Invoice features and functionality in Wingspan

Recurring Invoices (Retainers)

Recurring invoices are a useful feature for contractors that deal with ongoing contracts or retainers for an enterprise. This functionality automates the process of sending out invoices at set intervals, such as weekly or monthly, for a specified amount. Instead of manually creating invoices each time a payment is due, the Wingspan automatically generates and sends them based on predefined criteria.

Features:

• Interval Settings: Set the frequency at which the invoice recurs—weekly or monthly.
• Automatic Emails: Wingspan automatically sends the generated invoice to the Client’s email address.
• Pause or Resume: If needed, you can pause or resume recurring invoices without canceling the transaction.

Bulk Upload of Invoices

Bulk uploads allow enterprises to upload a spreadsheet containing multiple invoices for various contractors. This eliminates the tedious task of entering details for each contractor individually, thereby saving time and minimizing errors.

Features:

• Spreadsheet formatting: The system should accept commonly used formats like CSV, Excel, or Google Sheets for bulk uploads.
• Data validation: Before processing the bulk upload, the system should validate the data for any errors or inconsistencies and notify the user.
• Spreadsheet template: Wingspan offers a template so that you can map your fields in the spreadsheet to corresponding fields from your accounting platform, such as "Name," "Amount," "Due Date," and more.
• Batch Processing: Before the invoices are finalized you can review and approve the bulk invoice generation.
• Tracking: You can track the status for the batch of invoices with statuses like "Sent," "Paid," "Overdue," and more.

Payment Reminders

Payment reminders are automated notifications sent to Clients to remind them of upcoming or overdue payments. They help in reducing the likelihood of late or missed payments.

Features:

• Reminder Timing: The reminder notification can be set to send reminder emails when an invoice is almost due and overdue.
• Reminder Channels: Reminders can be sent through email and the Wingspan application.
• Follow-Up Reminders: Send multiple reminders if the first one is not acted upon.
• Outstanding invoices: Collaborators can view all pending and outstanding payments and in the Invoicing tab.

Payment Confirmations

Payment confirmations provide instant acknowledgment once a payment has been received. They offer reassurance to both the payer and the payee that the transaction has been successfully completed.

Features:

• Instant Notification: As soon as a payment is processed, both parties receive a confirmation via their preferred communication method (email, SMS, etc.).
• Payment Receipt: Generates a digital receipt that includes all transaction details like amount, date, and parties involved.
• Confirmation Log: Maintain a log of all payment confirmations for record-keeping and audit purposes.
• Multi-Currency Support: Wingspan can process international transactions. Transaction confirmations display monetary amounts in the appropriate currencies for your region.
• API Integrations: Payment confirmations can integrate with accounting software to automatically update ledgers and financial records.