Best Invoice Software For Your Business

Let’s face it, the hardest part about collecting payments whether you are a freelancer or a business owner is collecting them on time.

In this post-pandemic period, businesses are still struggling globally as 54% of companies wait on the late payment of their invoices.

This is where the best invoicing software comes into the picture.

Invoicing solutions work seamlessly with your business accounting software and tax software. Whether you work from home as a freelancer or run a large enterprise, having an invoicing software tool plays an important role in generating more revenue and closing deals.

So, which is the very best invoicing software that everybody should use? Well, the answer’s not that simple.

Here, we have compiled a list of the 5 best Invoice Software that are worth considering when choosing the ideal invoicing & billing solution for your business.

5 Best Invoice Software

Here are the top 5 Invoice Softwares that are worth checking right now:

• FreshBooks: Best for Freelancers & Small Businesses
  
  
• QuickBooks: Best for Small Businesses
  
  
• Invoice2go: Best for independent contractors, micro and small business owners
  
  
• Zoho Invoice: Best for every size of business
  
  
• Sage Intacct: Best for growing mid-sized business

About FreshBooks

FreshBooks is a web-based professional accounting & invoicing, billing solution, catering especially to small businesses. It serves clients across various industries like marketing, legal services and business consulting.

FreshBooks offers you a team-productivity boost with accurate time tracking and collaborative project tools, so that every minute, file, and conversation is tracked as well as logged. It also boasts of several other professional features that can help in making your invoicing tasks easy and automated.

With support across 160+ countries as well as 24+ million customers including industry giants like gmail and stripe, Freshbooks is surely one of the best invoicing software out there.

FreshBooks Benefits

Easy Invoicing

FreshBooks allows you to impress your clients with professional-looking invoices that take only seconds to create. Hopefully, you’ll get paid faster, too.

Organize Expenses Effortlessly

With FreshBooks, you can say goodbye to the old shoebox of receipts. Easily log and organize expenses in FreshBooks to track every dollar spent that you’ve ever spent so you’re always ready for tax time.

Get Paid Faster

Get paid up to 11 days faster when you accept credit cards online in FreshBooks. Say hello to automatic deposits, and goodbye to chasing clients for checks.

Easy-To-Use Double-Entry Accounting

FreshBooks also offers automatic checks and balances to ensure financial accuracy and compliance.

Seamless Project Collaboration

FreshBooks keeps all your conversations, files and feedback in one place; so you can make sure that your team is in sync and your projects are on schedule.

FreshBooks Features

• API 
• Accounting Integration 
• Activity Dashboard 
• Alerts/Notifications 
• Data Import/Export 
• Electronic Payments 
• Invoice Management
• Multi-Currency
• Reporting & Statistics
• Third-Party Integrations

FreshBooks Pros & Cons

FreshBooks Pricing

FreshBooks offers 4 different subscription plans for different business requirements:

• Lite:  $6 per month for professionals with basic needs.
• Plus: $10 monthly for owners looking for more automation and insights.
• Premium: $20 each month for growing businesses that want to empower employees.
• Select: Customizable plan for specialized business needs.

Technical Details

About QuickBooks

Quickbooks is a web-based accounting & invoicing software that controls all the financial aspects of a business. It can be used in several areas such as bookkeeping, payroll, invoice management, bank reconciliation as well as expense tracking and financial reporting.

QuickBooks enables users to easily download and reconcile credit card transactions, allowing businesses to organize weekly timesheets and track bank deposits effectively.

With 4.5+ Million customers across the globe and several accolades to their name, QuickBooks is among the top invoicing software right now.

QuickBooks Benefits

Get real-time view of your cash flow

With QuickBooks, you can connect your bank account to automatically import and categorize transactions. Sync with popular apps and easily snap photos of your receipts to store them with QuickBooks Mobile.

Full-fledged Invoicing in your pocket

Powerful invoicing features such as invoice tracking, payment reminders are at your fingertips. The native QuickBooks mobile apps for Android and iOS simplify on-the-go sales receipt capture, expense tracking, cash flow management as well as account balance tracking, and much more.

Robust Integrations

QuickBooks Online is completely integrated with QuickBooks Online Payroll and Intuit GoPayment, as well as third-party apps such as PayPal, Shopify, Xero, Salesforce, Square POS, and more. So, you can focus on real productive work instead of juggling your workflow across different applications.

QuickBooks Features

• Access Controls/Permissions
• Accounts Payable
• Accounts Receivable
• ACH Payment Processing
• Aging Tracking
• Approval Process Control
• Audit Trail
• Backorder Management
• Bank Reconciliation
• Bid Management
• Billing & Invoicing
• Billing Portal

QuickBooks Pros & Cons

QuickBooks Pricing

QuickBooks offers 4 different plans depending upon the needs of your business:

• Simple Start: $12.50 per month for simple business needs.
• Essentials: $25/month for adequate invoicing support.
• Plus: $40 per month for additional professional needs of your business.
• Advanced: $90 monthly for businesses having complex requirements.

