powerful integrations for effective invoice auditing and faster bookkeeping.
Learn more about the capabilities and fantastic features Finale Inventory has to offer your e-commerce business. See our cloud-based invoicing and inventory software in action by exploring the rest of our video tour. Ready to get started? Start your free 14-day trial or schedule a live demo today.