Are you searching for billing software online? This can be confusing as multiple options are available. Some are free for others you need to pay for its subscription. Some specifically offer invoicing options, but others provide extra functions like project management, time tracking, etc. To understand how to select the perfect invoicing software for your business, you need to take stock of your requirements. Here are some things to consider before starting the selection process-
- Can you pay for the software? Yes, you need to answer this question, as it will diversify your options. While there are many free software options available in the market, there are paid software options available as well. The difference between the two can range from how many users will be able to use the product, what features are available, how many functions can it perform, etc. It is advisable to start your billing software journey by taking free trials, as this will allow you to select the best-suited one to your business. Even if you have the funds, it is a waste of money to invest in something is a wrong fit for your business.
- How much can you pay? This is specifically if you plan to select a paid software. When you visit the software developer’s website, you will come across various subscription plans. This can be broadly classified according to the number of users who can access the software or how many invoices you can create with one plan or how many features that come with the plan. Then the subscription may be monthly, quarterly or yearly. Every billing software online will have its own subscription plan so you would need to decide how much you are willing to pay. To help you answer this question, simply take a look at your existing cashflow and also what your business requires. For example, if you are a freelancer, then you would need a basic plan that gives access to one or two users and have a decent invoicing limit. On the other hand, if you are a medium enterprise that has a large client base, then getting a plan with an unlimited subscription plan would be beneficial. Do note that most subscription plans are flexible and you can upgrade it as you grow.
- What functions do you want your billing software to perform? As mentioned in the introduction, every software will give you access to different functions. Some will exclusively be invoicing or billing software. But you will also find many holistic options that provide you with the option of controlling all or most aspects of your accounting cycle with one software. To elaborate, here are some extra features that can be found in billing software-
- Expense Management: Apart from invoicing, business expenses can be tracked and managed from this software as well. It enables you to track all overspending and ensure all expenses are accounted for. Your employees or Finance Team can easily record the expenses and while doing so upload the receipts. Therefore, all your expenses and related receipts will be stocked in your library.
- Time Tracking: Tracking your employees’ time can be another tricky function. With the software, you can track where and how much time your employee is spending on any project. You can ensure that projects have been completed in time and every moment spent on a project is billed. The entire process is simplified with the easy to add task timer. You will also be able to track the miles and kilometers being traveled that will help when calculating travel expenses.
- Project Management: Along with invoicing, expenses, time, you will also be able to track and manage projects. Manage tasks, delivery times, employees, expenses within projects under one window. The software also simplifies the process of client conversion. By assigning project dates, assignment, etc., client conversion becomes super easy. Draft new contracts in a matter of minutes and share with the relevant parties from any device.
- Reporting: For accurate reports that give you a 360-degree view of your business accounts, this software is the best solution. You will be able to generate these reports for any feature is it invoicing, profit and loss statements, tax reports, time tracking, expense management, etc.
- How supportive is the support? If you are adopting the software for the first time, then you would need some handholding. Having a responsive support or customer care will ensure speedy adoption of the software. By quickly browsing through the help center’s materials or contacting the support directly, you will be able to solve any issues or doubts related to the operation. Some software developers will provide toolkits or troubleshooting tips that can help you resolve issues on your own.
Now that you have gone through the questions that you need to ask before selecting billing software online, what are you waiting for? Figure what you want, do thorough research and start your digital invoicing journey!