11/08/2018 | Press release | Distributed by Public on 11/08/2018 08:18
Barclays is the first high street bank to launch free mobile invoicing within its Barclays Mobile Banking app, helping hundreds of thousands of small business owners create and send invoices on the move.
New research released today from the bank also reveals the true cost of admin. Traders revealed that invoicing costs them on average £2,000 a year, while one third (32 per cent) 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 and will enable SMEs to create and send invoices from their smartphone while on the move.
Barclays Invoicing also enables 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.
The service will be revolutionary for small businesses, helping them to save time and money. According to the research, a quarter of respondents still issue paper invoices in the post (25 per cent).
Sanjay Aggarwal, co-founder of handmade spices, tea and cookware retailer, Spice Kitchen, said invoicing on the go helps ensure their products reach stores quickly: 'It's simple but really important. I'm often meeting suppliers, so invoicing and tracking payments while I'm out means we can send orders as quickly as we can, which in turn ensures our products are on the shelves in as short a time as possible.'
Ian Rand, CEO of Barclays Business Banking, 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.'To find out more, visit www.barclays.co.uk/business-banking/invoicing/
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays