Find out more about Billing and Invoicing Software
What is Billing and Invoicing Software?
Billing and invoicing software is used mostly to perform accounting and financial tasks. This type of system ranges from simple single-entry programs that include check writing and bookkeeping features to advanced double-entry apps that offer sophisticated features. Billing and invoicing software offers many benefits to users and you can use it to automate your routine tasks, eliminate manual data entry, and make sure your accounting figures are precise and accurate. Therefore, it has become essential for expanding businesses to invest in a quality billing and invoicing software system. We recommend you start your search for the right solution by checking out the leading applications in this category, and to pay greater attention to FreshBooks which our experts rate as the top platform.
Top 14 Most Popular Billing and Invoicing Software
How To Choose The Best Billing Software
Billing and invoicing software programs are highly variable as they cater to different vertical markets. Some companies bill by the hour, while others may bill after project completion. The invoicing process allows companies to show their image to clients, which involves online relationship management as well. More factors to be considered include the method of invoice sending, size of the customer base, timeframe for payment collection, and processing of late or delayed payments. All these make it hard to select the best billing software platforms for enterprises and SMBs. This buyer’s guide aims to make it easy for you choose the best invoicing software tools for your business needs.
Get to know each product with free trial
First of all, a good course of action is to sign up for at least a few free trial plans or demo from popular billing and invoicing software providers. With that method you will have the opportunity to test the important elements and you will get a good comparison of the capabilities of each app. You will also be able to understand what is invoicing software better. The best thing to do is to try services that currently have the highest rankings in our SmartScore and Customer Satisfaction Rating in our billing and invoicing software reviews: FreshBooks reviews, Intacct, Xero, Zoho Books, Chargify, Zoho Invoice, Avangate, Zervant, Tipalti, AccountEdge, W3B Management Solutions, WorkflowMax, and KashFlow.
Billing and invoicing software buyers fall into the following main categories:
- Stand-alone buyers – Some purchasers need a high level of flexibility and customization in their billing software. These buyers focus more on billing and require a stand-alone system for their unique billing needs.
- Buyers of Integrated systems – Other purchasers want the billing and invoicing feature to be part of a bigger accounting system. These purchasers want a holistic software, where the billing and invoicing module automatically logs collected payments as accounts receivable in the general ledger. These purchasers place a high value on specific billing features. Suites other than accounting software can also offer billing and invoicing feature. For example, child care management solutions include a billing feature particular to daycare units, salon software have these features together with point-of-sale (POS), and medical software vendors provide medical billing functionality for inpatient/outpatient care providers as well as outsourced billing services for healthcare units.
- Unique buyers – An example of these purchasers are utilities companies that need a list of exclusive tools for the specific billing processes of their industry. These companies usually create their own software or outsource the billing as custom work to a third party.
What are Examples of Billing and Invoicing Software?
- FreshBooks: One of the best cloud solutions for small business that streamlines tracking and invoicing. It allows you to collect payment online, and it is packed with advanced analytic features.
- Intacct: Another highly-efficient cloud solution for small and medium businesses that provides statistics and key figures to help companies make smarter decisions.
- QuickBooks: Simple and very popular software for small businesses that are just beginning to manage accounts receivable. It checks invoices and purchase orders and eases business transactions.
- Xero: An online accounting app for businesses from all scales and industries, but also individual accountants and bookkeepers. It focuses on collaboration, and keeps teams connected wherever they are.
- FinancialForce Accounting: Easy-to-use and maintain platform that provides an affordable end-to-end accounting solution for businesses from all scales.
Types of Billing and Invoicing Software
There are various types of billing and invoicing software tools, including free and basic suites but also ultra costly and accurate programs. Features can also be categorization criteria, as certain programs do nothing but to create online customer records, while others are more robust and they allow companies to use predefined communication templates, set up currencies, and even do some custom branding. Deployment is also an important factor based on which there are:
- On-premise billing & invoicing systems. These are covered with a single license, and are hosted on the client’s local server. They qualify as the most expensive ones, due the fact that they require complex setup and occasionally some hardware installation.
- Software-as-a-service (SaaS) billing & invoicing systems. These are usually paid per month, and are hosted on the vendor’s server. The business owner is not responsible for installation, updating, and maintenance.
