Payments & Invoicing Software

Payments & invoicing is the lifeblood of a business when it comes to accounting and finance. Without effective payments and invoicing management, a business will not be able to track its income and expenses. At the same time, they will lose track of the cash flow. At its core, payments and invoicing seems like a routine function the business can handle without hassle but the intricacies of the task coupled with the frequency at which it occurs make automation necessary. Virtually every accounting and finance software offer solutions for this particular function, enabling businesses to tally their payments and invoicing, including handling debts and following up with clients that have not honored their commitments. Each aspect of payments and invoicing will be considered under this subcategory.  Read the full software guide...


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What is Payments & Invoicing Software?

Payments & invoicing software is a platform used by businesses to automate various tasks involved in the billing, receiving and collection of payments. It helps simplify the process and makes completing time-consuming and resource-heavy tasks easier for accounting and HR departments.

You can use products in this category to automate billing, create and manage invoices, accept online payments, track work hours and generate billing cycle reports. Some products even allow you to store customer information, automatically send reminders for outstanding payments, generate tax reports and automate recurring billing.

More advanced software provides greater customization options. For example, some programs also allow you to customize your invoice reminders, set a separate schedule for each customer, or recommend different credit limits for different customers depending on their credit history.

This type of software can be useful for businesses of any size and industry but works especially well for businesses in specialized industries like telecommunications, utility providers, health and medicine and manufacturing firms.

Users and businesses can choose to use payment and invoicing tools with a variety of features—both simple and sophisticated ones—or a single-entry system that focuses on bookkeeping and check management. It can also be integrated with different applications and tools, particularly those used for accounting needs and automated solutions like CRM and ERP systems.

Helcim
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Types Of Payments & Invoicing Software

When deciding on the right payment and invoicing software for your business, you should consider the features that you require, the deployment method and the scalability of the solution.

Almost all accounting software solutions have some payment & invoicing features, but most of them have limitations. If you are looking for advanced features, you should choose a standalone solution for payment & invoicing.

There are other types of payment and invoicing software, particularly those that are categorized according to the features offered. Some only offer the most basic features such as creating online client records and creating invoices. More advanced platforms provide users with features like templates, tax reporting, various payment channels, tracking work hours, billing cycle report generation and automatic reminders sent for outstanding payments

This type of software can either be deployed as an on-premise solution or via a cloud-based SaaS solution. Using an on-premise solution requires server infrastructure, the capability to host locally and tech teams to provide installation and maintenance. This may be more suited for larger companies with the specifications and capability to host an on-premise solution.

A cloud-based solution is mainly deployed as a SaaS solution and is more suitable for smaller businesses that lack the infrastructure and resources needed for on-premise deployment. This type of software is usually on a subscription-based model and requires low maintenance from the business as everything is hosted online and accessed through a web app or mobile device.


How to Choose Payments & Invoicing Software

If you are thinking of purchasing payment and invoicing software, it is important to consider the best option for your business needs. Factors such as features that you require, the deployment method and the scalability of the solution need to be assessed before purchasing.

To ensure you choose the ideal payment and invoicing software for your business, you need to thoroughly study and assess the different features of each package you are thinking of purchasing and ensure that all the features can be utilized effectively. The best way to do this is to determine which type of buyer you are and what you are looking to accomplish upon purchasing the software.

The first option is a comprehensive all-in-one platform. This software allows users to create invoices, manage and monitor payments through a general ledger and complete all of the tasks that are required from an accounting department. An all-in-one solution ensures that all of the features that you need are included, but more industry-specific features and functions may be omitted.

If you require software that is more industry-specific and for a specialized sector, there are many options for your business needs. These standalone platforms provide businesses with the flexibility to complete all of their accounting needs specific to their industry sector.

For example, if you operate in the healthcare industry, you may require a billing platform for prescriptions. For this type of business, only basic features may be needed and advanced features wouldn’t be necessary.

If you need additional customization and flexibility, stand-alone solutions can be tailored to your specific needs. However, these platforms may lack the features of other software available and be a premium-priced product due to the specifications required.

This type of software includes integrations with CRM, email and human resources tools meaning that the software can work with existing products and help improve processes in the relevant departments. You should also be able to invoice via the software and set up recurring payments and automatic billing if necessary.

Most solutions also allow you to create professional invoices for your business and include customizable communication features to help create a more professional representation of your business.


