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Which Invoicing Software is Best?

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    For businesses, manual invoicing can take up a lot of time and cause confusion in the workplace. According to a report by Deloitte, automating this process can reduce human error, and electronic invoices can reduce delivery time and boost overall efficiency.

    Investing in invoicing software for small businesses can help them update their existing accounting systems and send custom invoices more easily. Invoicing software can also help you get paid on time and keep track of what payments you're owed. Depending on your needs, here's a selection of the best free and paid solutions for business owners to help you choose the software for your needs.

    Best For Small Businesses: Zoho

    A great invoicing software option for companies with few employees, Zoho Books is simple and provides a great user experience. They provide essential accounting features, including the ability to create and send invoices, track expenses, and even make invoices on the go.

    You can also connect it to your bank account and get cash flow updates while monitoring and categorizing your transactions. For non-accountants, the dashboard enables you to get a real-time view of your overall financial health. However, the inventory tracking system is quite minimal if your needs are more advanced.

    Best User-Friendly Option: FreshBooks

    FreshBooks' accounting software is one of the best invoicing software options if you're looking for something that's easy to use and can work for almost every business. Whether you're a freelancer or a business with a dozen employees, their invoice software can help you send recurring invoices and payment reminders and even have the option of adding late fees if clients are delayed.

    You can create unlimited customizable invoices and accept payments in multiple currencies, which is great if you're receiving credit card payments from around the world. In addition to their invoicing features, you can even create estimates and proposals, which is useful for graphic designers, contractors, and small business owners who offer flexible pricing options.

    Best Free Invoicing Option: Wave

    Wave's free range of software solutions includes Wave Invoicing and Payments by Wave, which enables a small business to accept payments from customers and create invoices through their platform. For those on a budget, this is a great option because you don't have to pay anything apart from their standard processing fees.

    Their free mobile apps for both iOS and Android allow you to create invoices on-the-go for clients, including receipt scanning tools and bank connections. The good news is that most invoices paid by credit card get paid in 2 days or less, which can speed up cash flow.

    Best For Low Volume Invoicing: Square

    One of the best accounting software options for businesses that send invoices infrequently is Square. Depending on your choice of mobile payment processor, Square's terminal and point of sale app easily integrate with Square Invoices that enable you to make invoices for free. Their easy-to-use templates make invoicing and billing a hassle-free process.

    Other useful software tools for clients include estimates, sales tracking, contact management, and more. You can also create contracts for your customers and attach them to your invoices. However, it doesn't offer multiple currency support, which can be a drawback for some. Despite this, their well-designed mobile app and good software integration make it a good choice for smaller businesses.

    Best For SMBs: QuickBooks

    While QuickBooks is primarily known as a cloud-based accounting software, it can also be used for invoice management. If you're an SMB, this means you can track sales, expenses, and profits all in one place. You can use multiple currencies, create purchase orders, and access a financial overview of each project or job on your list.

    Another plus is that the QuickBooks mobile software automatically stores your data in the cloud and syncs it across your devices so that you'll always be updated no matter where you are. They also have among the lowest transaction fees on the market, which is great if you're on the hunt for competitive pricing.

    Frequently Asked Questions

    What is the best invoicing software for small businesses?

    While every business has its own unique needs, the best invoicing software for smaller businesses includes Zoho, FreshBooks, and QuickBooks. Their popular platforms are ideal for a small business looking for budget-friendly yet reliable invoicing options.

    What is the best free invoice software?

    If your business is on a budget, the best free invoice software options include Wave and Square. However, they do charge transaction fees when customers use credit cards, which is something you should be aware of.

    Additional Resources

    SBA - Manage Your Finances

    This resource helps small businesses get started with managing their finances, including accounts receivable, accounts payable, and payroll. It also provides guidance on where to get accounting help and manage business credit.

    By staying on top of your businesses' finances, especially during tax season, you'll be able to get paid on time and more effectively run your business.

    If you're still having trouble deciding on which invoicing solution is best for you, contact us today at ProcessingCard so we can provide further assistance.

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