We've helped thousands of businesses choose the right billing and invoicing software so they can reduce errors and facilitate on-time payments. How does it work?

Billing and Invoicing Software


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NetSuite logo
 
NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read More
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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read More
 
Cougar Mountain DENALI logo
 
Cougar Mountain Software offers a business accounting software for manufacturing, nonprofits and public services organizations. Their flagship product Denali is a core accounting solution with applications for general ledger, accounts... Read More
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Cougar Mountain Software offers a business accounting software for manufacturing, nonprofits and public services organizations. Their flagship product Denali is a core accounting solution with applications for general ledger, accounts... Read More
 
Multiview logo
 
For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
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For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
 
Sage Intacct logo
 
Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
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Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
 
Sage Live logo
 
Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
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Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More

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Deskera logo
 
Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
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Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
 
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200) logo
 
Sage 100 ERP (formerly branded as Sage ERP MAS 90 and 200) is an enterprise resource planning (ERP) software system for small and midsize businesses. The solution is typically recommended to companies with annual revenue between one... Read More
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Sage 100 ERP (formerly branded as Sage ERP MAS 90 and 200) is an enterprise resource planning (ERP) software system for small and midsize businesses. The solution is typically recommended to companies with annual revenue between one... Read More
 
SAP Anywhere logo
 
SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
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SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
 
AccuFund Accounting Suite logo
 
AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read More
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AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read More
 
Abila MIP Fund Accounting logo
 
Abila MIP Fund Accounting from ProSoft Solutions is a finance management and fund accounting solution designed to serve nonprofits and government agencies. The solution can be deployed on-premise, in the cloud or be self-hosted. Abila... Read More
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Abila MIP Fund Accounting from ProSoft Solutions is a finance management and fund accounting solution designed to serve nonprofits and government agencies. The solution can be deployed on-premise, in the cloud or be self-hosted. Abila... Read More

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FinancialForce Financial Management logo
 
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
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FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
 
SAP ERP Core Finance logo
 
Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management.  Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business... Read More
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Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management.  Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business... Read More
 
Certify logo
 
Certify is a web-based expense management solution recommended to companies in any industry. The solution can be used to track, approve, and reimburse expenses; book travel; and analyze spend. With Certify Mobile, users can capture... Read More
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Certify is a web-based expense management solution recommended to companies in any industry. The solution can be used to track, approve, and reimburse expenses; book travel; and analyze spend. With Certify Mobile, users can capture... Read More
 
Financial Edge by Blackbaud logo
 
Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read More
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Financial Edge NXT is a cloud accounting solution from Blackbaud that provides transparency across teams, security, compliance, and reduces the need for manual processes. The system is a fund accounting solution that provides a general... Read More
 
Sage 300 ERP (formerly Sage ERP Accpac) logo
 
Sage 300 ERP (formerly Sage ERP Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-size businesses in professional services, financial services, public sector, and other markets such as distribution... Read More
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Sage 300 ERP (formerly Sage ERP Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-size businesses in professional services, financial services, public sector, and other markets such as distribution... Read More

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Fusebill logo
 
Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
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Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
 
VersAccounts Small Business Cloud ERP logo
 
VersAccounts is a web-based accounting and enterprise resource planning (ERP) system designed for growing small and midsized businesses looking to gain real-time financial and operational insights. This Cloud 2.0 system enables businesses... Read More
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VersAccounts is a web-based accounting and enterprise resource planning (ERP) system designed for growing small and midsized businesses looking to gain real-time financial and operational insights. This Cloud 2.0 system enables businesses... Read More
 
Abila MIP Advance™ logo
 
Abila MIP Advance™ is cloud-based fund accounting software for non-profit organizations and municipalities and has close to 20,000 users across many sectors. The software suite offers a variety of functionalities including general... Read More
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Abila MIP Advance™ is cloud-based fund accounting software for non-profit organizations and municipalities and has close to 20,000 users across many sectors. The software suite offers a variety of functionalities including general... Read More
 
Oracle JD Edwards logo
 
JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
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JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
 
SAP Business One logo
 
SAP Business One is an integrated enterprise resource planning (ERP) software suite designed primarily to serve small to midsize businesses. SAP Business One is used to address the needs of many industry verticals including manufacturing,... Read More
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SAP Business One is an integrated enterprise resource planning (ERP) software suite designed primarily to serve small to midsize businesses. SAP Business One is used to address the needs of many industry verticals including manufacturing,... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: August 16, 2017


The billing and invoicing software market has especially high variability, especially considering the ways in which vertical markets differ. Some organizations choose to bill by the hour; others may bill by project percent completion. The invoicing process itself is related to how a company presents its image to clients, so there is a degree of relationship management involved as well.

But that’s only the beginning of how these applications can differ. Other factors that impact a business’s billing and invoicing needs include:

  • Size of the customer base
  • Method of invoice transmission
  • Time frame of payment collection Processing of delayed or late payments

It’s not easy to find the system that fits all of these categories appropriately for a particular buyer, but this guide can make the selection process easier.

