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Understanding Billing and Invoicing Software

Depending on the line of work you’re in, billing and invoicing may be a very important part of your business. As opposed to just charging customers for their purchase, billing and invoicing a client can be a much more involved process. This doesn’t make it any less necessary, of course. However, if you leverage the right kind of software, you may be surprised with how much you used to put up with as far as your billing and invoicing goes. Before you go choosing a version though, consider the following for a better understanding of what it all entails.

What Is Billing and Invoicing Software?

There are many different versions of this software, but in broad terms, each version aims to use record keeping and automation to make billing and invoicing easier and more efficient than ever before.
So, first, automation is used to ensure you never forget to bill a client or otherwise neglect to do so timely. You can set it up so that as soon as a service is completed, the client is immediately sent an invoice. This leaves no room for human error on your part.
Just because you’ve never had an issue with sending an invoice doesn’t mean you’ve never had an issue with getting paid though. That’s one of the many benefits of this kind of software. You’ll have a time stamped copy of the invoice as well as digital information that backs up when it was sent.
Plus, because you’re dealing with a digital option, it’s no big deal if a client claims they never received an invoice or otherwise misplaced it. Just send them another. Even if you’re already handling this through email, you may not be keeping copies of each unique invoice. Again, with software on your side, this is no longer an issue.
Many versions will also come with extra features to help optimize your billing and software procedures. For example, they may make it easy to set yourself reminders so, in the case of the aforementioned client, you can easily follow up with them to ensure your money is on its way.
For many businesses, this type of software is worth it just to get away from the Excel method of trying to track everything through nothing but a page full of data cells.

What to Look for in Billing and Invoicing Software

While this type of software may seem straightforward enough, remember what an important part of your business it’s handling. You can’t settle for second best. So the following are the five most important features you should look for in any version you consider.
First, you’ll get the best results from billing and invoicing software if it can seamlessly work alongside any CRM (Customer Relationship Management) programs you may rely on (the company that makes your CRM may have a billing and invoice software available that makes this a given).
Having the two work together will make your life easier in a number of ways. The big benefit, though, is that you can use the information from your CRM to make it easier for your billing and invoicing software to contact clients in more effective ways. After all, that’s one of the main purposes CRM serves in the first place.
Customization is always a big deal and this software is no different. Your clients are unique, just like your company. So you want to be able to manage them in a way that makes the most sense. This means having all the space you need to input data about clients that will be helpful in securing your money.
Thirdly, you want every option available when it comes to automation. This type of software isn’t going to be worth much more than an Excel sheet if you constantly need to manually update it or otherwise check the billing schedule. Pick software that will handle all the operations that don’t absolutely demand a human behind them.
That being said, automation run amok is never a good thing. So look for software that will send you updates as major tasks are handled. For example, it’s great if the software sends a bill off to a client. But you and other relevant parties should be made aware.
Lastly, no matter how big your company is, scalability should be a priority. Just because your business is only so big now doesn’t mean it won’t be larger in a year. You want software that will grow with you.
Getting paid is what your business is all about. With billing and invoicing software, you’ll have less to worry about and more to celebrate where this essential matter is concerned.


Billing and Invoicing Software Resources

The following articles & resources are available for Billing and Invoicing software

Cloudswave Awards 2015: Introducing the 10 Best Billing and Invoicing Software

In order to help steer your business, we have provided this range of choices to help you find the billing and invoicing app to suit your specific business needs... More

Exclusive: The Terrific Benefits of Billing and Invoicing Software

Billing and invoicing software are business tools that allow businesses of any size and from various industries to manage their finances by simplifying the invoicing process. ... More

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Detailed comparison of the 10 best Billing and Invoicing softwares