Now SMEs can access Barclays free mobile invoicing service to cut the cost of admin.
Barclays has become the first high street bank to offer this service for free. The platform is now live within the Barclays mobile banking app.
Enabling business on the go, small business owners can create and send invoices on the move.
The Barclays free mobile invoicing service is driven by new research that reveals the true cost of admin for SMEs.
Traders revealed that invoicing costs them on average £2,000 ($2,600) a year. Furthermore, one third (32%) said they have to work at weekends due to a backlog of paperwork.
The free invoicing service is available on both iOS and Android devices from within the Barclays Mobile Banking app. It will enable SMEs to create invoices from their smartphone while on the move.
Barclays invoicing also allows small businesses to track and manage invoices, check when payments are due and when they are made. SMEs can also reconcile invoices – matching payments received to invoices issued, all within the app.
Research was conducted by Opinium Research between 13 to 19 April 2018. It included insights from 250 sole traders and micro business owners.
- Invoicing cost respondents, on average, £183.88 a month or £2,207 each year
- Nearly one in three (32%) issue paper invoices by hand and one in four (25%) send theirs in the post, causing delays and reconciliation problems
- In addition, respondents spent an average of 92 minutes a week on invoicing, equating to 10 working days every year.
CEO of Barclays Business Banking, Ian Rand, said: “We’re proud to be the first high street bank to launch free mobile invoicing for our small business clients within our app.
“We know that many business owners aren’t confined to an office. With long hours spent out and about seeing clients, they often find themselves sorting invoices manually when returning home in the evenings or at the weekend.
“By introducing invoicing within their regular banking app, our clients can keep track of everything in one place. We’re helping to save them time, and speed up the payment cycle, with just a few simple taps on their phone.”