Invoicing Software TrustMap
TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.
What is Invoicing Software?
Invoicing software helps businesses and entrepreneurs create, send and track professional-looking invoices. These invoices will contain a detailed list of rendered services and products and their associated costs.
Invoicing Software can either be cloud based or installed on a local machine. Cloud based systems will also offer the convenience of a mobile app. Look for invoicing products that have a simple UI, reporting features, and integrations with other key tools, such as eCommerce and CRM databases.
There are several benefits to utilizing invoicing software. Invoicing software can help reduce errors and labor efforts through the automation of routine or recurring transactions. Businesses can also save costs from digitizing their billing process. Finally, invoicing software reduces the amount of time it takes for the customer to pay outstanding invoices by making it more accessible.
Invoice Software for Small Businesses
Small and midsize businesses are frequent users of invoicing software, particularly point solutions for invoicing specifically. In contrast, larger businesses and enterprises usually adopt bigger systems, like enterprise accounting and ERP systems, that include invoicing as a feature.
For SMBs, standalone invoicing software can be the ideal solution. Standalone invoicing is often more robust and versatile than invoicing features found in SMB accounting systems. Point solutions can also be cheaper as a budget line item than bigger packages like ERP systems. For small businesses that don’t need a full supply chain management or ERP platform, standalone invoicing software can be more cost-effective.
SMBs in a range of industries could fit these circumstances. For instance, fields like professional services, with high volumes of invoicing but without a corresponding procurement process for materials, may get the most out of a point solution.
Invoicing Features and Capabilities
Most invoicing software products on the market should include:
Invoice creation with predefined templates
Tracking of overdue invoices
Import from Excel
Output into several file types
Credit card processing capabilities
Secure bank to bank transaction capabilities
Multiple currency capabilities
Some products offer additional functionality, including:
Customer purchasing and contact info database
Financial and tax reporting
Project driven expenses
AI to detect fraud or errors
Integration with other tools, such as Salesforce, eCommerce, collaboration tools, and expense management
Invoicing Software Comparison
Point Solution vs. Accounting/ERP Suite: Many larger financial systems, such as ERP platforms and enterprise accounting systems, include strong invoicing capabilities. There are also powerful point solutions for invoicing. Buyers should consider whether they can leverage the additional features in a financial suite, or if they truly just need a powerful invoicing function in particular.
Business Scale: Will the invoicing software be used by an SMB, a large business, or an enterprise? SMBs have distinct requirements for invoicing compared to large companies. For instance, SMBs may prioritize automation of basic manual tasks and ease of accessibility, while larger organizations can better leverage automation and scalability of mass actions and the ability to manage a high volume of transactions.
Invoicing Specialty: Invoicing can take several different forms. Consider which approach will be most germane to the business. For instance, is the organization focused on subscription billing management, on-the-go billing that leverages mobile applications, or internal invoicing for expense management?
There is a wide range of pricing on invoicing software, depending on the features and capabilities required. There are several free products that only charge a per item transaction fee. Most range from $10 to $60 per month range and still include a transaction fee. Integrated or full scale accounting solutions can cost up to $500 per month. Be sure to take advantage of any free trials offered to ensure the product is a comprehensive solution for your needs.
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