11 Top Picks
15 Hours of Research
30 Options Considered
When it comes to the best billing and invoicing software, a company needs to know that it’s in good hands. This is one of the most important aspects of any business, and for small and medium businesses It can make or break them and determine success versus going out of business. We understand, which is why we’ve written this guide. In it, you will learn about some of the most popular and highly rates billing and invoice software as well as the features you need to look for to ensure that you choose the right fit for your specific needs.
Top 3 Billing and Invoicing Software
Best Billing and Invoice Software Reviews
There isn't a single "best" product for billing and invoicing software. Each business is unique, and that means that each business has its own set of unique parameters that they need billing software to meet. That's why we reviewed multiple options for you, allowing you to see the specific strengths and weaknesses of each.
QuickBooks is the leading software for accounting in small businesses. All of your finances can easily be managed through their online or licensed versions. Both options offer you instant access to any records you need – whether it’s pertaining to employees, vendors, or customers.
Although you don't get quarterly tax estimates, you can track proposals and projects with this software. It offers simple records for your projects and your services and allows you to make estimates and keep retainers. It even has tools that allow teams to collaborate!
This piece of software supports estimates and anticipates your needs. It’s designed for small businesses and freelancers because it handles their unique concerns better than most of its competitors without requiring tons of experience and knowledge to use.
3. Zoho Books
Zoho Books is a great option for small businesses. Although the transaction cap will scare away larger businesses, it’s more than capable of handling small business needs. It’s got tons of fantastic features, like scheduled reports that automatically generate, mobile apps for access when you’re on the go, automatic payment schedule reminders for customers, and more!
Xero offers an excellent and easy to understand dashboard full of features. It can track your inventory, file new reports, offer interactive quotes, offers complex reconciliation, tracks your projects, track expenses, and even integrates with Gusto payroll!
Small businesses love using Xero for billing and accounting because of its massive list of features and strengths. It’s also continuing to improve, regularly offering updates and improvements.
5. And Co
This free app allows users to customize their invoices, which is usually unheard of for free software. It even includes a timer and allows you to create complex and detailed proposals and contracts. It’s produced by Fiverr, which has shown great success in the independent contracting and gig economy and knows the unique needs of these businesses.
6. Zoho Invoice
Zoho Invoice is a great option for businesses who want billing, or a whole suite of options. It offers custom invoices, supports global currencies, and allows for timesheets and time tracking. It’s intuitive and easy to use and pretty versatile, especially in combination with other Zoho products.
Vcita is a great option for small businesses, freelancers, and contractors who work by appointment. You can register clients, bill them, and allow them to pay and reschedule from right in the software. It’s got mobile integration and even allows you to launch marketing campaigns and email coupons to your customers!
This software lacks optical character recognition (OCR) and the billing structure can be confusing, but it's pretty affordable. If you're used to using software and like to figure things out, but don't need tons of heavy features, they are pretty good. If you ever do grow and decide you need some additional features, you can upgrade to versions that include the features you need.
9. NetSuite ERP
NetSuite ERP may cost a bit more than other options but it is also much more comprehensive and capable of growing along with your business. The financial features include accounting, billing and sales integration, recognition of revenue, planning, and reporting, and risk compliance.
This software is a great option for billing. Although it isn’t great for businesses who want high levels of customization, it is extremely strong with reporting and supports tons of different currencies. It is rich in features and offers tons of great selections, so you may not even need to tweak it!
This UK software is a great option for freelancers. It allows you to schedule recurring invoices, create estimates and proposals, and send automated emails thanking them for payments. It allows you to track billable time, connect to your bank, accept multiple payment streams, and is mobile compatible!
How to Choose the Best Billing Software
The best billing and invoicing software can be different for each company. Choosing the right one comes down to preference and the needs of your specific business. These programs are as varied as the businesses that purchase them, so you can easily find the services you need.
Some of the things to consider include how these services bill. Are they hourly, billed upon completion of the developed software, or monthly subscription programs? If you're using a license or service rather than your own software, what do they do with your records if you choose to terminate the service and move in a different direction down the road when your business needs change?
You should also find out how their invoicing process works. This is your chance to see the image they will send to clients. Billing is a huge part of managing your relationship with your customers, so you want to make sure this is done well.
Consider the size of your customer base, how the invoices get sent, how much time you give for collection once bills go out, and how you handle late payments. These questions need to be answered so you can find a software service that complies with your needs.
Many of these services offer free trials. You can demo a few different billing and invoicing services that are popular or recommended and get a feel for whether they have everything you will need. It's a way to compare the features of each app, ensure they have critical elements you need, and figure out whether you like the interface and design.
Types of Billing and Invoicing Software: What are examples of billing and invoicing software?
There are a lot of different types of billing and invoicing software. These all have different tools dedicated to specific needs. A lot of these software systems include free versions with basic features and there are also very expensive programs that are more specific and can handle more than just bills and invoices.
