7 Best Invoice Management Software For Easy Billing
Invoice management software can help your business automate its billing system at all levels.
It’s here to support every step of the process—it can automatically send invoices to clients, forward payment reminders on unpaid invoices, and help you create invoices that get you paid faster.
The process of invoicing manually can be laborious at best. From creating invoices to sending them and managing payment methods to chasing late payments, you deserve a solution that saves you time and protects your business’s cash flow.
Time spent invoicing could be much better used doing the things that make you money—invoice management software is the answer to your prayers. It can provide an excellent alternative to an otherwise lengthy and tedious process.
These tools help you to create and send professional invoices to clients hassle-free.
Are you considering purchasing invoice management software for your business? Here are some critical considerations to help you decide.
Billing software is becoming a vital tool for business owners in all industries. In this article, you’ll learn:
- What invoice management software actually is, and how it can help your business
- The top invoice management software options on the market today
- Key management software features to look for
- How to choose the right management software for your business and your existing invoicing process
- Answers to some frequently asked questions on invoice management software
Here’s What We’ll Cover:
What is Invoice Management Software?
Benefits of Invoice Management Software
Top 7 Invoice Management Software
Why use Invoice Management Software
Key Features of Invoice Tracking Software
How to Select the Right Invoice Management Software
What is Invoice Management Software?
Invoice management software is a digital alternative to the task of creating, writing, and following up on invoices you send to clients.
Though each billing software option offers its own unique blend of features and functions, most of them have the ability to create invoices from templates, quickly change them for edits and recurring bills, send invoices to clients, and track the status of each payment.
Benefits of Invoice Management Software
Invoice Management software has quickly become an essential investment for businesses of all sizes and industries.
Some of the many benefits that billing software provides are the following:
- Template invoices. Personalize templates for use with different clients and in various scenarios.
- Better invoice management. Track the status of invoices you have sent, when they are due, and apply any late payment fees.
- Prevent overbilling as a result of duplicate invoices. The software removes the need for paper invoices. Use it to schedule automatic reminders for regular payments of monthly invoices.
- Minimize your staffing needs for an invoice system.
- Save time and money. Creating and chasing invoices happens automatically with the invoice and billing software.
- Less chasing of invoices. Increase your revenue and improve cash flow by streamlining your invoice management process. The invoicing software allows you to take online payments with a “pay now” payment option.
Top 7 Invoice Management Software
Call us biased, but we like to think we are number one when it comes to powerful invoice management software!
We have worked hard to understand the wants and needs of small businesses. We know that the easier it is for you to handle your finances, the better.
That’s why we designed our invoicing software to make your life as easy as possible.
Wherever possible, we designed automated processes to save you time.
Invoicing is quicker and simpler but still feels personal, with many customization options.
We wanted to make the invoicing and billing process much easier for business owners.
This is why we offer an all-in-one solution. Manage both your invoicing and accounting within our accounting software. Keep everything you need all in one, easy-to-access location. The best part of FreshBooks? You can sign up and give it a shot for free! Click here to access our sign-up page, download the app, and start your free FreshBooks trial.
Best features of FreshBooks
- Use the “invoices” tab in our software. Here you can see any invoices in progress, overdue, outstanding, and in a draft format.
- Create professional invoices customized with your information.
- Access a simple invoice generator for creating personalized invoices for each client.
- Track time and add this to projects while also accounting for your expenses.
- Easy access to your regularly used invoice templates for efficiency.
- Accept payment of invoices immediately, thanks to the FreshBooks payment processor. Take credit and debit card transactions as well as Stripe payments.
- Many automation options to save time on chasing payments. You can also set up manual reminders.
- Set up payment reminders and due dates for clients who have a history of late payments.
- Automatic charging of late fees on invoices
- Add direct discounts to invoices wherever they may apply
- Mobile app for on-the-go invoicing
- Bill for a deposit to make sure you’re never left out of pocket
- Add a retainer when handling a long-term contract
- Many currency and language options are available
- A clean and intuitive system with a great user experience
2. Zoho Invoice
Zoho Books’ invoicing software is “Zoho Invoicing.” It’s a good choice for small to midsize businesses looking for easier invoicing.
