If you’re an entrepreneur or small business owner, you’ll likely spend a slice of your time generating, managing and collecting invoice payments from customers. This can be a time consuming, manual process - unless you have the right invoicing software solution on hand to help.
Check out this invoicing software guide, to learn more about how the right solution can help your business, what paid and free invoicing software is available, and the costs of the leading products.
TransferWise for business - low cost international payments, and smart automation to grow your business
Before we dive into our guide to invoicing software, let’s look at another smart way to cut your costs, save time, and protect your business profits.
If you deal with customers and suppliers overseas, or are looking for ways to manage your money across currencies while saving time on your admin, you’ll love the TransferWise multi-currency account for business.
Hold dozens of currencies, get paid for free from all over the world, and send international transfers using the mid-market rate, for just a low fee. Integrate your account with Xero for easy invoicing and accounting, and access business friendly perks like batch payments and a powerful API for automating payments and connecting business tools. See if you can save time and money with a business account from TransferWise.
Invoicing software is designed to make it easier to generate, record, reconcile and follow up on invoices. Different invoicing products have slightly different features - but the aim is always to streamline the processes, and automate as much as possible to free your time and reduce the admin burden on your business.
Depending on the product you choose, you’ll find you can access features like these:
- Custom make invoices for your business, including your own branding
- Populate invoice templates easily from your records so you don’t need to start fresh every time
- Create recurring templates for repeat billing
- Make it easier for customers to pay online, via your chosen third party provider, or a bank transfer
- Record and reconcile payments, including offline payments
- Automatically create follow up messages for clients who are late in paying
- Generate reports to analyse the performance of your business
- Store all your information remotely on the cloud, allowing you to access it on the go, from your preferred mobile device
Invoicing software is especially useful for small businesses, startups and sole proprietors, where one person - or a small number of individuals - will be responsible for a broad range of tasks.
Typically in this situation, invoicing and other admin takes a disproportionate amount of time and is a distraction from the main activities of the business. If this sounds like you, it’s well worth looking into how the right invoicing software can free your time, make it easier for customers to pay quickly, and allow you to focus more on growing your company.
Here are some of the most popular small business invoicing software solutions, to start your research. We’ve included both full service accounting packages which offer invoicing alongside other tools, standalone invoicing products, and free invoicing software solutions.
Compare a range of products as part of your research, so you find the right one for you.
With Xero you get smart online invoicing and accounting tools, secure data protection and all the detail you need to run reports, and analyse the state of your business¹. All of Xero’s product plans feature invoicing capability, and you can also choose to integrate your Xero account with the TransferWise multi-currency account for business. This makes it easy to cut the costs of international transactions, while you produce professional looking invoices which are easy for your clients to pay.
If you need a tool which will help with invoicing, and you don’t want any of the additional accounting functionality available from some online accounting and invoicing solutions, Mr Biller may suit you².
You can choose a free account, which allows users to create unbranded invoices, and manage them in an easy to use dashboard. Or you can choose to upgrade to a Premium account for $3 a month - this gives users enhanced options such as recurring invoices and detailed financial reports. Mr Biller also offers an Enterprise plan - get in touch with their service team to talk through your company requirements and get a quote for the monthly costs.
Intuit QuickBooks has a range of pricing options, all of which include invoicing functionality. You’ll also get some payroll support and other features. The tools available let you custom make your own branded invoices, add a pay now button for ease of payment, and set automatic reminders for customers who are late paying³.
Another option to suit those looking for invoicing solutions without the other accounting tools or payroll management. Billcue is an Australian service, which offers the option to create invoices, send online to customers, and have a simple pay now feature to get paid faster. You’ll be able to track invoices, record expenses, and use Billcue on the go using your mobile⁴.
You can access free invoicing software from Reckon, to bill anyone, anywhere, on your phone. You’ll be able to add your own branding to your invoices and can save an unlimited number of customers and products to allow you to easily complete future invoices without needing to re-enter details. Reckon also provides a wide range of paid business services including online accounting software, if you decide you need more than the free invoicing solution⁵.
Typically, you’ll find that invoicing software comes as a standalone product, or as part of a service which also offers other accounting tools such as expense tracking or payroll management. The costs can vary widely, according to the type of product and the full range of options available to you.
Here’s a rundown of the typical costs of the products highlighted above.
|Invoicing software product||Costs to know about|
|Xero⁶||Monthly plans $25-65 depending on the functionality required Expenses - $5 per user/month Projects - $10 for the first user/month, then $7 per month for each additional Discounts available if expenses and project capabilities are added to the accounting plan|
|Mr Biller⁷||Choose from a free plan with limited functionality, a Premium plan at $3/month, or an Enterprise Plan - price on application|
|Intuit QuickBooks⁸||Regular price monthly plans - $20 - $50, with a 50% new user discount for 3 months|
|Reckon⁵||Free to use - paid products also available|
There’s a broad range of invoicing software out there. The good news is that you’ll definitely find something to suit your business, whether you need a free tool to get started, or you want a full service package covering everything from invoicing to payroll and expenses. Doing a bit of research into the options available is the best way to get the package you need, and to make sure you don’t pay for a service you don’t use.
While you’re thinking about ways to cut the costs and hassles of running your business, check out the TransferWise multi-currency account for business as a smart way to send and receive international payments for less.
- Mr Biller
- Xero Pricing
- Mr Biller - Plans and Pricing
- Billcue Pricing
All sources accurate as of 19 June 2020
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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