These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.
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.
Sage Intacct is a cloud ERP system targeted at high-growth small and medium-sized businesses. Intacct includes applications for core financials and accounting, purchasing, order management, and financial reporting and business intelligence. It also integrates with 3rd party software…
Xero is an online accounting software product for small businesses and personal finance. Its features beyond general ledger and double-bookkeeping include quotable invoicing, bank reconciliation, purchase order and expense management, and tax management. Third party apps can extend…
QuickBooks Online Advanced is a SaaS-based accounting software designed to scale with growing businesses. It includes the functionalities of QuickBooks Online, as well as more robust business analytics, customization, and resource management.
Expensify enables users to manage expenses, pay bills, send invoices, and book travel. Supports unlimited receipt scanning and mileage tracking to next-day reimbursement, to automate preaccounting systems. - Unlimited receipt scanning: Snap a photo of any receipt and Expensify 's…
Stripe is a payment gateway software solution which supports a range of payment related needs such as subscription management and recurrent billing via Stripe Billing, integration with third party payment services via the Stripe Connect API, assistance starting an Internet business…
FreshBooks is an accounting service for small businesses. The solution enables users to send and manage invoices, track billable time and collect online payments. The vendor’s value proposition this that their solution provides a straightforward service that simplifies the billing…
BQE Core is a business management solution built specifically for professional service firms. According to the vendor, BQE Core is a combination of a billing assistant, project management, and accounting solution. The vendor’s value proposition is that Core does the hard work for…
Everhour is presented as simple and accurate time tracking software for teams. The vendor says the product allows users to: See who’s tracking time, who’s overworked and who can handle more. Keep track of all your project budgets, schedule threshold alerts, use forward resource…
Concur Invoice is an invoice management solution for accounts payable. It captures invoices from any format and automates invoice processing, so that users can streamline purchase requests and approvals.
Coupa’s cloud-native Business Spend Management (BSM) platform provides end-to-end processes that helps drive collaboration across for every business leader from supply chain, procurement, finance, treasury, compliance, and IT and supply chain leaders to help their companies to get…
Easy time tracking software with features like screenshots, activity monitoring, automatic payroll, advanced reports, real time tracking and GPS. Both online and offline tracking capabilities. Also available for Apple, Windows, Linux and iOS. Integrates with 30+ popular tools, like…
ChargeBee is an all in one subscription billing solution designed to handle all the complexity of recurring billing. The product integrates with a range of other SaaS applications including SalesForce, accounting, and order fulfillment systems. Some key features include: Managed…
ServiceTitan is a cloud-based field service management solution. The platform includes CRM, intelligent dispatch, comprehensive reporting, marketing management tools, mobile connectivity for field techs, and QuickBooks integration. The platform's core product offers advanced job…
Active Collab is a project management solution built around features such as task management, collaboration, time tracking, and invoicing.
Zoho Invoice is a cloud-based invoicing solution designed to help small businesses with invoicing, tracking expenses, and accepting online payments. Key features include project billing, time tracking, reporting, customizable templates, and a client portaI. Teams using Zoho Invoice…
vCita is a marketing-focused CRM for service providers. According to the vendor, the product helps service providers move clients through every stage of the sales cycle: from the first point of contact to closing, upselling and follow-up. vCita is a lightweight CRM with the following…
HoneyBook aims to help creative entrepreneurs and freelancers book more clients, manage projects and get paid all in one place. With HoneyBook, users can automate busy work and stay on top of to-dos, saving time and money, while growing a business. HoneyBook is designed to emulate…
Avaza is a software suite targeted for all business sizes. It includes modules for project management and collaboration, resource scheduling, team chat, time tracking, expense management, quoting and invoicing. Depending on their business needs, companies can use as many, or as few,…
Square Invoices is a software invoicing solution from Square headquartered in San Francisco, California.
InvoiceBerry offers a simple and secure online invoicing software for freelancers and small businesses. InvoiceBerry users can choose between 15 different invoice template designs when setting up their account. Once set up, businesses can add their company items and services as well…
Billtrust is a payment cycle management solution, offering invoice delivery, multi-channel payment enablement, and payment posting.
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.