Technical Details

About Invoice2go

Invoice2go is an online invoicing software service for issuing invoices on the go. Invoice2go enables businesses and freelance users to create professionally styled invoices from a gallery of customizable templates, along with estimates, packing lists, credit memos, purchase orders and much more.

Invoice2go allows you to easily create and send custom invoices with a few clicks, accept payments online and manage your business at-a-glance with business insights reporting.

With an emphasis on speeding up client payments and going paperless, Invoice2go also tracks the sent invoice and produces informative business reports, making it easy to gauge performance from chart visualizations.

Invoice2go currently has almost 225K businesses as proud customers and $24 billion payments are processed for Invoice2go users every year, making it one of the best invoicing software out there.

Invoice2go Benefits

Win more work

Win 2x more work with professional-looking estimates and Invoice2go’s easy-to-use customer communication tool.

Send invoices in seconds

Save 10+ hours of work a week with Invoice2go invoice creation and customization tools, automated overdue invoice reminders, and invoice status tracking.

Get paid faster

Offer your customers flexible ways to pay – accept payments via bank transfer, credit card, debit card, or PayPal – and get paid 3 weeks faster. Invoice2go’s low fees let you keep more of what you earn.

Grow your online presence

Create an instant website, showcase customer reviews, publish your profile to service marketplaces, and collect and engage leads instantly.

Spend less time managing your books

Sync all of your invoicing and payments data to QuickBooks or Xero for your tax preparer.

Invoice2go Features

• Approval Process Control
• Automated Quoting
• Billing & Invoicing
• Billing Portal
• Cash Transactions
• Cataloging/Categorization
• Client Portal
• Construction Breakdowns
• Contact Database
• Contact Management
• Contactless NFC
• Customizable Branding
• Customizable Invoices
• Debit/Credit Card Processing
• Electronic Signature

Invoice2go Pros & Cons

Invoice2go Pricing

Invoice2go offers 3 different subscription plans for the various needs of your business:

• Premium: $59.99/year for all the must-have tools to help you start your service business.
• Professional: $99.99 per year for advanced features to help you grow faster, save time, and save money
• Starter: $399.99 yearly for Unlimited capabilities for businesses with more than $100k/year in revenue

Technical Details

About Zoho Invoice

Zoho Invoice is a modern cloud-based invoicing solution designed to help businesses with their financial aspects like invoicing, tracking expenses, and accepting online payments. It offers you the ability to track time, create customized invoices, and get paid online faster. It also lets you manage your receivables and collaborate with your clients and colleagues.

With Zoho Invoice, you can track estimates, convert them to invoices, and send reminders to clients to complete their outstanding payments. Additionally, users can create tasks, collect advance payments for projects, and keep track of their invoice history.

Loved by thousands of customers across the globe, Zoho Invoice has is an award-winning solution for invoicing and billing which is specially designed for small businesses.

Zoho Invoice Benefits

Seamless Invoicing

Zoho Invoice makes your financial managing and monitoring invoices easy. With its intuitive interface, you can create and send invoices with just a few clicks. It gives you the ability to personalize and brand your invoices with pre-designed templates. All the invoices you create are stored and can be referenced or used later as you need them.

Robust Integrations

Zoho Invoice also offers integrations with 10+ payment gateways to help you collect payments on time effectively.

Effortless Time Tracking

Zoho Invoice lets you track time effortlessly and bill your clients for hours spent on your projects. Once you invite users to your projects, they can log hours from their mobile device or desktop.

Interactive client portal

With Zoho Invoice, you also get a customer portal where clients can share their concerns, view or accept estimates, pay your invoices as well as download statements.

Zoho Invoice Features

• Billable & Non-Billable Hours
• Billing Portal
• Contact Database
• Dunning Management
• Employee Database
• Expense Tracking
• Hourly Billing
• Mobile Payments
• Multi-Currency
• Multiple Billing Rates

Zoho Invoice Pros & Cons

Zoho Invoice Pricing

Zoho Invoice is free to use with all their premium features included in this subscription plan which also includes no ads, no contracts, and no hidden fees.

Technical Details

About Sage Intacct

Sage Intacct is a cloud-based invoicing and financial management software. Sage Intacct’s invoicing solution is suitable for small to midsize accounting businesses and can provide financial reporting and pragmatic insights, as well as the ability to automate critical monetary processes.

Sage Intacct’s cloud financial management solution allows you to manage all key financials while also providing professional services to help you ace your firm’s finances.

Trusted by over 15,000 customers across various industries and businesses like Construction & Real Estate, Healthcare, Wholesale Distribution, and Non-Profit organizations; Sage Intacct consistently delivers the highest levels of client satisfaction and success. With all its superior features, Sage Intacct is surely among the top invoicing software right now.

Sage IntacctBenefits

Free up more time

Slice and edit your data with real-time, multi-dimensional reporting. Sage Intacct also allows you to consolidate all your entities in minutes, no more worrying about lengthy spreadsheets. You can also automate mundane accounting tasks to increase your efficiency up to 90%.

