Billing software enhances the transparency in your business framework and your accounting transactions. This increases the efficiency of the company and also facilitates increase in the bottom line, which is the reason why organisations exist. You will be in a better position to manage your business, and the strategic planning that you have for your company. Double entry book keeping can be managed with utmost ease through online billing which otherwise is an unwieldy process.
At the micro level, online billing and invoicing software is largely helpful to small and medium enterprises, freelancers, consultants and contractors. It helps them by reducing manpower cost, timely accounts receivables and payable, increasing cash flows to name a few.
Therefore, one of the foremost decisions any small business owner has to make is to decide on what online billing, invoicing and accounting software to use. It is extremely important to select the right online billing software that matches their business requirements or that can be integrated to suit the business needs.
Here are some of the characteristics that a good online billing and invoicing software should have:
- User-friendly: you aren’t an accountant and you shouldn’t have to be in order to understand your software. Look for an interface that resembles that of traditional paper accounting. The more familiar you are with the layout, the easier it’ll be.
- Internet and e-commerce friendly: so you can automatically pay and be paid directly. Especially important if you are running an online business.
- Compatibility with your current programs: make sure it integrates with your basic programs such as Word, Excel, etc.
- Useful Report Generation: there are millions that can be created and only a few you actually need. Make sure the program has the basics and check to see if there are so many it just confuses things
- Multiple format generation: Make sure to check whether invoices can be sent in multiple formats like HTML, PDF, CSV, etc. This ensures that compatibility issues are eradicated.
- Expandability: If you have plans to grow your company, you want to ensure that your software can grow with you. No sense in having to put out money for accounting software twice.
Apart the above mentioned characteristics there are a few other features that good software should have. High quality software must be reliable, easily maintainable, easy to operate and should meet the functional requirements of its domain. I would be wrong to say that these are the only features that good online billing software should have. But certainly, these are some of the highlights of standout invoicing software. I really hope that these guidelines will help in selecting appropriate software that will mitigate your billing woes.