Skeptical that one software can do all this? Check out a few ways how the right invoicing software can actually boost your business without you having to lift a finger:
It Offers Simple Invoicing
Many SMBs don't know exactly where to begin when it comes to invoicing. If you run a more casual business, are just getting started, or have various types of services on offer, requesting payment for those services can be uncomfortable, awkward, or just plain confusing. Dedicated invoicing software is an easy and professional way for small businesses to collect payment for the services they've rendered.
The invoice is already made up (a template), so you don’t have to worry about wording, designing an invoice, or figuring out what items to include. The right invoicing software will have customization on some level, so you can add your business logo, additional sections, or comments to personalize the thing.
Once you’ve filled in the required amounts and information, you can email the invoice to your client. It looks very professional, and it’s as easy as sending out an email. What’s more, expert invoicing software offers the ability to automate the process, something we’ll talk about next.
Invoicing Ensures Faster Payments
Let’s face it. Even the most altruistic of businesses is still about making money at the end of the day. But getting paid isn’t always a simple process in the world of businesses. For one thing, you don’t have time to hound each client. Once you’ve completed a project, you (with any hope) have already moved on to the next client. Many businesses don’t even get around to collecting their payment for a project for months down the road. Even if you have sent out an invoice, following up with clients that haven’t paid yet can be a full-time job of its own.
This is where invoicing software comes into play. Businesses can quickly and easily send out an invoice online with the click of a button, so as soon as the project is done, the invoice gets sent out. You can even set up automation so that you don't even have to do a thing. What's more, good invoice software will send out automatic reminders to clients if they haven't paid their bills after a given period of time. So, you are ensured to have more timely and faster payments without the headache of having to follow up with customers.
Software Provides You With Greater Professionalism
As we’ve already discussed, having a clear and structured invoice to send to your customers lets you present yourself as a professional and proper business, not someone working out of their garage. What’s more, because of all the advanced features available today with most invoicing software, you can really step into the big leagues and compete.
Some features that will help you step up your game are the direct payment links we already mentioned. Additionally, you can sync multiple other business apps for seamless workflow, managing projects, and sending out estimates (that can be converted into invoices later if you get the job) directly from the app.
Invoicing apps today will keep track of your expenses for better spending management. Having a record of how much a project costs will also allow you to give your new clients an accurate estimate of similar jobs for the future. This is an easy way to look more professional, as well.
It Ensures Greater Security
Last but not least, invoicing software, especially cloud-based ones, offer a high level of security for your business. Invoices contain highly sensitive business information for both you and your clients. For this reason, they need to be protected at all costs. Invoice software uses encryption technology to hide and secure your important data all the time.
Getting the Right Invoice Software
Looking for invoicing software for your business but not sure where to start? Here are a few reviews of popular invoice apps where you can see the good, the bad, and everything in between.
Freshbooks
Pros
- Double-entry accounting
- Excellent mobile app
- Great records and reports
Cons
- Dashboard is a little limited
- Doesn’t let you customize enough
Geared for small businesses, FreshBooks is a great solution for teams and entrepreneurs who want to present a more professional business image to their clients. A cloud accounting software, FreshBooks offers several helpful features, including invoicing, expenses management, time tracking, projects and estimates, reporting, and payment management. What’s more, FreshBooks is delightfully simple to use, so you don’t need to be a computer geek to get things done.
FreshBooks has good automation that allows businesses to set up rules for everyday tasks to save time and efficiency. You can create automation for things like invoicing, expenses, and even time tracking. There are also detailed reports to help you get a bird’s eye view of progress.
Sage
Pros
- Integrates with your Sage Accounting software
- Online and over phone payments, debit, credit, PayPal
- Automatic account reconciliation
Cons
- Long contract terms
- Invoicing isn’t the main attraction
Sage is an all-in-one accounting software, which means invoice creation is a natural byproduct. The intuitive software allows small and medium-sized businesses to quickly draft an invoice for their client and send it out with a click of a button. From there, Sage makes payment tracking and status easy. You can actually see the status of any payments made from straight through the invoice itself.
Sage software is also loaded with in-depth accounting features like expense management, books syncing, and reporting. You can go pretty deep with these features, too, including sales analytics and inventory management. Sage can give businesses a really well-rounded solution.
Square
Pros
- See invoice updates and status
- Customers can pay any way
- Recurring invoices and estimate sends
Cons
- Pay percentage per transaction
- Minimum withdrawal
Square is no stranger to the world of business transactions. It is one of the most popular platforms for processing payments today. And the invoicing tool is just as likable. With Square invoices, you can set up recurring invoices to save you time. You can also break up large payments into smaller ones for a flexible payment schedule with your clients.
Square automatically sends out payment reminders to clients after a designated time. It also generates in-depth reports for you to analyze. Square integrates with loads of other tools, so your business processes won’t get interrupted. And the mobile app is a pleasure to use, as well.