Adapt quickly to ever-changing conditions

With Sage Intacct, you can plan using live financial data via their native, bi-directional connector and get up to speed about every monetary detail. You can also monitor performance in real-time with interactive reports and dashboards.

Superior integration

Sage Intacct offers superior integration with all the major third-party applications, allowing you to work across different documents, projects, and apps.

Dramatic savings on operating costs

Provided over the Internet via the Cloud, Sage Intacct can dramatically reduce IT and operating costs and deliver a far lower total cost of ownership than the usual client-server financial software.

Sage Intacct Features

• API 
• Accounting Integration 
• Activity Dashboard 
• Audit Trail
• Billing & Invoicing 
• Compliance Management 
• Invoice Management 
• Multi-Currency 
• Reporting & Statistics 
• Reporting/Analytics 
• Workflow Management

Sage Intacct Pros & Cons

Sage Intacct Pricing

Sage Intacct offers custom pricing for different requirements across various businesses.

Technical Details

What is Invoicing Software?

Invoicing software is a piece of software that automatically produces bills for the provided services and products. This tool creates a list of services and products along with their corresponding costs and forwards them to your customers as an invoice.

Benefits of Invoicing Software

Some benefits of billing and invoicing software include:

• Decreased missed payments: With specialized software, you can keep better track of your billing responsibilities and avoid missing payments.
  
  
• Diminished late payments: By simplifying your billing and invoicing process, you can send timely notices and collect payment on time as well. Additionally, you also get to keep your data well-organized.
  
  
• Make a professional image: A great billing and invoicing tool can help you project an organized and professional image of your business, enhancing your overall reputation.

Features of Invoice Software

Some of the major features of invoice software are mentioned below:

• Payment Assistance
• Productive Management
• Reports Production

Payment Assistance

With invoicing solutions, taking care of payments has become much easier as organizations have the option to pay via credit card, or integrate with online payment solutions. Invoicing software usually has features to handle various languages, multiple currencies, and tax adjustments.

Productive Management

Businesses using invoice management software can forward invoices to the corresponding departments within the company for appropriate response. This software also allows managers to create an acceptance workflow that will electronically confirm whether a manager has the authority to approve a particular invoice. If not, the system will send the invoice to a more senior supervisor.

Reports Production

Invoice management software specializes in making reports that assist businesses in tracking their finances and checking which invoices are currently outstanding. Employees can also automate reports generation, export them as PDF files or share them via email. Reports generated are analyzed to get proper insights from invoicing operations, like average time for a payment cycle as well as the number of late payments.

How to Find the Best Talent Management For Your Business?

With so many great billing and invoicing software to choose from, finding the best solution for your business can seem tough.

Fortunately, we have narrowed down some of the factors that you keep in mind to determine your ideal invoicing software:

• Number of Clients
• Payment Collection
• Accounting Tools

Number of Clients

It’s very important to figure out the number of invoices you’ll be sending each month, as several invoicing software will limit the number of invoices you can forward. So you may want to estimate just how many clients you have, or will have in the near future.

Payment Collection

Dispatching invoices is only half the problem. In the end, you still need to receive that payment.

The top invoicing solutions have integrated payment processing tools, which can improve your workflow dramatically.

It’s common for some platforms to offer free invoicing tools, and only charge you for processing fees. This might sound good, but you have to think about the big picture. Will your transactions increase significantly in the coming years? If the answer’s yes, then you might be better off with paid premium software.

Accounting Tools

Several billing and invoicing software allow you to do much more than just send invoices. Some come as all-in-one accounting solutions, while others also provide outsourced bookkeeping services as an add-on.

Examples of accounting tools include expense management, financial reports, receipt uploads, time tracking, bank reconciliation, reporting, and much more. But not every company needs a full-scale accounting solution to forward invoices. If you just want to send invoices online, then you should pick simpler software.

Software and Services Related to Invoice Software

There are various software solutions out there that benefit accounting departments, integrate with, or provide similar features of invoice management software. A few examples of these softwares are listed below.

Billing software

Businesses use invoice and billing software to create and direct invoices to customers to request payment for the provided products and services. Through this software, businesses can reduce the time and effort required to manage invoices and improve the accuracy of their billing processes.

Procurement software

Procurement software helps companies automate their purchasing attempts. Businesses are able to handle most procurement-related activities online, like raising and approving purchase orders, selecting and ordering products, receiving and matching orders and invoices, as well as making payments. Procurement departments leverage procurement products to synchronize order shipments for optimal capacity, or to engage with suppliers bidding for business.

Accounting software

Accounting software helps businesses rationalize and automate finance management processes, ensuring error-free records and increasing operational capacity across recurring processes such as invoicing and reconciliation. Depending on the scale of the product, accounting software can include features for payroll processing, invoicing, reconciliation, bill and expense management, and financial reporting.