Top 4 Billing & Invoicing Software to Streamline Your Business

Top 4 Billing & Invoicing Software to Streamline Your Business

Billing and invoicing can be a time-consuming and tedious process, especially if you’re still using manual methods. 

If you own a business, you need to bill your clients or customers for the goods or services you give to keep things operating properly. However, if you’re still going about it the old-fashioned way (e.g., paper invoices and manual invoicing), you’re losing a lot of time that you could otherwise spend on building your business. Enter billing and invoicing software, where you can automate the billing process, track bills, manage contact details, send invoices etc., with ease.

To further save you time in choosing which software to go for, we have compiled a list of the top four billing and invoicing software tools to help you make an informed decision. From cloud-based options to desktop software and everything in between, we’ve got you covered. 

1. Zoho Books

This cloud-based accounting solution includes a customer relationship management (CRM), inventory and project management system. Zoho Books has several features, including creating and sending invoices, tracking and monitoring expenses, handling sales tax, tracking time and attendance and generating reports.

This software is ideal for freelancers, self-employed businesses, ecommerce enterprises seeking complete management software and businesses needing accounts payable (AP) software to handle business payments with a mobile app.

Benefits:

  • All paid packages include access to phone support and live chat.
  • Its mobile app can perform nearly all accounting operations.
  • Sync Zoho Books to your bank account for real-time cash flow updates. 
  • Quick in monitoring and categorizing transactions.
  • Allow inventory tracking.

Drawbacks:

  • Cannot track fixed assets (machinery, vehicles, furniture, computer parts, buildings and other equipment) with the software.
  • There is a limit on the number of invoices you can send.
  • Limited features for the free version.
  • To monitor and track overdue bills, you must subscribe to the Professional plan.

Pricing (per organization per month): 

  • 14 days free trial (one user and one accountant) 
  • Standard: US$10 (three users)
  • Professional: US$20 (five users)
  • Premium: US$30 (ten users)
  • Elite: US$100 (ten users)
  • Ultimate: US$200 (15 users)

2. FreshBooks

FreshBooks is a cloud-based accounting software that helps businesses manage their finances and get paid faster. Designed for small businesses and freelancers, this software includes various features, such as online invoicing, time tracking, and expense management. With FreshBooks, you can easily create and send invoices, track time and expenses and manage your projects all in one place.

Benefits:

  • Low-cost pricing.
  • Easy-to-use accounting software.
  • Can be accessed on any device (desktop, tablet or mobile).
  • Create and send an endless number of invoices, including automatic recurring bills.

Drawbacks:

  • To add additional team members, you need to pay extra costs per month.
  • Not apt for big businesses.
  • Fewer customization options are available in comparison to others.

Pricing:

  • Free trial for 30 days
  • Basic plan (Lite): US$15 per month (five billable clients)
  • Plus plan: US$30 per month (50 billable clients)
  • Premium plan: US$55 per month (unlimited billable clients)

3. Wave Accounting

Wave Accounting is an accounting software that offers simple bookkeeping for small businesses. Invoicing, expense tracking, financial reporting, automated payment reminders, collecting bank and credit card payments online within invoices using Wave Payments (fees apply), tracking payment statuses, and getting alerts are some of the functions it offers.

Benefits:

  • Free of cost for accounting, invoicing and banking services.
  • Simple, user-friendly interface.
  • An unlimited number of users can access it at the same time.
  • Dedicated invoicing app.

Drawbacks:

  • Phone and live chat support features are available only in paid options (Wave payments and payrolls).
  • Does not offer advanced accounting services outside of its free service.

Pricing:

  • Free accounting, invoicing and banking services. 
  • For handling payments, fees apply per use: bank payments (1% per transaction; US$1 minimum fee) and credit cards (2.9% + US$0.60 per transaction).
  • For handling payrolls, fees apply monthly: US$40 per month for tax service states and US$20 per month for self-service states.
  • Different experts access plans: US$149 per month for bookkeeping support and US$379 one-time fee for accounting and payroll coaching.