These features can also determine a specific category or type of billing software. Some programs are designed specifically for record creation and data storage, while others allow companies to determine and create templates, work with multiple currencies, and customize their branding and invoicing.
On-premise systems offer a single license that allows a program to be hosted on the client's localized server. These are usually pretty expensive because they require a more detailed setup and may even require hardware installation.
Software as a Service (SaaS) is probably the most common and most popular option for this sort of system. These are usually subscription-based services that have a monthly fee, and they are hosted form a vendor server. He business owner won't have to handle updates, maintenance, and installation.
Cloud computing has seen a massive rise in popularity thanks to its convenience, and billing and invoicing systems have moved there, too. These are the systems that usually offer free plans with limited features and also have the most affordable pricing because they’re so easy to access and don’t require updates.
We have listed and reviewed 11 different examples of these types of billing and invoicing software. They all fall into one of these categories and all have their own set of advantages and disadvantages.
For example, FreshBooks is a fantastic cloud-based solution because of how well it streamlines the tracking process and allows for everything to be collected online. Intacct is a very efficient solution for small businesses because of the insights it offers through key figures and statistics. QuickBooks is extremely popular because of how simple it is for beginners to understand.
Benefits of Billing and Invoicing Software
Some of the benefits of this software are easy to understand. The time you save, the beautiful design, and the stress that disappears when it isn’t all on your shoulders is a good list of examples. There are other benefits, too.
For example, this software prevents late payments from occurring. If you have the right software, it can send bills and notices out ahead of due dates – especially for recurring monthly payments. This reminds customers to pay early and on time, so you aren’t tracking down late payments or missing any collections.
It also minimizes lost and missing payments. When you have control over your records and they are easy to track, you can ensure that you don’t miss any payments that you owe to other people. This makes you more reliable and is likely to get you better rates in the future thanks to stronger relationships.
You also look much more professional. When you’ve got the right system in place, your image is very professional. Bills are clean and easy to follow, but they still have the mark and brand of your specific company.
Easier Ways to Pay
A billing and invoicing service is an easy way for freelancers and small businesses to ensure that they receive payments on time for their products and services. You can receive payments through a variety of means, and effortlessly send invoices, which will free up your time for more profitable tasks that bring in additional business.
This software allows you to add electronic payment options as well as allowing customers to pay through their mobile phones. This is convenient for both you and your clients.
Key Features of Billing and Invoicing Software: More than Just Sending a Bill
The best billing and invoicing software should do more than just send out bills. They can create new invoices. This will allow you to send out invoices that look professional and are customized to your company’s brand. Ideally, they will pull information from projects and records to prevent duplication and errors.
Another great feature is creating records for your customers. This will let you collect data on their information and have all their relevant files in a central location. Ideally, it will include a search option so you can find them easily.
This software should accept multiple different payments. Not only should they take most major credit cards, but they should also accept payment from places like PayPal. Some of these systems will allow you to enable automatic billing for recurring payments.
Your communication templates should be accurate and simple. This type of software should allow you to personalize your accounting for the brand and have visually stunning bills. It should also allow you to do everything internally, including taxes. If you’ve got a great system, you can do all of your tax reports from the same system so you don’t have to spend ages filling everything out yourself.
You also need a way to toggle currencies. As important as accepting tons of different payments, allowing your software to accept payments and calculate tax rates globally is important for businesses with worldwide customers.
Tracking Cash Flow
These days, a lot of businesses accept credit card payments. The companies charge for this service, and you need to make sure that it's worth it. Having this type of software in place can allow you to pass service fees on to customers along with your bill, avoiding getting hit with fees. It also gives you a heads up when you are paying them.
You can also integrate a lot of these systems into your accounting systems on the back end. This is a very convenient way to get bills and invoices into your ledger without having to report them and manually enter them. When these systems work together, it’s completely seamless and effortless on your part.
Best Invoicing Software: Targeted Businesses
There are certain types of businesses that benefit more from the billing and invoice software than others. Here are some of the businesses that these software systems target.
If you're a stand-alone buyer, this might be a good choice for you. Some individuals need to be able to customize their software. It has to be as flexible as their small business dictates. These buyers are focused on billing to individual clients and want a stand-alone system that can handle their various needs.
People who buy integrated systems are looking for billing and invoicing to be included as part of larger accounting software. These people are looking for a single piece of software that can handle all of their financial needs, where billing and invoicing are automatically collecting payments and logging transactions in the general ledger under the accounts receivable section. They are willing to pay more for specific features.
Suites are also great for integrated system buyers who don’t need accounting software. For example, you can purchase systems for management and point of sale that integrate billing and invoicing as well. These can mix with POS (point of sale) systems for a total management suite.
There are also unique buyers who need specific and exclusive tools for their specific industry. A good example of these buyers includes utility companies. These companies tend to create their own software or hire custom builders to do it for them, so open-source options that have lots of flexibility work especially well.