The COVID-19 pandemic has touched just every aspect of businesses. These include electronic data exchange, with many governments implementing or planning to implement regulatory changes concerning e-invoicing—and they got their sights on electronic invoicing software.
With that said, we have compiled the 10 best invoicing software solutions that could cater to the needs of different types of businesses. This article covers solutions that are at the top of their fields and can adapt to changing e-invoicing trends. Therefore, we can virtually guarantee that you’ll find one that fits your business’ needs.
The COVID-19 pandemic had companies favoring the use of e-invoicing systems, which carry with them digital payment options like ACH bank transfers and credit cards. A study conducted by Mastercard has revealed that 50% of businesses in North America have added digital collection systems. Aside from this, one in four companies has also moved to electronic invoicing in 2020.
With businesses realizing the benefits of invoicing software, many have transitioned to using the technology, moving away from using checks for B2B payments. However, this is not an entirely new development as an Association of Financial Professionals 2019 report has revealed that only 42% of B2B payments were made using checks. This shift is seen to result in the expansion of the global e-invoice market.
That said, it might be best that you do the same to optimize your operations. But before you do, you should make an educated decision when implementing such a solution in your company. After all, these are just as much an investment as other software solutions or business equipment.
So, to help you out, our team of highly qualified B2B experts and reviewers gathered the best invoicing software solutions currently in the market to give you the 10 best invoicing software solutions in the market for you to check out. We urge you to take a look and see what we were able to gather, and hopefully, we’d be able to help you out in finding the right ‘shoe’ to fit and try on.
Melio is an easy-to-use invoicing software that’s suitable for small and medium businesses looking for a way to efficiently manage their accounts payable without complicated system setups and features. What’s more, the platform is free to use and can be accessed online from any digital device like a tablet or smartphone. This makes it an excellent solution for business owners who need reliable invoicing software but cannot opt for solutions with monthly recurring fees.
Melio includes the essential features you would expect from a modern invoicing platform. These include ACH processing, debit/credit card payments, and check processing. Security features also include fraud detection, duplicate payment alerts, and payment approval workflows. Melio seamlessly syncs with QuickBooks and supports payment with any credit card or bank in the US.
QuickBooks Online is an accounting solution for small businesses. This web-based application offers an all-in-one platform for all the essential accounting tools to help small business, independent firms, and freelancers simplify their accounting and finance management processes. Among its robust tools are automated data collection and tax calculation, billing and invoice management, sales monitoring, generating customized reports, banking data synchronization, and more.
QuickBooks Online is also accessible on multiple devices and is equipped with auto-syncing options, so you will be up to date no matter what device you are using. In terms of pricing, this application’s subscription plans start at $10.00/month.
NetSuite ERP was created with scalability in mind, allowing businesses to streamline their processes as they grow. It’s capable of automating a large number of business processes such as fixed assets, financial management, inventory management, billing, and more. This will enable you to focus on your core business and easily adapt to new opportunities and risks along the way.
NetSuite’s invoicing capability is part of its core unified framework. This means that projects, subscriptions, and transactions are all connected to the billing engine, which, in turn, makes financial flow smooth and seamless. The platform can manage all types of subscriptions, recurrent billing, and complex rating models, regardless of your business’ volume of transactions.
FreshBooks is one of the leading invoicing software solutions available in the market with around 5 million businesses maximizing its capabilities. Freshbooks is perfect for small businesses that want to take on bigger and more complex invoicing tasks. Freelancers who want to give off more of that “professional” look to their business will also benefit greatly from how quick and simple it’s done on Freshbooks.
With Freshbooks, it is very easy to integrate into your business platform. Personalize and automate your invoices, so you don’t miss a payment. Improve communications between your teams and your vendors through collaboration. Completely do away with human error that can prove to be costly for your business. Stay on top of your business by automating invoicing alerts and be able to strategize your quarterly and even yearly projections using Freshbooks’ reporting capabilities.
If that’s not enough, Freshbooks is also available on mobile, so you can be on the go and still be able to keep up with your invoicing. If you want a simple, powerful, and easy-to-use solution, then Freshbooks is an invoicing software solution that you should consider.
Salesforce CPQ is a simple and straightforward invoicing software designed for small to large enterprises. Fully native to Salesforce, it fully automates processes involved in invoicing, from generating quotations to creating orders and contracts. This solution helps users generate and send quotes easier and faster using any device. As a Salesforce product, it also allows users to complete the invoice process without leaving the Salesforce cloud.
