As a small business owner, there will be a number of challenges in front of you related to invoicing tasks. Dealing with invoicing tasks can be one of the most demanding aspects of running a business. You will be surprised by the fact that 90% of the invoicing is still done manually.
Hence, there is a strong need to use the best invoicing software that can handle your invoicing tasks in the perfect way. In this article, we will discuss some simple yet effective tips you can follow while choosing the best invoicing software for small businesses.
1. Know Your Business Goals
You must have heard that planning comes before starting anything. This condition is applicable in business as well. The first step in choosing invoicing software is to list down your business’s needs and requirements for the software.
Here are some questions that you can consider while listing your requirements:
- Do you need invoicing software that has project management features?
- What type of invoicing software is suitable according to your business?
- Do you require multiple payment methods?
- Do you need customizable invoicing software?
- Do you transact in different currencies?
2. Set your Budget
Different invoicing software have different features, and costs vary from one to another. If you want to choose the best option in the market, you should set your budget for that. There is no point in purchasing expensive invoicing software if you enjoy its features completely. From the beginning, you should choose software that is best for your needs and meets your budget standards.
3. Choose the Right Type of Invoicing Software
After setting the budget, it’s time to decide what kind of invoicing will work for you. Let’s understand this through the following options:
- Multi-device invoicing software: This type of software allows you to transfer your data from any device such as mobile, desktop, tablets, etc. This is available in both online and offline modes. Online multi-device software allows you to log in and transfer data to the cloud. In offline multi-device software, the data gets stored on one device instead of the cloud.
- Online vs. offline invoicing software: The main difference between online and offline invoicing software is the storage of data. In online invoicing software, you log in on a device, and all data is saved to the cloud and can be accessed anywhere. With offline invoicing software, the program needs to be installed on each device, and data is saved to one device.
- Free invoicing software: If you are a small business owner, pricing is an important factor you consider while buying anything. If you have a small number of invoices, then you can try free invoicing softwares. There are limited features, but for easy invoices, this can be a good option.
4. Start with simple invoicing software
Imagine you are starting your invoicing process and you choose to use software that is not very easy to use. You will feel confused, right? To make things easy to handle in the initial phase, you must go for software that has basic features. So always consider choosing invoicing software that is easy to use and doesn’t have dozens of features. You can have a look at this step-by-step guide by Invoice sample on how to start invoicing.
How to Start Invoicing: Step-by-Step Process
- Customise and make your invoice professional
- Include the contact information for both the person receiving the invoice and the person sending it. This contains your name, email, address, and phone number.
- Choose a due date for your invoice.
- Fill up the tasks for which you are billing the client.
- Add payment details
5. Check multi-currency option
If you have a business that runs all over the world, then invoicing software with multi-currency features is your best solution. When it comes to currencies, it is important to establish your exchange rates because they frequently eat into your margins. Instead of losing money on currency exchange fees, just alter the exchange rate and add it to your invoice.
6. Customer Support
Good invoicing software doesn’t usually create any problems. Even if there is such a case, it provides full customer support to resolve any issues. Especially for new users, things are a little challenging, so that they might need extra assistance. So before choosing any invoicing software, go through the reviews and testimonials of the company to see how staff are solving issues through their services.
7. Security Features
While choosing the best accounting software for small business, you must be wondering if your data is safe with the software. Security is one such feature that cannot be compromised, especially when dealing with accounting details. So, here comes the question: how do you ensure the security of software?
To answer this question, we have provided a list of some security features that one can look for in a billing software:
- Fraud Protection
- Third-Party Integration
- VPN Detection
- Multi-Layer Security Measures
- Address Verification System
- ISO Certified
- PCI DSS Compliant platform
Top 5 Best Invoicing Software’s of 2023
With plenty of options on the market, choosing the best billing and invoicing software can be a tough task. To save your energy and efforts, we have provided the top 5 best invoicing software that will rule in 2023:
- Freshbooks- Simple and easy Invoicing software
- Quickbooks- Best bookkeeping software
- Zoho Invoice- Best value software
- Xero- Best for growing business
- Square Invoices- Best software for small business
Choosing the Best Invoicing Software- Final Thoughts
I hope this article gave you an idea of how important it is to invest in the best invoicing software to avoid the unnecessary cost and risk of losing sensitive information. Now that you have an idea of how invoicing software works, you’ll have no trouble popping off your invoices.
If you are looking to speed up your invoices, consider invoicing services from us. With Invedus, you can reduce invoice-related work by hiring a virtual assistant. Now you must be wondering why virtual bookkeeping assistants are important for your business. They are professionals in the bookkeeping domain and make sure your tasks are finished on time.
Want to learn more about invoicing services? We have a whole category called finance and account That’s ready for you to explore. For detailed information, connect with us to discuss your business needs and project details.