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Accounting software is a fantastic resource to help you manage your finances. Having an invoicing tool, either as part of the accounting software you use or as an add-on, can help you create professional invoices that get you paid on time.
But with so many options on the market, which is best for your small business?
The Best Options for Invoicing Software
There are several software solutions for online invoicing (and more) available, and each has its own benefits. Let’s explore some of these accounting solutions for invoicing.
Best for: Freelancers and solopreneurs
FreshBooks is one of the most popular accounting software options available. It offers a wide range of features and functionality, including expense tracking, time tracking, and financial reporting.
FreshBooks lets you connect to payment gateways so your customers can pay you with different payment methods such as credit cards, ACH, and debit cards.
When it comes to invoicing, FreshBooks has invoicing software that lets you customize invoice templates with your logo. You can send recurring invoices, add time worked, and send reminders to customers.
The best cloud-based small business accounting software. Send Invoices, Track Time, Manage Receipts, Expenses, Learn More
Best for: Small businesses with employees
Another option that includes a full suite of accounting tools (including invoicing) is Xero. Xero lets you easily review expense reports submitted by employees, monitor your cash flow, and pay employees using Gusto.
For invoicing, you can send quotes, track expenses, manage contacts with customer relationship management (CRM) tools, and send invoices.
Best for: Those with more robust bookkeeping needs
Another option for billing features and more is QuickBooks. Small business owners can connect their business bank accounts to QuickBooks to easily manage their expenses, and there are customizable invoices to send to clients.
QuickBooks offers other services you might be interested in, including live bookkeeping accounting, inventory management, and payroll services.
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Best for: Those who want more than accounting
Zoho offers a full range of services, from accounting and CRM to marketing and HR. As for its financial offerings, Zoho’s invoicing tools let you send personalized invoices and automatic payment reminders, track time spent on a project, and get paid faster.
Zoho offers a free version of the billing software as well as a paid version with more features.
Other financial tools include inventory tools, subscription services, e-commerce payment pages, and accounting tools to manage accounts receivable and payable.
Features to consider for invoicing software
Choosing the right invoicing software for your business will depend on what invoicing features you are looking for.
Consider how you want to accept payments from customers. Do you want the ability to accept debit and credit cards as well as ACH payments? Some software offers additional payment options for processing online payments, allowing you to accept forms like Stripe and Paypal.
How would you like to access your invoicing software? Do you only use it on desktop or would it also be useful to have a mobile app on Android or iOS that you can use? A billing app lets you send payment reminders and receive notifications when a customer has paid, wherever you are.
If you bill by the hour, it can be useful to have a time tracking feature that will allow you to add billable hours to an invoice for a client.
Billing of late fees
Another feature to consider is the ability to set up a payment policy and charge late fees if a customer makes a late payment. With everything going on in your business, tracking overdue invoices is something you don’t want to have to worry about.
How many invoices do you send per month? Some services offer unlimited invoices, while others allow you to send a certain number of invoices per month at each pricing tier.
Packages and prices
A final consideration is how much you can afford to pay for invoicing software. You might be able to find a free plan, but does it offer all the features your business needs? It may be worth investing money in software that offers everything you need. Compare the prices of all the software that suits your needs and know that you could save if you could pay for a year rather than the monthly fee.
Choosing the right invoicing software for your business
Ultimately, the billing solution that’s right for your business is one that’s easy to use and saves you time.
Once you have chosen the invoicing software, spend some time learning about all of its features. Setting up automatic invoices or payment reminders can save you time, and the ability to accept payments online can help you get paid faster. All of this will help your business thrive!
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