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Companies all over the world are searching for the perfect billing software to suit their needs. Without such programs, it’s nearly impossible to stay ahead of the competition, contribute to the business growth, and optimize workflow.
With a big variety of options available on the market today, it could be problematic to make a selection. Knowing what to look for when choosing the billing software for your company can help you make the right choice.
Let’s take a closer look at the benefits of billing software, its components, the selection process, and the top 10 options on the market today.
» Benefits of Billing Software for Companies of all Sizes
An efficient billing system is a key to keeping the financial component of your customer relationship intact. It can also save you from making mistakes and help take a proactive role in business innovation.
1. Create Invoices Quickly
Creating invoices is time-consuming and often frustrating work, especially if you have many different clients. Keeping all the information in one place, sending reminders, tweaking the design, and other matters require time your staff doesn’t have.
Financial departments often struggle with invoices, abandoning important tasks for later. With billing software, the system can be automated, allowing your financial specialists to work on other matters.
2. Minimize Human Error
The billing process involves continuous input of information, including private data and bank details. One simple typo could cause a variety of problems from wrong bank details to rerouted payment.
Billing software keeps the billing details carefully stored to insert them for each of the following invoices. With such an approach, the human error factor is virtually eliminated.
3. Improved Security
When you send out invoices, you are dealing with sensitive information. Storing it in excel files makes the data vulnerable. Billing software is designed to keep all your data secure. The developer creates powerful barriers to keep hackers from gaining access to the payment information you work with.
If you update the program regularly, you can avoid any unpleasant breaches.
4. Automated Communication
Large companies often have to deal with non-paying parties. Keeping track of all the invoices and related payments can be time-consuming. In some cases, money falls through the cracks.
The billing software is designed to follow the payer automatically and send reminders according to your preferences. These programs notify you about non-payers in case automated reminders don’t achieve results. This way you can ensure payment of all invoices timely.
5. Consistency
Companies that don’t use billing software generally work with all types of programs for their invoicing needs. They end up entering the same data into spreadsheets, applications, and other software, failing to keep everything in one place.
Such inconsistency leads to mistakes and lost data. The billing software allows you to keep all your invoicing details within one app so you can make sure none of it is lost and eliminate the need for repetitive actions.
6. Remote Access
Many billing software providers have moved to the cloud. By using cloud SaaS, you can access information and take advantage of billing capabilities remotely. Such software can accommodate multiple users at different locations.
This option is especially helpful when billing activities are required during the off-hours. It can also accommodate companies that have employees working from home.
7. Brand Identity
The billing software allows you to increase brand awareness and improve brand identity. You can furnish all financial documents with the company colors scheme and logo. The invoice design can match the brand voice.
When clients or vendors see your invoices, they’ll immediately recognize who they are from. This could increase the chances of getting paid.
8. International Capacity
If you work with clients from other countries, you face different currencies and languages. Trying to make your invoices clear and transparent without the billing software can be tough. Converting currencies could lead to errors while translating invoices could raise questions.
The high-quality billing software allows you to select currencies and languages to make your invoices easy to understand for clients all around the world. This increases the chances of timely payments.
9. Saving Money and Environment
The costs of using paper invoices are high for both your company and the environment. By using billing software, you can switch to online invoicing. This can help you cut costs and reduce the carbon footprint.
According to one study, 6,000 organizations could save a billion dollars by cutting their paper usage by just one percent. With paper waste accounting for a whopping 37% of the company’s waste, cutting it down can have a positive impact on your budget and the environment.
10. Improve Customer Relations
Clients generally expect a reliable company to use high-quality software. If you settle for manual paper billing, you may not appear as trustworthy as you prefer.
Billing software doesn’t just allow you to design top-notch invoices and send them timely. It can assist with customizing financial documents for each client. Such personalization can improve your relationship and build your brand.
» How to Choose Billing Software
Since many different options are available on the market today, it could be tough to make a selection. What works for your partners or competitors may fail for you and vice versa. Here are a few parameters you should consider when choosing the right billing software for your company.
1. Evaluate Your Needs
The first thing you need to do is evaluate your needs. What do you need the billing software for? Do you need a program to send and track invoices? Or perhaps you need financial management options?
Do you want remote access and heightened security? How many people will be using the program? For example, the payment plan for cloud software may depend on the number of users or clients.
Do you work with international clients? Then you need multiple languages and currency capacity.
2. Consider Your Budget
The price of billing software depends on its type. If you are purchasing an on-site software to install on your computers, you have to pay the entire amount upfront. If you are taking advantage of cloud software then you have to pay a monthly fee.
In most cases, once you purchase the software, you own a license. With the SaaS version, you are basically renting it.
SaaS billing software is a good choice for companies with a low budget which needs a high-quality service at a fair price.
3. Think about Compliance
If your company needs to comply with certain security requirements demanded by the industry, you may need to choose software that helps you do it. If you work with highly sensitive information, the software you choose must comply with certain security guidelines.
Meanwhile, your industry may have some specific needs. Not every off-the-shelf billing program is suitable for all industries. You may need to check if it has all the options you need for your niche.
4. Review Features
Different billing software packages may have different features. While evaluating your needs, make a list of features you require and compare them against the options offered by the provider.
· Web capacity
· Number of users allowed
· Ability to put your logo on the invoice
· Multiple currency/language option
· Customer management system
· Ability to create quotes
· Reporting
· Ability to accept different forms of online payments
· Notifications
· Customer support
5. Check Security
Security is one of the top considerations with billing software. Since you are handling financial details, the software must be duly protected against breaches. Find out how updates are arranged by the provider. How is data backed up and restored?
