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Billing and Invoicing Software
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Accounts Receivable,
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• Proven time and billing solution
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Here's what we'll cover:
- What is billing and invoicing software?
- What are some common features of billing and invoicing software?
- What are the benefits of billing and invoicing software?
- What are the potential issues with billing and invoicing software?
- How much does billing and invoicing software cost?
- Key considerations when choosing billing and invoicing software
Buyers Guide
Billing and Invoicing Software
What is billing and invoicing software?
Billing and invoicing software helps businesses automate and manage their billing and invoicing functions. It automates the process of creating invoices, including details such as product or service descriptions, prices, taxes, and due dates, and sending them to customers.
The software tracks paid, outstanding, and overdue invoices to help ensure the timely collection of payments. It also tracks the receipts against paid invoices and offers payment processing options such as credit cards and online banking. Some solutions also provide reporting functionality to track business finances.
What are some common features of billing and invoicing software?
Invoice creation: Create customizable invoices that include product and service descriptions, prices, due dates, and payment terms, among other details.
Invoice history: View previous invoices for each client or account.
Online invoicing: Create and send electronic invoices to clients.
Contact database: Maintain a centralized contact database with details such as customer information, billing history, and payment preferences.
Payment processing: Process customer or vendor payments through multiple payment methods, such as credit cards, bank transfers, and third-party app payments.
Time and expense tracking: Record the billable hours logged by your team members on different projects to create client invoices.
What are the benefits of billing and invoicing software?
Saves time on billing and invoice creation: Billing and invoicing software automates the process of creating and sending invoices to clients or vendors. This functionality saves time for your accounting team so they can focus on other crucial tasks such as client communication.
Increases invoice accuracy: Billing and invoicing software reduces human error by automating calculations. It eliminates errors such as a wrong billed amount or an incorrect calculation, helping your business improve billing accuracy and avoid costly mistakes.
Improves invoice documentation: Billing and invoicing software stores all your customer invoices and payment receipts in a centralized location, making it easier for your accounting team to manage documentation and stay organized.
Enhances customer experience: Billing and invoicing software allows you to design professional-looking invoices and offers a built-in payment portal that makes it easier for customers to pay their bills online. These features help increase customer satisfaction and boost user experience.
What are the potential issues with billing and invoicing software?
Payment processing glitches and payment failures: Server downtime in cloud-based billing and invoicing solutions can cause problems with processing payments. This could lead to payment failures for customers and vendors, making them dissatisfied with your business.
Server downtime and slow-loading dashboards: Some cloud-based billing invoicing software tools may face server downtime that could cause their dashboards to load slower or not show past invoices.
How much does billing and invoicing software cost?
Most billing and invoicing software products on the market are priced on a “per month” basis, and their entry-level pricing plans range from $8 to $107* per month. An enterprise product that’s priced higher may include additional features such as CRM automation, advanced reports, and custom logos.
*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of March 16, 2023
Key considerations when choosing billing and invoicing software
Check whether a centralized invoice dashboard is available. A centralized dashboard shows a summary of your business’s billing and invoice activity, including the number of invoices processed, total outstanding amount, total overdue amount, and number of defaulting accounts. It makes complex—and constantly changing—accounting metrics easy to understand for your team and displays up-to-date information so you can track the real-time progress of your billing and invoicing function.
Look for payment reminder functionality. This feature automatically sends reminders to your customers about approaching due dates or overdue payments. You can customize the frequency, time, and communication channel for the payment reminders. You can also add a payment link to your reminder messages to make it easier for customers to clear their dues.
Assess the reporting feature. Depending on your industry and country of business operations, you’ll need to generate invoice reports to submit to tax authorities. Billing and invoice software that automatically pulls up these reports will help your business ensure compliance as well as save hours of manual effort.
Sources
Products evaluated for the pricing calculation were taken from GetApp’s billing and invoicing software Category Leaders report. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in GetApp’s directory that offer them.
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