There are multiple ways to speed up and make invoicing more robust when transacting via a Blockchain. This blog provides an overview of the benefits of Web3 invoicing and some best practices to adopt to streamline your Web3 Financial Operations.
This Blog is part of a series of Web3 Financial Operations guides and case studies produced by FinOps3. Explore all FinOps3 tools and content on the FinOps3 Platform.
Traditional e-invoicing platforms often operate with PDF invoices that are settled and accounted for separately by each entity through various third-party solutions. Web3 invoicing platforms benefit from blockchains' ability to settle payments directly and grant users complete control of their data.
Getting started with on-chain Invoicing As a freelancer or company, it’s simple to get started with Web3 invoicing.
We recommend starting with Request Finance, a leading crypto finance and invoicing solution favored by companies such as Sandbox, Aave, and MakerDAO. It has been operating since 2020, processing over $700 million in invoices. Request Finance streamlines digital asset transactions, making it an essential tool for Web3 businesses looking to upgrade their financial operations.
Setting Up Request Finance
To improve the experience and control, it is recommended that you use a Safe Wallet to access this service for your business. If you don’t have a Safe Wallet yet, follow this guide to get started and gain complete control of your digital assets in minutes.
Setting up your account
Safe Wallet integration: Once you have set up your Safe Wallet, access Request through the Safe App.
Sign Up: Press sign up under the login button to create a Request account with your email address.
Configure Your Account: In the settings, enter your company's details, including the name, address, tax number, and logo.
Payment Details: Go to payment methods to add your wallet address for your preferred blockchain.
Issuing an Invoice
Add a Client: Navigate to 'Invoices' > 'Clients' and input your client's email and company details.
To create an Invoice: Click 'Invoices' > 'New invoice', enter the invoice number, and select your client.
Setting Invoice Details: Choose the currency, select the blockchain network and asset for payment, and input your wallet address.
Fill in Invoice: Add a description, the amount, and attach any files if necessary. You can also set the invoice to recur.
Send: Hit 'Create & Send'. Both you and your client will receive an email notification.
Tracking Invoice Status
Automatic Notifications: Once paid, both parties receive email notifications, eliminating the need for manual updates.
Dashboard Monitoring: Real-time payment status can be tracked from the dashboard, simplifying the reconciliation process.
Advantages of Web3 invoicing
Leveraging blockchain for your invoicing needs allows your company to streamline the process and automate all your needs. By following these steps, you can create, send, and pay your Web3 invoices.
Modular tools: Tools such as, Request Finance streamline the invoicing process, allowing businesses to create, send, and manage invoices efficiently.
Minimize Payment Errors: Businesses can use Request Finance to ensure their clients have accurate payment details, including wallet addresses and preferred digital assets. features like QR codes and direct payment links further reduce the risk of errors, making the payment process seamless for both parties.
Automate Payment Reminders and Confirmations: Request Finance can automatically send reminders for upcoming or overdue payments and instant notifications upon payment confirmation.
Simplify Tax Reporting: Request Finance simplifies tax reporting by tracking the market value of assets at the time of payment. Integrations with bookkeeping and tax software allow for easy transaction data export, aiding in accurate and compliant tax filings.
FinOps3 is a platform and knowledge hub for Safe-powered on-chain finance. It aims to accelerate the adoption and retention of Treasury Managers and Financial Operators in the Safe Ecosystem by providing resources and guidance that make setting up and running a Treasury Management System powered by Safe easy and rewarding.
