What is the best invoicing software?
The best invoicing software is FreshBooks, a simple but powerful solution for tracking time, sorting out expenses, managing invoices, and more. It can automate a good amount of day-to-day tasks too, so that you can cut time spent on paperwork while allowing you to make your invoices look more professional.
Electronic invoicing solutions became a game-changing tool for businesses in the ’60s, all in an effort to go ‘paperless.’ Within the next three decades, electronic invoicing software was developed, and the complexities, speed, and working capacities of these tools got better and better, that now, most medium to large companies would use these solutions, in one form or another.
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’s needs.
So, you’re probably thinking, “Ok. This sounds all well and good but, which one do I choose?” Moreover, you might be wondering, “isn’t an accounting system enough to do this?” Well, according to a study by Viewpost, more than half of CEOs and CFOs believe integrating their accounting system with an invoicing solution is important.
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.
Freshbooks is by far, 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.
If you’d like to try out the solution first, the vendor offers a great free trial plan. You can easily sign up for its free trial.
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.
While this article’s focus is on the invoicing aspect of the software, this platform is also one of the most popular accounting solutions. Thus, if you’re looking for a list of products that you can compare with this solution in a more general sense, check out our top 10 FreshBooks alternatives.
2. NetSuite ERP
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.
Tipalti is a cloud-deployed end-to-end invoicing solution. Payment and invoicing automation is not just what it is good at but also tax compliance as well. This KPMG-certified app collects US tax forms automatically. It also generates 1099 forms at the end of each year. It is also able to identify and protect against illicit financial processes done by hapless victims of money launderers and other unsightly entities, so you are very well protected. This app can automate and streamline the generation of tax reporting, thus, allowing your team to perform other tasks and not have to pour precious time and effort into tax reporting.
On top of that, Tipalti has a very powerful reporting tool, so that your finance teams can generate more detailed reports. This process is coupled with the taxation compliance capabilities of this SaaS application, making your financial management a task that is no longer tedious and time-consuming.
4. Zoho Books
Zoho Books caters to small and mid-sized companies. It allows your clients to easily pay for their purchases without leaving your website. This convenience is a big plus for your business as one of the reasons why customers leave websites without buying anything is an overcomplicated checkout process, as mentioned in our shopping cart abandonment statistics. The platform is also capable of automating payment reminders, recurrent bills, auto charges, and more.
Zoho Books allows for the creation of polished invoices with just a click of a button. You can also use invoice templates to further hasten the process. Furthermore, these templates are customizable, allowing you to change fonts, add your company logo, and more.
FreeAgent is an accounting solution for freelancers and small businesses. It provides you with all the tools needed to keep your finances in check, such as running payrolls. You can also monitor your expenses by simply taking a picture of your receipt and then uploading it to the system. Moreover, FreeAgent can integrate with a good number of payment solutions such as Stripe and PayPal for more seamless transactions.
The system has easy-to-use invoicing tools that can automatically manage your billings. It also supports multiple currencies, so you are more than prepared to handle international payments. FreeAgent will also automatically send reminder emails, thank you emails, etc. to your clients.
6. Zoho Invoice
Zoho Invoice, a very big player in the world of business applications and solutions, has an excellent invoicing offering in Zoho Invoice. Zoho Invoice is perfect for small and medium businesses that need a strong invoicing solution for their financial monitoring and processing needs. Freelancers, photographers, and one-man business outfits can benefit from using Zoho Invoices to simplify their invoicing processes and create a more commercial feel.
Invoice creation is very quick and easy. Templated examples are made available, or if you want to create your own, Zoho Invoice makes it easy. Track every transaction and be able to make online payments while being able to handle international transactions with its ability to handle different languages and currencies. On top of this, Zoho Invoice is a very affordable option but is no less devoid of the quality that Zoho is known for.
7. Sage 50Cloud
Sage 50Cloud is an online accounting software that provides tools for managing cash flow, budgeting, taxes, inventory, invoicing, and many more. It’s catered toward small and mid-sized businesses and assists users in properly managing their finances through its integrated accounting best practices. There’s a plethora of add-on options as well for processing payroll, credit card payments, and others.
Coming from the line of renowned accounting solutions, Sage offers powerful finance-related capabilities, including invoicing. For instance, by partnering with leading solutions, PayPal and Stripe, you can take payments straight from your invoices. Transactions are also crystal-clear as you can see everything, from invoicing to payment.
BigTime tries to address the strenuous billing process that’s both error-prone and time-consuming. Hence, it’s an all-in-one solution that’s catered toward making billing and invoicing faster, more accurate, and more convenient. There are tools you can use for tracking the time and expenses of your tasks, be it offline, online, work-in-progress, etc. In this way, you are provided with all the required data for the accurate and timely billing of your clients.
BigTime provides you with a wide range of options when it comes to customizing your invoice. With its invoice template editor, you can format your invoice according to your needs and preferences. Adding a logo, address, colors, and footer information is easy. The system will also automatically calculate all factors based on your selection for faster and more accurate processing.
9. Sage Business Cloud Accounting
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.
Sage Business Cloud Accounting
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.
Pick a Solution That Fits Your Invoicing Needs
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, FreshBooks. 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. You can try all its premium features at no cost when you sign up for a free trial of FreshBooks.
If you’re looking for a more exhaustive option of invoicing solutions to choose from, then maybe a list of ten products is too short. In that case, 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.
By Louie Andre
B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. No stranger to small business hiccups and drama, having been involved in a few internet startups. Prior to his for-profit ventures, he has had managed corporate communications for a Kansas City-based Children International unit.
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