- Cloud-hosted billing & invoicing systems. Most of these offer free basic plans, and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or to pay for maintenance.
Key Features of Billing and Invoicing Software
The following features are the most common in the best billing software solutions:
- Creating a new invoice. The feature should allow you to create clean and professional invoices, and to customize them to match your brand. The system should be enabled to draw relevant information from timesheets, projects, and customer records, and disable invoice duplication.
- Creating customer records. This feature allows you to summarize customers’ personal and purchase information and to attach relevant files in a single, centralized database. The database should ideally be empowered with a search filter you could use to access the record of a particular customer.
- Accept PayPal or credit card. The invoicing suite should be enabled to save time and facilitate billing by processing credit cards on dot, and allow recurring billing and secure customer management. Some systems make it possible even to auto-bill cards so that clients won’t miss a due payment.
- Predefined communication templates. The visual aspect of your bills and invoices is almost equally important as their accuracy, which is why you should look for a system that provides beautiful and predefined communication templates. This will save you time but also allow you to personalize accounting and to make it more suitable to your brand.
- Currency setting. You need this feature in order to connect your billing & invoicing system seamlessly in the rest of your software architecture, the same as your basic financial operations. Multiple currency setting can be useful also for issuing receipts, accepting payment and managing taxes, and it is of vital importance for global companies.
- Import/export customers. The function allows you to send quotes to your customers in few seconds, because there is a centralized database where all their information is stored and made available.
- Invoice, payment, and tax report. A good e-invoicing system should eliminate the need for you to use external systems for tax reporting. Ideally, you should be able to perform it within the same system, without losing hours to summarize information.
Benefits of Billing and Invoicing Software
After detailed comparisons and tests, we found that the best invoicing software should be able to offer you the following benefits:
- Minimize late payments – The right software solution can help to streamline your billing and invoicing process and enable you to get payments on time. You can keep your data organized and not miss any collection, which will boost your profitability.
- Minimize missed payments – You can keep better track of your billing commitments to ensure you do not miss any payments. The advantages can be amazing in the long run.
- Maintain a professional image – A good billing and invoicing solution can help you to portray a professional company image. Most systems offer support for customized logos and other design improvements to payment documents and invoices. You can use the software to put forward an organized and prompt approach which can enhance your reputation with your clients.
List of Billing and Invoicing Software Companies
Our Score Read More
Our review platform employs our special SmartScore™ mode to gather information about all the solutions in the Billing and Invoicing Software category in orded to help you choose the best possible software. It compares and contrasts the following metrics: key functionalities, collaboration elements, customization, available integrations, simplicity, help & support, security, mobility, scores in other media. As of now, FreshBooks is the leader in this category and we gave it the highest score in our tests. Following thorough testing it had the best results among its competitors and our experts strongly suggest that you include it as one of the solutions for your needs.
User Satisfaction Read More
An overview of general user satisfaction with the products in our Billing and Invoicing Software category evaluated with our unique algorythm that analyzes customer reviews, comments and opinions across a broad set of social media sites to help you make an educated buying decision.
Pricing Read More
Each vendor in the Billing and Invoicing Software category will have a different set of pricing packages for its product and every package will include a different set of tools. Below we list the overal pricing for the most affordable plan provided for each service. Keep in mind that advanced features may cost extra.
Devices Supported Read More
An analysis of what kind of devices and operating systems are supported by the listed B2B services in the Billing and Invoicing Software category, including mobile platforms and web-based solutions.
Laguages Supported Read More
Learn what languages and countries are served by the popular B2B services in the Billing and Invoicing Software category, including services intended for international markets and prepared for multi-cultural groups of employees.
Pricing Model Read More
Find out what pricing models are provided by the vendors in the Billing and Invoicing Software category to see which one suits your business needs and budget best. Be aware that some apps can support free or freemium accounts for you to test first.
Customer Types Read More
A brief look at which kinds of companies a selected B2B service in the Billing and Invoicing Software category is designed for, from small businesses and non-profits to big enterprises.
Deployment Read More
A summary of what kinds of software deployement are provided by each B2B vendor in the Billing and Invoicing Software category. While the majority of modern SaaS solutions are cloud-based there are solutions might offer an on-site deployment model too.
Post by Alex Hillsberg