In the service industry, managing invoices is a significant challenge, especially for shipping companies. According to recent industry reports, about 80% of shipping companies rely on outdated or manual invoicing methods, which lead to inefficiencies and financial inaccuracies. With the global shipping market valued at over $10 trillion annually, streamlining invoice management is critical to enhancing operational efficiency and ensuring financial stability.

Challenges Faced by Shipping Companies

To deal with multiple service categories—including vessels, recurring and one-time services, transactions in diverse currencies, customer subscription and renewal records, inefficiencies and errors in the handling of invoices, and challenges in tracking or updating the customer's subscriptions and renewals.

Solution Developed

Arobit Business Solution designed invoice management software exclusively for the shipping industry. It handles the following features:

  • Add New Clients: Input and categorize client details easily in the system.
  • Create Orders: Generate orders for clients on different service categories, such as speedboats, vessels, and ships.
  • Manage Subscriptions: Recurring services with flexible plans (1-year, 3-year, 5-year) along with one-time services.
  • Detailed Invoicing with Multi-Currency Support: Generate invoices with taxes and GST in multiple currencies, such as INR, USD, EUR, GBP, and Russian Ruble.
  • Customer Categorization: Group customers into various groups according to the services taken commonly to manage them effectively.
  • Subscription Renewal: Automatically renew subscription plans and create new invoices based on earlier orders.
  • Invoice Storage: Store all the invoices in the system until they are requested to be deleted by the admin.

Process for the Software

The invoice management software is customized to create efficiency and accuracy by following a linear process:

Client Onboarding:

  • Admin inputs client details and categorizes clients based on their service preferences.

Order Creation:

  • Admin selects the service category (e.g., vessel type or subscription plan).
  • Orders are created with specific details tailored to the client’s needs.

Invoice Generation:

  • Invoices are generated automatically based on order details.
  • Currency selection is simplified, enabling international transactions.

Subscription Management:

  • The system tracks subscription periods and notifies admins of pending renewals.
  • Renewal plans are updated based on historical data for easy plan continuity.

Record Maintenance:

  • All the invoices are saved securely on the platform.
  • Archive invoices can easily be accessed if needed or to perform an audit.

Record Deletion:

  • The admin can delete invoices without any restriction for appropriate data management and compliance.

Conclusion

Arobit has revolutionized the way shipping companies manage invoices and subscription management. The software can automatically create invoices and track renewals for businesses. This helps companies in stronger customer relationships. Key features such as multi-currency support and recurring billing ensure efficient working and financial accuracy.

With over 500 satisfied clients and vast experience, Arobit Business Solution is the most trusted partner for custom ERP software, automated billing software, subscription management solutions, accounting software for small businesses, and recurring billing software. Our innovative solutions empower businesses to achieve sustainable growth and unlock new opportunities.