Zoho’s online accounting system is simple to use. It does all the basics, including creating and sending invoices.
Best Features of Zoho Invoice
- Flexible pricing options
- Customizable features
- Automated reminders for due and overdue invoices
- The system is simple to use and understand, with easy-to-interpret data
- A good range of customizable invoice templates
- Send a professional-looking Zoho invoice personalized with your logo and brand colors.
- Send invoices in many different languages and currencies
- Set up automatic recurring invoices for regular customers
- Accept online payments as the system integrates with both PayPal and Stripe
- Zoho invoice integrates with other Zoho products, keeping everything in one place
Xero accounting software dedicates itself to security and reliability. It caters to small businesses particularly.
Its cloud-based accounting programs help business owners manage to invoice while on the go.
Best Features of Xero
- Send out automatic reminders when payments are due
- Easy-to-use dashboard which allows you to see at a glance whether you are up to date with payments
- The customer-friendly dashboard helps you to keep track of outstanding invoices
- Accept payments from customers by adding a “pay now” button to invoices
- Plenty of customization options available and a good range of ready-made templates
- The cloud-based app is easy to access on any device, allowing you to send invoices from your phone
- Send many invoices in one go where you have a bulk of payments due from one customer
- Turn accepted quotes into invoices. This process is more streamlined for you and the customer.
QuickBooks is a popular, affordable cloud-based accounting software. It keeps your invoices organized in one place.
It advertises its invoicing software as “perfect for small businesses and contractors.”
Best Features Of QuickBooks
- Create professional and personalized invoices
- Straightforward set-up of recurring invoices for returning customers
- The system notifies you when a customer has opened an invoice
- Send automatic reminders when an invoice is due
- As the system is cloud-based, you can create and send an invoice from anywhere and on any device
- Accept instant card payments. You can also accept Direct Debit and other services like PayPal and GoCardless.
- Convert your estimates to invoices in a few clicks
- Apply any promotional discounts, charge late fees, and apply an automatic tax calculation
- Invoice in many currencies and languages
5. Sage Accounting
Sage accounting is a popular and well-known online accounting service. It caters to businesses of all shapes and sizes.
Its invoice management software helps business owners manage their payments from customers.
Best features of Sage
- Convert quotes and estimates into invoices. This helps encourage faster payment and creates a more streamlined service.
- Customizable invoice templates with the option to attach documents where required
- Work with many currencies for international transactions
- Send multiple invoices in bulk to save time and avoid duplication
- Create recurring invoices for regular customers and send them automatically
- Take card payments with Stripe
- Integrates with Google Drive. The system generates a copy of an invoice whenever it’s updated. This makes collaboration easier for your finance team.
- The mobile app allows you to keep on track of invoices from wherever you are
- Run advanced reports and forecast cash flow with some packages.
Wave accounting software is, according to Wave, designed for entrepreneurs.
Wave is a one-stop shop for your accountancy needs.
It does this by connecting all your Wave products in one place.
Best Features Of Wave
- Easy-to-use system for creating customized, professional invoices
- Set up recurring invoices and automatic credit card payments for repeat customers
- Ability to switch between manual billing and automated billing where necessary
- The invoicing software syncs with your accounting software
- It offers a free package that is good for basic use and beginners
- Customer information is all in one place and accessible on the dashboard
- Create and send reminder emails to customers
- View customer payment history to help you prioritize your invoicing
- Easy-to-use app available for mobile invoicing while on the go
- Receive notifications when someone takes a step in paying your invoice
- Accept credit card or bank payments online with a “pay now” button
- Send professional payment receipts
As the name suggests, Simplybill wants to make the invoicing process simpler.
It has all the basic features you would expect to see in invoice management software.
Best features of Simplybill
- A large number of invoice templates for you to use
- It automates tax rates, even when invoicing different countries
- It backs up all the time to avoid the risk of accidentally losing documents
- Cloud-based software that allows you to access your account through the mobile app. You can then choose to receive notifications when something requires your attention.
