MyInvoicer App is an AI-powered invoicing tool that helps businesses, freelancers, and NGO's to send, receive, track, and manage their invoices and payments efficiently. It streamlines the invoicing process, reduces manual work, and improves cash flow management.
Validating the problem
The absence of an invoice management system can lead to inefficiencies, errors, delays, and difficulties in maintaining accurate financial records. Implementing a dedicated system can address these challenges, streamline processes, enhance productivity, and improve financial management for businesses.
To kick things off, I conducted primary research to gain a general understanding of the market, which includes a wide range of my focus group and those are basically SME's, contractors, freelancers, Retailers/Ecommerce businesses, and NGO's.
Diving deep into the research to understand how they the product would be of help to them, I havd to interview 2 persons, one from the retailing business and another a freelancer.
Market Research - Pain points
Not having an invoice management system can result in several pain points and challenges for businesses. Here are some common pain points that arise from the absence of an invoice management system:
Manual and Time-Consuming Processes: Without an invoice management system, businesses have to rely on manual processes for creating, sending, and managing invoices. This can be time-consuming and labor-intensive, requiring significant effort in generating invoices, entering data, and performing calculations.
Inconsistent and Unprofessional Invoices: Without standardized templates and formatting, businesses may struggle to create consistent and professional-looking invoices. This inconsistency can harm the brand image and professionalism of the business, potentially impacting customer perceptions and trust.
Difficulty in Tracking and Organization: Managing invoices manually makes it challenging to keep track of payment statuses, due dates, and invoice history. This lack of organization can lead to confusion, missed payments, and difficulties in retrieving or referencing invoice-related information when needed.
Lack of Financial Insights and Analysis: Without an invoice management system, businesses may struggle to gain insights into their financial performance. Analyzing payment trends, identifying revenue streams, or monitoring outstanding balances becomes challenging, hindering effective financial decision-making and planning.
Interview - Insight
- 01 - I want to efficiently manage my customers.
- 02 - I want to automatically send reminders to my customers when invoicer are overdue and estimates are expired.
- 03 - I want a platform that can receive payments expressly when I semd out invoices to customers.
- 04 - I want to send quotes and negotiate prices before sending invoices.
- 05 - My current application doesn't support mutiple currency.
- 06 - Custom invoices that contains my brand identity is very important for the growth of my business.
I want to automatically send reminders to my customers when invoicer are overdue and estimates are expired. - Claudia Ogo
The Home Page:
I was able to create an active, user-centric interface, which has continuous personalized suggestions with substantive feedback on bills that are paid, pending and overdue. I crafted a means for users to easily create bills directly from the home page and also switch business to see other business report.
Invoices just like the other bills (estimates, receipts and purchase orders) gives users the ability to see sent and received invoices, which makes myivoicer a unique application for sending and receiving bills.
Using generative AI for Items inventory:
As businesses strive for greater efficiency and accuracy in their operations, leveraging cutting-edge technologies becomes paramount, and Generative AI presents itself as a formidable ally in the realm of inventory control. The goal here was to:
Utilize its predictive capabilities. By analyzing historical data, market trends, and external factors
Introduce smart reordering and automated procurement, thereby reducing the burden of human decision making and align inventory with demands
Dynamically adjust pricing strategies based on various factors such as demand, seasonality, and market trends. This ensures real-time pricing
Designing this gave me the power to harness AI's ability to predict, adapt, and optimize inventory for businesses and reduce manual and inaccurate inputs on bills.
Invoice Email for customers.
The invoice is sent directly to customers email addresses. The system generates an email containing the invoice embedded within the email body. It also includes a personalized message, payment instructions, and additional information the business wants to communicate to the customers.
Third-Party Payment Gateways
In the mail sent to the customers, there is a third-party payment gateways or payment processors, it includes a secure payment link that directs them to the payment gateway, customers can make payments directly through the gateway. This payment gateway are set by the users, they have different payment gateways that suit their business, helping the users to keep track of customers that have made payments and those that are still pending, which helps in organising the system and makes the work much more easier.
Testing and Gathering Feedback
After designing I a responsive flow, I did some initial testign to get some users feedbacks asking them to use the application to process a set of invoices and provide feedback. The feedback includes the following:
The application significantly reduces manual data entry and errors..
Users find the home page intuitive and informative.
AI-based validation is highly accurate.
In conclusion, I was able to achieve success in designing the MyInvoicer application as it not only addresses the users initial pain points but also improves overall efficiency and transparency in their invoice processing workflow.