Finding software can be overwhelming. We've helped thousands of businesses choose the right billing and invoicing software so they can reduce errors and facilitate on-time payments.

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FreshBooks

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with pr... Read more

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Recent recommendations: 47 recommendations

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Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational i... Read more

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Recent recommendations: 30 recommendations

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BQE Core Suite

BQE Core Legal is a cloud-based solution that offers integrated accounting, time tracking, and billing and invoicing. It can support the operations of a variety of law firms including litigation, corporate, family, tax, immigratio... Read more

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Recent recommendations: 27 recommendations

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AvidXchange

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 pur... Read more

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Recent recommendations: 11 recommendations

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Emburse Certify AP

Certify AP gives finance teams insight into their company purchases and the ability to manage spend before it happens, paper is eliminated, and approvals are handled online, making remote work feasible. By automating these process... Read more

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Recent recommendations: 9 recommendations

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Chargezoom

Chargezoom is a cloud-based recurring billing solution that helps enterprises automate accounting processes, set up multiple billing models and synchronize financial data across various third-party systems including QuickBooks, Fr... Read more

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Recent recommendations: 8 recommendations

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Fattmerchant

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

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Recent recommendations: 7 recommendations

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Divvy

Divvy is a free cloud-based accounting and expense management solution for businesses. Key features include managing payments and subscriptions, building strategic budgets, automated expense reports and virtual cards. Divvy t... Read more

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Recent recommendations: 6 recommendations

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Canopy

Canopy is a cloud-based practice management and tax resolution platform for accounting firms, tax professionals, tax attorneys, and enrolled agents. It provides an integrated suite with various tools to help enhance efficiency whi... Read more

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Recent recommendations: 6 recommendations

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Tipalti

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

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Recent recommendations: 6 recommendations

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Roger

Roger is an accounting automation solution that helps businesses of all sizes streamline processes, including vendor management, purchases and bill payments. With its accounts payables module, businesses can automatically scan inv... Read more

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Recent recommendations: 4 recommendations

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FinancialForce Accounting

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 appli... Read more

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Recent recommendations: 2 recommendations

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Recurly

Developed to help companies streamline billing functions, Recurly is a cloud-based system providing billing and invoicing capabilities. Recurly integrates with several payment gateways, such as PayPal, Stripe, SagePay and more. ... Read more

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Recent recommendations: 1 recommendations

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YayPay

YayPay is a cloud-based accounts receivable (AR) automation solution aimed to serve credit, collection and accounts receivable teams. The solution is designed for various industry verticals including manufacturing, wholesale, cons... Read more

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Recent recommendations: 1 recommendations

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COR360

Corcentric helps companies enhance cash flow through a combination of software, advisory services, and payments. Several Accounts Payable Automation solutions are available that are focused on helping organizations streamline work... Read more

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Recent recommendations: 1 recommendations

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MediusFlow

Medius AP Automation (MediusFlow) is a cloud-based Accounts Payable (AP) automation solution that helps control cash, cost, and compliance, and provides visibility of the entire accounts payable process. As a single system for all... Read more

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Recent recommendations: 1 recommendations

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BillingPlatform

BillingPlatform is a cloud-based billing and monetization platform that provides solutions for global enterprises looking to embrace digital transformation and transform their billing operations. It gives organizations the power t... Read more

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Recent recommendations: 1 recommendations

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PayIt

PayIt is a software as a service (SaaS) provider of digital government services and payments. Through cloud-based technology, PayIt’s platform simplifies doing business with government agencies of any size by consolidating hundred... Read more

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Recent recommendations: 1 recommendations

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PayPalFrontRunners 2021

PayPal is a digital payment platform that enables businesses and individuals to pay and accept payments through an online portal without revealing any financial details. The solution is suitable for businesses of all sizes. P... Read more

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QuickBooks Desktop Enterprise

QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can exp... Read more

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2021 Billing & Invoicing Software Pricing Guide

Learn about the key aspects of accurate software pricing before you make your purchase decision.

Includes:

  • Pricing models & ranges

  • Unexpected costs

  • Pricing of popular systems

Buyers guide


Last Updated: April 12, 2021

The billing and invoicing software market is highly variable, especially considering the ways different organizations operate their accounting workflow and billing processes. Some organizations use the billable hours model, while others bill by the percentage of project completion. Also, the invoicing and billing process is related to how a company presents its image to clients, so there’s a degree of relationship management involved as well.

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

  • Size of the customer base
  • Method of invoice transmission
  • Length of the billing cycle
  • Time frame of processing payment

A wide range of billing and invoicing software tools is available on the market, but it’s not easy to find a billing system that perfectly fits all of these categories. This guide will help you understand the various factors you must consider when shortlisting an invoicing and billing software solution.

Here’s what we’ll cover:

What is billing and invoicing software?