Why Use Invoice Management Software?
Invoice management software protects your business’s cash flow, improves your invoicing system, and saves you time and money as a busy business owner.
Thanks to the countless options for management software on the market, there’s a solution out there for every scenario.
Key Features of Invoice Tracking Software
When choosing your invoice tracking software, it’s important that you understand which features your billing system needs. Once you have these requirements solidified, it will be much easier to narrow down the search for the perfect software option.
Some key features you might want to keep an eye out for include as follows:
- Invoice generation
- Payment tracking
- Integration with accounting systems
- Automated reminders and follow-ups
- Reporting and analytics
- Multi-currency support
How to Select the Right Invoice Management System
There are other important factors to consider when choosing the invoice tracking software you’ll use in your business. When weighing your options, we recommend that you:
- Consider your business needs: Think scalability and ease of use for other staff.
- Evaluate key features: Not all invoice tracking software is made equally. Look for key features that your business can’t go without.
- Look for integrations with other systems: Keep compatibility with your existing systems in mind when choosing software. You don’t want to reinvent the wheel when making the shift.
- Check for a user-friendly interface: Your invoice software should be simple, easy to use, and understandable for your accountant, bookkeeper, staff, and of course, yourself.
- Consider cost and pricing options: Lastly, consider your budget! Take advantage of free trials for software at a range of prices to see which options make the most sense for your business.
Automating the entire invoicing process will save you time and money in your business.
Invoice management and billing software take away the stress of managing your finances.
The software comes with many invoicing features, such as:
- Complete customization
- Integration with your accounting software
- Automation of time-consuming tasks
At FreshBooks, we know how hard you work. You deserve to spend less time chasing customers and more time enjoying the fruits of your labor.
That’s why we created a capable, powerful, yet shockingly simple invoicing software that’s designed to make life simpler, easier, and more efficient.
Our cloud-based invoice tracking software is here to streamline the entire invoicing process, helping you maintain a healthy cash flow, get those invoice approvals, and get paid sooner. Click here to get started.
FAQs on Invoice Management Software
More questions on choosing the best invoice management software, key features to look for, or anything else to do with an automated invoicing system? Here are some frequently asked questions.
What is an invoice management system?
An invoice management system is any method used by a business to create, send, track, and receive payment for invoices to clients. Some will do this system manually (i.e., create each invoice from scratch and send it manually), but online invoice software has made the process far less labor-intensive and tedious, even to the extent that they will automatically send payment reminders.
How to manage a billing system?
Managing a billing system can be tricky, but it doesn’t have to be. Previously, business owners would need to painstakingly track their accounts receivable manually. Today, however, most companies opt to use some form of online invoicing software to help track payments and bills.
What is SAP invoice management?
SAP invoice management is one option for invoice tracking software. It uses features such as automation, machine learning, and a built-in reporting function to help make invoice management processes simpler and more efficient.
What are the three main steps involved in invoice processing?
For the client side, there are three steps to process an invoice. First, the invoice is received (captured), and the information on it is cross-referenced with the client’s own records.
From here, the authorized invoice is forwarded to the person in charge of making financial decisions. Should they approve the payment, the balance is submitted for payment via the client’s existing accounts payable system.
What are the 4 types of invoices?
There are several kinds of invoices, but 4 which are used particularly often are pro forma invoices (a sort of pre-invoice to estimate future sales/services), interim invoices (one of several invoices sent intermittently through a long project), final invoices (the most common, sent after all services/goods are provided), and past-due invoices (used to follow up on late payments and potentially collect late payment fees).
Michelle Alexander, CPA
About the author
"Michelle Alexander is a CPA and implementation consultant for Artificial Intelligence-powered financial risk discovery technology. She has worked in external audit compliance and various finance roles in Government and Big 4 environments. In her spare time you’ll find her traveling the world, shopping for antique jewelry, and painting watercolour floral arrangements. Catch up with her on linkedin: www.linkedin.com/in/michelletongalexander"