For most SMBs, billing and invoicing customers is an essential aspect of running a business. The positive news is that you can find several solutions that are both affordable and effective. This article compares five popular billing and invoicing apps for small and medium-sized businesses.
FreshBooks
One feature-rich online invoicing option is FreshBooks. The availability of invoice templates simplifies the process of creating bills. In addition to accepting payments through a credit card or bank transfer, it has an integrated payment processing option that makes it easy to monitor invoice progress and apply late fees. You also get access to a mobile app that goes with it, as well as powerful reporting options.
Not to mention, FreshBooks is cheap. Make sure it’s right for you by trying out the free trial first. If you have five clients or fewer to bill, the cost might be as little as $20 per month. There are additional tiers that can accommodate more clients.
Wave Wave is another complete and reasonably priced option for small and medium-sized businesses looking for billing and invoicing software. In addition to tracking payments and expenses, it comes with editable invoice templates to get you started. For clients that use your service or get your products on a regular basis, you can set up recurring billing and collect payments online.
You can start using Wave’s invoicing tools for free, which is another excellent benefit. The payment services are pay-per-use, meaning that your sole expense will be proportional to the volume and value of payments processed by the platform.
Financial management software
One of the most popular platforms for company accounting, QuickBooks, also has invoicing capabilities that make billing a breeze. In addition, you may pick and choose from a number of plans to get exactly what you need without having to shell out more money for features you won’t even use.
In addition to integrated payment processing, QuickBooks allows you to easily produce personalized invoices. Connecting it to Google Calendar also allows you to automatically calculate billable hours, and for longer projects with milestones, there’s a progress invoicing option that lets you get compensation over time.
By integrating with your current CRM or ERP system, Paddle provides a one-of-a-kind solution for small and medium-sized businesses (SMBs) to automatically generate and send out invoices. It also has powerful reporting capabilities and allows auto-reconciliation, making tracking easy. In addition to handling payments, the platform also has tools to help with tax preparation, regulatory compliance, and more.
Remember that other options may be cheaper than pay-as-you-go. You will need to get in touch with the business for further information regarding the other service tier, which comes with customized pricing.
Square
The invoicing capabilities of Square are less well-known than its use as a point-of-sale system and online payment processor. This is a great choice for rapidly expanding SMBs because the free plan allows you to generate an unlimited number of invoices and supports any size client base.
There is no fee associated with using Square to generate invoices. Each settled invoice simply requires you to manage the payment processing fees. The upgraded edition, also reasonably priced, offers milestone billing, quote-to-invoice conversions, and other capabilities.