Billing software organizes and automates the billing and invoicing process. It ensures timely collection of payments, tracks multiple invoices, flags any unpaid invoices, and reduces manual data entry errors.

Billing and invoice software is used in various industries including utilities, telecommunications, and professional services firms such as legal and medical billing services.

Due to the range of industries served, most vendors offer customizable systems that can support various business models, pricing structures, and payment types (e.g., ACH payments, recurring payments). Features can also vary significantly based on the 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. A manufacturing company, on the other hand, may charge its clients upon the delivery of goods or tangible items.

If you use time as the main billing measure, look for software that tracks time as your tasks are completed, so you don’t have to guess the total hours your team members have logged against a project. And if you bill clients upon the delivery of products or items, select a software tool that can track the product status as it progresses from the shop floor through shipping.

Creating new billable entries in Bill4Time (Source)

Common features of billing and invoicing software

Different vendors offer different features as part of their billing and invoice software. Selecting software with the right features is easier when you know what the common features are and what they do. Here’s a look at some of them:

Time tracking Assign rates based on the project, employee type, or billing cycle. Track billable time, and export timesheets to create client invoices.
Creating invoices Customize invoices with your company logo, payment terms and conditions, client information, and more.
Sending invoices Set up one-time or recurring invoices. Some systems will send you a notification when an invoice has been viewed by the recipient.
Online payment Send payment reminders, and add a late fee to overdue invoices. Accept online payments via credit cards, automatic bank transfers, or payment gateways (e.g., PayPal, Stripe).
Reporting Generate financial statements and reports, including expense reports, profit and loss statements, payments collection reports, and accounts aging reports.
Third-party integration Integrate your billing software with other software tools such as customer relationship management (CRM) and project management software.

What type of buyer are you?

Before you start evaluating billing and invoicing software options, you'll want to know which buyer category you belong to. Most buyers belong to one of the below categories.

  • Stand-alone system buyers: Some buyers demand a high level of customization and flexibility in their billing solution. These buyers are often focused more on billing than other business processes and may simply need a stand-alone system. With a stand-alone tool, they can focus on their unique billing needs and handle other business processes differently.
  • Integrated system buyers: Some 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.
  • Buyers with unique billing requirements: These buyers have such unique billing processes that they need software tools designed exclusively for their industries or line of business. In the most extreme cases, they need to build their own systems or outsource the software development process to a third party for custom work.

Benefits of billing and invoicing software

While some benefits of billing and invoicing systems may be clear from our discussion above, we've listed the most notable ones in this section.

  • Avoid missed or late payment: 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 or delay a collection, thus staying profitable in the process.
  • Provide a summary of bills and invoices: A billing and invoicing software solution offers a centralized dashboard that shows the real-time status of your bills, invoices, and monthly estimated revenue. Some billing software systems also track when your clients open their invoices, which you can view in real time on the dashboard.
  • Eliminate paperwork: Manual billing and payment processing involves a lot of paperwork. Moving your billing, payment, and invoicing online ensures you don't have to print anything because all documentation is indexed, archived, and stored electronically. This helps your business cut down on paperwork as well as manual efforts.

Key considerations

Listed below are some factors to consider when purchasing a billing and invoicing system.

  • Mobile app availability: Check if the billing and invoicing software you’re planning to purchase offers mobile apps for iOS and Android devices. A mobile app will let you create and send invoices to your clients, even if you’re offline or have limited access to the internet. Data collected offline will sync automatically once internet connectivity is restored.
  • Customer support: Inquire about the type of support provided by your shortlisted vendors: 24/7, 24/5, or only during business hours. Also, verify if they offer your preferred support channels, such as email, phone, or live chat. Support services will help fix any software issues that can lead to delays in receiving payments from clients.

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)-based billing systems are gaining popularity. SaaS-based billing systems are gaining widespread prominence among businesses due to benefits such as low upfront costs and easy implementation. Consider using a Sa aS solution if these advantages are important to you.
  • The use of artificial intelligence (AI) is expected to increase in billing and invoicing systems. AI technology is expected to play a critical role in the automation of billing and invoicing processes. AI can help identify billing frauds, reduce errors, and automate the billing settlement process. Due to these benefits, the use of AI-based billing and accounting software will continue to grow in future.

Note: The application selected in this article is an example to show a feature in context and isn’t intended as an endorsement or a recommendation. It has been obtained from sources believed to be reliable at the time of publication.

FrontRunners

Your Guide to Top Billing & Invoicing Software, January 2021

Software Advice uses reviews from real software users to highlight the top-rated Billing and Invoicing Software products in North America.

Learn how products are chosen

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“Usability” includes user ratings for Functionality and Ease of Use.“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.Reviews analysis period: The reviews analysis period spans two years and ends on the 15th of the month prior to publication.