4. Xero

Xero is another cloud-based accounting software that offers comprehensive financial management for small businesses of all sizes. Xero has a plethora of features that enable it to handle complicated accounting operations for small and big corporations. Paying bills, claiming costs, accepting payments, tracking projects, managing contracts and storing information are made simple by this tool.

Benefits:

  • Safe and secure to use.
  • 24/7 online support. 
  • Unlimited user access in all plans.
  • Automated bill and receipt capture through Xero’s data capture software Hubdoc.

Drawbacks:

  • Limits on bills and invoices with the entry-level plan.
  • More expensive than its competitors, like FreshBooks

Pricing for global customers (plan options and prices vary depending on your location):

  • 30-day free trial 
  • Starter: US$25 per month 
  • Standard: US$40 per month
  • Premium: US$54 per month

How to choose the right billing and invoicing software for your business

Firstly, it depends on what type of business you have. If you have a service-based business, you’ll want to ensure the software can track time and expenses. If you have a product-based business, you’ll want to make sure the software can track inventory levels.

The second thing to consider is what features you need. The most basic billing and invoicing software allows you to create invoices and track payments. However, if you need more advanced features, like recurring billing or customer portals, you’ll want to make sure the software has those capabilities.

Lastly, consider your budget. Billing and invoicing software can range from free to hundreds of dollars per month. Choose the option that fits your needs and budget.

There you have it! The best four billing and invoicing tools to help you run your business more efficiently. All these solutions include a free trial, so take advantage of it and check out a few before deciding on your pick. Do your homework to pick the best software that matches your company’s requirements!

Keep minting money!

Also read: 

Header image courtesy of Freepik

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

4 Business Sectors Reaping Profit from FIFA World Cup 2022

4 Business Sectors Reaping Sweet Profit from FIFA World Cup Qatar 2022

The 2022 FIFA World Cup 2022 in Qatar will generate roughly US$6.5 billion in revenue, topping the previous record of US$5.4 billion from the 2018 World Cup in Russia. Thanks to the once-in-four-year tournament, Qatar’s GDP is estimated to grow by 4.1% in 2022, and the tournament alone could add up to US$20 billion to Qatar’s economy.

Transparency in the Post FTX World What is Proof of Reserve

Transparency in the Post FTX World: What is Proof of Reserve?

In November this year, two big league crypto businesses, FTX and BlockFi, filed for bankruptcy. FTX had a death spiral after news broke out that the Sam Bankman-Fried-owned exchange had used customer funds to make risky bets through his hedge fund Alameda Research. On the other hand, FTX was closely associated with BlockFi, with them having signed a loan agreement with each other and BlockFi holding US$355 million in digital assets on FTX.

How Do Recommendation Engines Work

How Do Recommendation Engines Work?

Picture this: You just finished a film on Netflix and want to follow it up with something similar. Luckily, Netflix comes to the rescue and gives you the perfect suggestions to continue your weekend movie binge. This isn’t just a hypothetical scenario but something a lot of people actually go through.

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

In 2019, Google used its quantum computer, the Sycamore machine, to prove that quantum computers can solve a problem in mere minutes. Experts working on the quantum computer found that their system could execute a calculation in 200 seconds, whereas a standard computer would take 10,000 years to complete. What on earth is this powerful tool?

Here Are Some Alternative Sites People Are Jumping To

Musk May Have Killed Twitter: Here Are Some Alternative Sites People Are Jumping To

Ever since Elon Musk purchased the social networking site Twitter for US$40 billion, things haven’t been looking too good for the company’s future. Not only did Musk fire over 50% of the employees soon after stepping on board as the new chief executive officer, but he also intends to allow maximum freedom of speech. This can end up making Twitter a cesspool of racism and misogyny, as well as other forms of hate speech.

How Do Venture Capitalists Choose Which Project to Invest In?

How Do Venture Capitalists Choose Which Project to Invest In?

For those in the entrepreneurial space, raising funds can be very challenging. Not only is it difficult to find the right investor for your startup, but it is also hard to convince said investor to put money into your venture. With over 75% of venture-backed companies failing, the venture capitalist (VC) you approach is taking a serious risk when putting their money into your startup.