You should also consider the customer support the company offers. Is it 24/7? Are there live chat options?
6. Discover Integration Capacity
If your company is already working with payroll, accounting, and other financial software, find out if you can integrate the new program with it.
Perhaps you can replace all the above apps with this billing software. But most likely, you’d need to use a couple of programs in tandem.
» Top 10 Billing Software on the Market Today
Even when you know what to look for in the billing software, you may still feel lost when facing an abundance of choices. This selection of programs is designed to help you narrow down your options.
#1) FreshBooks
FreshBooks is an excellent option for small and medium-sized businesses. It has many features, including invoicing, time tracking, and reporting.
The program is available on a cloud. It offers high-quality team collaboration tools and online support during business hours. The app is suitable for a variety of niches and has options for:
· Billing
· Accounting
· Financial management
· Time tracking
· And more
› Price: starts at $15 per month per 5 clients. You can try it for 30 days without charge.
#2) Kansys Edge
Enterprise billing software, Kansys, is designed to accommodate the needs of large companies. This automated billing software offers a variety of features and can cater to compliance needs across many industries.
· Quoting
· Invoicing
· Custom dashboards
· Account management
· Billing
· Payments (PCI-compliant engine)
· And more
The app has excellent integration capabilities to work with your existing IT stack and applications. The company offers robust online support.
› Price: To be requested upon contact. A demo is available
#3) NetSuite ERP
Oracle NetSuite ERP is designed for medium and large companies. It’s a cloud-based solution, which covers such needs as:
· Accounts payable
· Accounts receivable
· Financial planning
· Budgeting
· Billing scheduling
· Invoicing
· And more
It’s an all-in-one app for companies across different industries. The software has a low learning curve and built-in flexibility.
› Price: To be requested upon contact. A demo is available
#4) Tipalti
Tipalti is a cloud-based payment management software suitable for companies of various sizes. It offers such options as:
· 100% secure payments
· Multiple currencies
· Selection of payment processing methods
· Tax form compliance
· Invoicing
· Global payment processing
· And more
The program is excellent for mass invoicing needs. Detailed payment reporting and tracking facilitate the work of your financial department.
› Price: To be requested upon contact. A demo is available
#5) TimeSolv
TimeSolv has been on the market for several decades. It’s a billing software with an excellent reputation. The app can be suitable for a variety of companies across many niches. It features:
· Invoicing
· Reporting
· Budgeting
· Expense tracking
· Document management
· And more
The app can be easily implemented with popular financial applications, such as QuickBooks.
› Price: A 60-day free trial is available. The price depends on the version you choose and starts at $13 per user.
#6) Accelo
Accelo is an all-in-one financial management solution for small, medium, and large businesses. You can take advantage of such options as:
· Billing portal
· Payment processing
· Recurring billing
· Multiple currencies
· Customizable invoices
· Online invoicing
· And more
The developer offers top-notch online support during business hours. It integrates with a variety of popular financial apps.
› Price: A free trial is available. The price starts at $39 per user.
#7) Odoo
Odoo is a web-based open-source suite of financial business apps. Its cost depends on the components you choose. The software offers such options as:
· Online invoicing and payments
· Payment processing
· Project billing
· Billing portal
· Mobile payments
· Customizable invoices
· Multiple currencies
The provider offers useful online and offline training and support during business hours.
› Price: A free trial is available. The price starts at €16 per user per month.
#8) Simply Bill
Simply Bill is designed for small and medium-sized businesses. This cloud-based app allows simple creation and tracking of your invoices.
· Billing
· Invoicing
· Tracking
· Reporting
· Tax tracking
· And more
You can take advantage of a big variety of customizable invoice templates. The provider offers top-notch security and excellent customer support.
› Price: Starts at $5 per user per month.
#9) Invoicera
Invoicera is an easy-to-use cloud-based software, which offers a wide selection of features that cover almost all aspects of billing and invoicing:
· Online billing
· Multiple currencies and languages
· Time tracking
· Auto billing
· Financial forecasting
· Project management
· Recurring subscriptions
· And more
The program is designed for a variety of industries, from real estate and communications to contractors and photographers.
› Price: Starts at $15 per user per month. A free version (for up to 3 clients) is available.
#10) Bonsai
Bonsai is an excellent option for small businesses, the self-employed and freelancers. It has many features, including invoicing, contracts, proposals, time tracking, and reporting.
· Invoicing
· Accounting
· Proposals & Contracts
· Time & task tracking
· Global payment processing
· Expense tracking & taxes
· Project management
· And more
Bonsai offers hundreds of free templates for invoices, proposals, contracts and more.
› Price: Starts at $24 per month, you can have up to 5 users. 7-day free trial available for all plans.
#11) AccountSight
AccountSight is a cloud-based invoicing software for professional services companies. It’s designed to cater to large businesses. You can take advantage of such features as:
· Invoicing
· Integrating time-tracking
· Customizable invoices
· Multiple currencies
· Online payments
· Recurring billing
· And more
The company offers live online support during business hours.
› Price: Starts at $10 per user per month. A free version for one user is available.
The Takeaway
Billing software can simplify your financial department’s work while giving your business an opportunity to grow. Without such software, you may be losing your competitive edge.
Follow the above guide to choose the best option for your business. It can streamline your operations and boost revenue.