This unique CPQ application is easier to set up compared to other traditional software in the same category while still providing out-of-the-box functionalities that help sales staff save time and effort. Its prebuilt features including the proposal generator, subscription billing, guided selling, contract management, and revenue recognition, among others, help businesses further streamline their sales process and pinpoint upselling and cross-selling opportunities.
Sage Business Cloud Accounting, formerly referred to as Sage One, is an intuitive cloud-based accounting solution. It’s equipped with a dashboard that provides you with a clear, detailed, and visual overview of your business anytime and anywhere. While its sister app, Sage 50Cloud, is rated higher than Sage Business Cloud Accounting in this list, the former can be integrated with the latter to form a complete accounting solution.
Creating invoices can be done online and sent to customers instantly. It’s also easy to monitor payments you are owed, as well as those that have been sent and those that are overdue. In this way, you can manage the time you can send an invoice and get paid for a more optimized payment process.
vCita is a comprehensive CRM solution for service providers like lawyers, consultants, coaches, accountants, etc. It has a plethora of tools to assist you in your day-to-day operations like scheduling, client management, lead generation, and billing and invoicing. While last on our list, this is by no means a bad software. In fact, it’s one of the products in our list of best CRM systems today.
The system is equipped with a simple invoicing tool that provides a central place for you to stay on top of your billing and invoicing. There’s a dashboard that shows every invoice status, which is updated in real-time. Automatic payment reminders will also reduce the instances of you chasing payments manually. Added to that, your business is open for payment 24/7.
AvidXchange is a popular invoicing software designed to help small and medium businesses automate their accounts payable process. Being a cloud-based software, AvidXchange is easy to access and can be an excellent solution for companies that also need to accommodate their remote AP team members.
To better serve the needs of businesses, AvidXchange comes in four modules. These are invoice automation, bill payment automation, purchase order automation, and utility bill management. Each one is loaded with automation features and tools that can help boost your employees’ efficiency, accuracy, and speed when dealing with invoice management and bills payment.
Aside from its cutting-edge features, businesses also benefit from AvidXchange powerful integrations. Whether you are currently using an ERP or any other accounting software, you can seamlessly integrate those with AvidXchange. This means your staff can continue using their current approval workflows with AvidXchnage and even create new, customized workflows.
Another intuitive invoicing solution on our list is HoneyBook. Built with small businesses and creative professionals in mind, HoneyBook offers robust tools to get invoicing headaches out of your way. To simplify the entire process, the solution offers customizable invoice templates and also avails recently used invoices for editing. This way, you never start creating an invoice from scratch, and thus the process is faster, easier, and more cost-effective.
On the client’s end, the invoices are designed to be user-friendly. Clients can open the invoices by email, review them, and seamlessly make payments from their smartphone or desktop computer. Moreover, to ensure you get paid regularly and on time, the invoices sport built-in features such as automatic payment reminders and real-time notifications. The reminders nudge your clients when laxity to make payments sets in. This way, you don’t have to track clients and constantly request them to make payments.
BigTime is a robust billing and invoicing system designed for businesses both big and small. Completely cloud-based, this platform can help you streamline time-consuming processes such as expense tracking, invoice generation, and billing management. It also comes with DCAA-compliant time tracking features to simplify the capture of billable hours. Moreover, the platform has a project management module that not only allows you to delegate tasks and oversee project progress but also gain insights on staff capacity. With this, you can optimize your manpower, stick to deadlines, and track project costs and budgets from within the system. This way, you can ensure that no data falls through the cracks.
Moreover, BigTime can integrate with third-party applications so that data consolidation is automated. BigTime is also accessible on iOS and Android devices using its native mobile app. It has an offline mode and auto-syncing options so you can use it even when you don’t have access to internet connection. It will sync all data once you connect to a network. In terms of pricing, this application’s subscription plans start at $10.00/user/month.
As the COVID-19 pandemic rages on, the use of e-invoicing just might stick around a while longer if not permanently. In fact, many businesses are seen to continue using e-invoicing post-COVID 19. This contactless technology not only promises convenience but safety as well.
Going back to our list, as you can see, these are all top-of-the-line software with robust invoicing capabilities to get the job done. They all address the challenges mentioned in our compilation of online accounting statistics as well. Therefore, whichever of them you want to choose, you might want to base them on your business’ nature, requirements, scale, and other factors.
In case you are still unsure, we suggest going with our top product, Melio. This platform is a good place to start because it offers all the essential invoicing, accounting, and bookkeeping tools. It also packs all these features in an easy-to-use interface that doesn’t require extensive technical know-how. Best of all, you can start using Melio right away without monthly fees.
If you’re looking for more invoicing solutions, you can check out this article containing twice the number of items as this one. Here’s our list of top 20 best invoicing software for 2020.
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