Benefits Of Using Payments & Invoicing Software

Using this type of software provides accounting teams with a streamlined process that reduces manual input and significantly improves overall efficiency and productivity levels. Important functions such as creating invoices, sending invoices, receiving payments and reporting are simplified for the business.

While the main benefit of using payment and invoicing software is the seamless delivery of accounting and finance processes, there are many benefits that businesses can leverage when using this type of software:

Increased accuracy

Payment and invoicing software help improve accounting processes by reducing mistakes through manual error. Using a template ensures that accuracy is maintained throughout all stages of the accounting process and are flagged by the platform if it detects errors.

The use of the software also ensures that payments in and out of the business are processed correctly, creating trust and loyalty that your business handles their accounting duties professionally.

Professional feel

The software is also helpful in terms of establishing, maintaining and improving your business’ professional image. As the billing and invoicing process is streamlined and automated, customers and clients can be paid on time. This will help your business establish, keep and continuously improve brand image. Efficiency, accuracy and customized and organized services can improve your businesses reputation, especially among your clients.

Save time, money and resources

Using payments and invoicing software can save your business time and money as most major tasks are automated by the platform and require less input than other conventional methods. This frees up resources in your accounting and HR department, which can be reallocated to more appropriate areas of your business.

Accessibility and integration

Most solutions offer integration with popular web applications and CRM software, meaning you can continue operations without disruption. The software is accessible on mobile devices and also offers a wide range of payment options for billing and receiving payments.

Payments and invoicing software can become an essential part of businesses of any size as automated processes, intuitive features and simplified accounting operations all contribute to a more efficient, productive accounting department.


Common Features of Payments & Invoicing

2-Factor Authentication Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.
Accounts Receivable Track unpaid invoices and keep on top of what your customers and debtors owe you.
API Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.
Balance Sheet A common financial statement used as a snapshot of a business's assets, liabilities and capital at a particular point in time.
Billing/Invoicing Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments.
BitCoin BitCoin support - a digital currency operating independently of a central bank.
Budgeting Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.
Calendar Management Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.
Contact Management Manage large amounts of personal or business contacts in a centralized system.
CRM Integration This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application.
Customer Management Manage customer databases and/or track outstanding shipments, payments and more.
Dashboard Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.
Data Export Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.
Data Import Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.
Data Visualization Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.
Expense Tracking Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.
External Integrations Integrations with other software products or platforms to improve efficiency and compatibility across systems.
Forecasting Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.
Inventory Tracking Stay on top of inventory levels, to manage the storing, reordering or production of stock items.
Multi-Currency Support of different currencies for payments, accounting purposes, taxes, reports and more.
Multi-User Supports more than just one user account and generally allows for collaboration with colleagues.
Notifications Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.
Payment Processor Integration with external payment processors like PayPal, Master or Visa, generally for credit cards and similar methods.
PayPal PayPal support allowing for the transfer funds electronically or online payments.
Payroll Manage employee payroll to keep track of taxes due to the government, pension schemes and payments to employees.
P&L Support for Profit & Loss statements in financial / accounting systems.
SAP Integration Integrates with common SAP services.
Scheduling Schedule tasks, resources, appointments, payments, communications, etc.
Stripe Stripe support as a payment gateway allowing you to accept payments online and via mobile apps.
Supplier Management Manage suppliers and purchases required in the day-to-day operation of a business.
Tax Management Manage tax payments and reporting requirements to ensure compliance with local or national taxation regulations.

Latest User Reviews of Payments & Invoicing Products

Freshbooks
KamaRa Jorn
26 Aug 2020
"The greatest accounting software."

Freshbooks financial reports are amazing and very easy to understand.makes stocks tracing from purchase to sales very easy and secur...

Rev.io
Ed Fineran
11 Sep 2020
"Rev.io is the best telecom billing software"

1. Rev.io makes it possible for Atlantech to manage thousands of customers and bring new and cutting edge services to market fast. ...

Rev.io
Tom Allen
12 Sep 2020
"Great Product - Great company to partner with"

There are a number of things I like about Rev.io. The interface is fast, simple and easy to use. The screens are self explanatory ...

Rev.io
Greg Mrofcza
22 Sep 2020
"Rev.io has been great!"

1. Rev.io's ability to scale our product set 2. The integration we have been able to achieve with our CRM and Rev.io has allowed vi...


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