Why should businesses use billing software?
A billing system helps create instant bills and invoices for customers due to readily available formats and past customer data. You can also customize bills with minimal effort and save your valuable time and the cost of billing. Today’s modern billing software allows you to share bills and invoices with customers offline and online, keep track of sales and payments received, reduce paperwork, and create reports without errors. Moreover, with an easy payment feature, you can get paid faster and maintain a record of all payments received and outstanding invoices. While the remote accessibility and security feature allows you to prevent misuse or wrong issue of invoices, thus ensuring transparency and effective cash management.
Salient features of the billing system
Every billing system comes laden with special features but the following are the universal features that you’ll find in every billing software.
- Customized invoice creation option to include all required details and change the invoices regularly.
- Create master data of vendors and payments with a backup offline/online for easy data extraction for tax return filing.
- Generate reports on different matters for better analysis while saving time and cost.
- Include links and barcodes for facilitating online payments and easy payment reconciliation.
Select the best
billing software for your business
Let’s face it – billing can be a pain especially when you have outstanding invoices and a long list of customers. Manually creating invoices, pushing them out, and following up on outstanding bills can take up a lot of your time. Luckily, there are some good billing software that can accelerate the payment process without losing a record of the payments that you owe.
Intuit Quickbooks Online
QuickBooks enables you to create customized online invoices for clients, and then accept payments via credit/debit card or bank transfer directly with the invoice. You’ll also be able to send recurring payments and schedule them when you’d like to send out your invoice. The software is used for accounting in large enterprises which deal with larger payments. You can also break up the invoicing of a big project into several milestones to keep track of how much has already been paid.
Xero is equally good for small and medium-sized businesses as well as large enterprises because of its extensive features. Xero simplifies the process of bill payment, expense claims, project tracking, managing contracts, file storage, and more. From creating custom invoices, and accepting online payments via invoice, to setting automatic reminders for clients and integrating payment gateways like Stripe & GoCardless, you can easily transform your billing approach to a more organized and secure level.
This billing software not only creates custom invoices, but also features time tracking, and expense-tracking options. The most interesting thing about FreshBooks is that you can log time by project and client and see when a client has received and paid an invoice. You can easily collaborate with your team on a project and get business insights with dashboards and real-time reports. FreshBooks further enables you to send professional-looking estimates and set up late payment reminders and fees.
Zoho’s invoicing platform offers a ton of customization options and features to manage accounting in an organized and professional way. It is particularly suited for small business owners, freelancers, and solopreneurs who used to create each invoice manually and struggling to keep track of payments. Zoho can send up to 1,000 invoices per year, keep a record of invoices sent and received, off-line payments, invoice history, and tax-related information. It enables CFOs to create project estimates based on particular details, keep track of project estimates history, client interactions, and time spent working on projects, and bill clients accordingly.
It’s a free cloud-based invoicing software that has features like payment and expense tracking, invoicing, and billing in one place. Wave is good for small businesses of up to 9 employees. You can schedule recurring invoices, send automatic payment reminders, track the status of your invoices, accept payments by credit card in 2 days or less, and track income and expenses.