Invoice Generation: The system should be able to create invoices automatically based on predefined billing rules or user-defined parameters.
Customer Information Management: The system stores and manages customer information, including contact details, billing preferences, and payment history.
Product/Service Catalog: It maintains a catalog of products or services offered by the business, including pricing information.
Pricing and Discount Management: The system should support various pricing models, such as flat rates, hourly rates, or subscription-based fees. It also allows businesses to apply discounts or promotions as needed.
Tax Calculation: The system calculates taxes and applies them to the invoices according to the applicable tax laws and regulations.
Payment Processing: It supports various payment methods, such as credit cards, checks, and electronic funds transfers (EFTs). It records payments received and updates the customer's account accordingly.
Late Payment and Reminder Management: The system tracks outstanding balances and can automatically send reminders or apply late fees for overdue payments.
Reporting and Analytics: It generates reports on billing and payment activity, providing insights into cash flow, revenue, and customer trends.