Showing 1-20 of 173 products
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
Recent recommendations: 69 recommendations
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
Recent recommendations: 62 recommendations
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
Recent recommendations: 53 recommendations
Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features include... Read more
Recent recommendations: 45 recommendations
Deskera ERP is a cloud-based enterprise business management suite that automates sales, billing, fulfillment, distribution (including pick, pack and ship process), sales commission calculations, purchasing, payment processing, product... Read more
Recent recommendations: 44 recommendations
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
Recent recommendations: 22 recommendations
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
Recent recommendations: 19 recommendations
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
Recent recommendations: 16 recommendations
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
Recent recommendations: 14 recommendations
ScaleFactor is a cloud-based business accounting solution suitable for small and midsize companies. It helps businesses to automate complex accounting workflows and translate financial information into actionable insights. Key features... Read more
Recent recommendations: 14 recommendations
Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry.... Read more
Recent recommendations: 10 recommendations
24SevenOffice is a cloud-based Accounting and ERP system for small and mid-sized businesses. 24SevenOffice eliminates repetitive processes and greatly reduces the need to manually enter information. The system will also streamline... Read more
Recent recommendations: 9 recommendations
Tipalti is a cloud-based accounting management solution that helps users automate their accounts payable process. It offers a variety of features, including invoice automation, payment remittance, regulatory compliance management,... Read more
Recent recommendations: 8 recommendations
AvidXchange is an accounts payable solution for midsize companies in industries including real estate, HOA, construction and financial services. AvidXchange’s cloud-based solutions automate accounts payable processes including purchase... Read more
Recent recommendations: 7 recommendations
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
Recent recommendations: 6 recommendations
Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit trails... Read more
Recent recommendations: 6 recommendations
Workday is a cloud-based enterprise resource management (ERP) suite suitable for global businesses of all sizes in a variety of industry verticals. Workday delivers user and administrative tools across financials, HR, planning, talent,... Read more
Recent recommendations: 5 recommendations
Fattmerchant is a cloud-based accounting solution suitable for businesses of all sizes across industries such as e-commerce, healthcare and retail. Key features of the solution include point of sale integration, mobile processing,... Read more
Recent recommendations: 4 recommendations
Connected is a hybrid integrated accounting and enterprise resource planning (ERP) that caters to small and midsize businesses across various industry verticals and helps them to integrate their data and processes across departments... Read more
Recent recommendations: 4 recommendations
Deltek Vision is a cloud-based project-based solution for professional services firms that is available for cloud or on-premise deployment. It combines project accounting, resource management, project management, time/expense management... Read more
Recent recommendations: 3 recommendations
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:
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:
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:
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.
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.|
|Online payment software||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.|
Of course, different types of buyers will need to consider different aspects of a software system at the time of purchase. For example, small business owners might need a more customizable invoicing system based on their needs. 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.
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.
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.