Here’s what we’ll cover:

What Is Billing and Invoicing Software?
Common Features of Billing and Invoicing Software
What Type of Buyer Are You?
Benefits and Potential Issues
Market Trends to Understand

What Is Billing and Invoicing Software?

Billing software organizes and automates the billing and invoicing process. This helps ensure timely and consistent collection of payments and reduces errors due to manual data entry.

A wide variety of industries employ billing and invoice software, including:

  • Utilities and telecommunications providers
  • Architects
  • Freelancers
  • Professional firms such as legal or medical services

Due to the range of industries served, most vendors offer customizable systems that can support various business models, pricing structures and payment types. As such, features can vary significantly with respect to the particular organization the software is meant to serve.

For example, it’s common for law firms to bill for the time spent working on a project. Other organizations, such as a manufacturing company, may charge a client upon the delivery of goods or tangible items.

For companies using time as the main measure of billing, look for software that can track time as work is completed so professionals do not have to guess their total hours logged against a project. For businesses that invoice clients upon final delivery of goods, first ensure the software can track the status of a product as it progresses from the shop floor through shipping.

Common Features of Billing and Invoicing Software

Some common capabilities of billing and invoicing systems include:

Time tracking Assign rates according to project, employee, flat-fee or hourly. Track billable time, import into invoices.
Creating invoices Customize invoices with company logo, payment terms (e.g. upon receipt or Net 30) and client information.
Sending invoices Set up one-time or recurring invoices. Some systems will send alerts when an invoice has been viewed.
Accepting payments Send payment reminders, add late fees to overdue invoices. Accept online payments via credit card, automatic bank transfer or payment gateway (e.g. PayPal or Stripe).
Reporting Generate financial statements including expense report, profit and loss, payments collected, accounts aging and more.
Integrating with other systems Integrate with other software systems, such as customer relationship management solution or project management application.

What Type of Buyer Are You?

Of course, different types of buyers will need to consider different aspects of a software system at the time of purchase. Here are the main types of billing and invoicing software buyers:

Stand-alone buyers. Some buyers demand a high level of customizability and flexibility in their billing systems. These buyers are often focused more on billing than other business processes, and may simply need a stand-alone system. This way, they can focus their purchase on their unique billing needs. Other business processes can be handled differently.

Integrated system buyers. Other buyers need a billing and invoicing module that’s part of a larger accounting system. These buyers prefer a holistic software experience, in which billing and invoicing modules can automatically log collected payments into the accounts receivable portion of the general ledger. These buyers usually value specific billing functionality over integration with other systems.

It's important to note that billing and invoicing functionality could be a module inside of a suite other than one that's strictly accounting. Child care management software includes billing functionality specific to daycare organizations, for example, while salon software offers these features in tangent with Point-of-sale (POS). Or, for medical organizations, vendors such as MediTouch offer medical billing features for inpatient care providers, outpatient providers, specialists and outsourced billing services for health care organizations.

Highly unique buyers. These buyers have such unique billing processes that they need tools designed exclusively for their industries. In the most extreme cases, these companies need to build their own system or outsource the building to a third party for custom work. Utilities companies often fit into this category.

Benefits and Potential Issues

Buyers who successfully implement a billing and invoicing system can expect the following benefits:

Fewer late payments. By streamlining your billing and invoicing needs with the right software system, you’ll find that it’s much easier to collect payments on time. Keeping your information organized empowers you not to miss a collection, staying profitable in the process.

Fewer missed payments. Of course, when you keep better track of your billing obligations, you’re far less likely to miss a payment. This may seem obvious, but the rewards can be astounding.

Maintaining a professional image. With a good billing and invoicing system, you can preserve a respectable company image. Most systems support customized logos and other aesthetic improvements to invoices and payment documents. Furthermore, your prompt and organized approach will also reflect well on your reputation with clients.

Potential issues with billing and invoicing software mainly involve human error and system flexibility issues. For example, a user can charge the wrong rate to a large number of clients simply by checking the wrong box or entering the wrong value for a given field. While software usually succeeds in minimizing human error, it does not eliminate it completely.

Secondly, a system that lacks sufficient flexibility can cause trouble for an organization. The legal services industry, as an example, is undergoing structural change in the way clients are billed. Alternative billing arrangements—such as flat rates—are becoming increasingly prevalent. With this in mind, users should consider flexibility in case they must change the way their bills are processed in the future. Similarly, a scalable system is always an advantage; when it can adjust to the needs of a growing business, operations run much more smoothly. This way, businesses can avoid outgrowing their technology and botching their billing and invoicing procedures.

Market Trends to Understand

Businesses looking to invest in a billing and invoicing system should keep the following market trends in mind as they evaluate solutions:

Software as a Service (SaaS). SaaS is becoming more and more widespread for nearly all types of systems. The benefits are quite compelling; they include lower upfront cost, easier implementation and often a more user-friendly interface. Consider seeking out a SaaS solution if these advantages are important to you.

Changes to billing methods. Many industries, such as professional services organizations, undergo adjustments to their billing procedures due to market pressures. If you are in a volatile industry in terms of billing methods, consider a solution that has flexibility in this area—multiple options for billing schemes is an important consideration for some.

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