Young business owner multitasking with app

Why Small Business Owners Should Use the Lendio Mobile App

5 min read • Nov 25, 2020 • Derek Miller

Running a small business successfully takes a lot of work—between managing staff, growing a brand, fulfilling orders, and building customer relations, it’s enough to overwhelm even the savviest entrepreneurs. Fortunately, there are many tools and resources that can streamline your business and allow you to prioritize your core competencies.

Most small business owners aren’t bookkeepers or accountants, so leaning on accounting software and financial management tools has its advantages. Instead of spending hours every week calling on unpaid invoices or balancing your books, let technology handle the financial activities for your company.

If you run a small business and are looking for a versatile and user-friendly accounting solution, then you should consider the Lendio mobile app. Here’s why the Lendio mobile app is an incredible resource for small business owners.

Make Sending Invoices a Breeze

Do you struggle with creating and sending invoices? What happens after you send an invoice—do you have a process for tracking its progress? If you have issues with invoicing, you’re not alone. A recent study from HubSpot found that 27% of small and midsize businesses face challenges with invoicing clients.

Invoice is another term for a bill—and just as you expect to receive a bill after eating at a restaurant, your customers should expect to receive one for goods fulfilled or services completed. 

Invoicing clients is an important step in running your business because it affects your cash flow and helps you to get paid on time. Since most small businesses don’t have the luxury of floating invoices, any payment delays can have dire repercussions.

If you struggle with invoicing or are looking for a better solution, consider Lendio’s mobile app. The Lendio’s software Invoice and Payments app turns the cumbersome task of invoicing into a money-collecting machine. 

How does the Lendio mobile app improve invoicing for small businesses?

  • Create Professional Invoices: Between enterprise brands and other local substitutes, small businesses face immense competition. Separate yourself from others with a professional, branded invoice. The Invoice and Payments app has customizable invoice templates to fit your brand.
  • Calculate Tax Rates: If you’re tired of calculating tax and managing products with different rates, then you’ll appreciate the automated tax rate calculation that comes with Lendio’s mobile app.
  • Send Invoices Easily: The beauty of the Lendio mobile app is that it puts invoicing at your fingertips—literally. When you need to bill a customer, you can do so with the push of a button in the app.

Improve Receivables Management

Sending invoices timely is an important process, but it means nothing if you’re unable to collect on accounts receivables. Unpaid or even late payments have a ripple effect on small businesses—especially those trying to rebound from a global pandemic.

An inability to collect on outstanding invoices effectively can:

  • Cause owners to stop paying themselves
  • Prevent you from hiring or rewarding employees
  • Mitigate growth opportunities such as new equipment, marketing, and inventory

In other words, managing and collecting on invoices should be a priority for your business. If you struggle with tracking outstanding invoices or managing collections from clients, then you’ll appreciate the features from Lendio’s mobile app that address these issues.

The Invoice and Payments app automatically tracks each payment within its system, providing you with real-time visibility into which customers have paid, which are late, and which are ready for their next order. This insight is obviously important, but Lendio goes a step further by giving you additional tools to make invoice management easier.

To start, you can manage and update customer contacts directly in the app. This feature acts as a makeshift CRM that lets you send estimates and invoices quickly and easily to new and repeat customers. More importantly, the Invoice and Payments app has a feature that allows you to send reminders to customers who have outstanding invoices—increasing the likelihood of being paid on time.

Streamline Payments and Accounting

The Lendio mobile app is built for small business owners, so it understands and mitigates many of the financial headaches that come with operating a small business. Beyond the invoicing features mentioned above, the app also addresses other payment collection and accounting issues.

The Invoice and Payments app allows you to accept credit card payments, a great solution for small businesses that operate on the go or companies that are tired of waiting weeks—or months—to be paid for their work.

The app also syncs directly with your business’s bank account so that your payments are reported quickly and correctly. Remove the manual processes and guarantee accuracy by using the Lendio mobile app.

Not only does the Invoice and Payments app help you to manage incoming money, it also has features that will give you more insight into your expenses. The software allows you to track expenses manually and catalog those expenses into categories like travel, materials, inventory, or marketing. This additional feature will help you to supervise your spending, provide protection from audits, and prevent a lot of stress when tax season comes around.

Running a small business can be difficult and exhausting—especially if you try to do it alone. Instead of focusing your energy on cumbersome tasks like invoicing, collections, bookkeeping, and cash flow management, let the experts at Lendio handle it for you. Not only have they built an incredible resource in the Invoice and Payments app, but they’re continuously adding new features and services designed specifically for small businesses.

Pull financial reports at the grocery store. Send invoices while you walk the dog. With Lendio’s mobile app, you can catch up on bookkeeping wherever you are.

 

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Derek Miller

Derek Miller is the CMO of Smack Apparel, the content guru at Great.com, the co-founder of Lofty Llama, and a marketing consultant for small businesses. He specializes in entrepreneurship, small business, and digital marketing, and his work has been featured in sites like Entrepreneur, GoDaddy, Score.org, and StartupCamp.