Top 3 Billing Software to Make Managing your Cashflow Easier
What is billing software and why is it important?
Chasing invoices and payments is part of every business, but when this is done manually with paper and ink, it can become quite a time consuming, and sometimes infuriating, task. You can end up spending a huge chunk of your time and resources managing your bills, creating invoices, and tracking your payments. And for a small business, this is time and money that could be best used elsewhere in the business.
And that’s where billing software comes in. This software allows you to track your sales or services, who was billed and when, the fees or charges applied, and if and when payment is received. It also records all of the data in your other accounting or bookkeeping systems, meaning all your financial information and reporting is organized in one central place. This specialized software gives your business the tools to manage your cashflow more easily and with much less effort.
Efficiency in your billing process is key to getting your clients to pay their invoices on time. If you don’t track down or chase a payment, then your customers probably won’t be rushing to pay you of their own accord. This is why billing software is so important for businesses, especially newer or small businesses. It’s software that takes away the hardship of chasing your invoices and managing cashflow, and also makes it easier on the customers too by giving them a quick and easy way to pay you through electronic payment channels.
As your business grows, the need for a faster billing solution becomes even more integral. For sustainable and long-term growth in your company, a reliable billing system is a logical investment for your business.
The importance of managing your cashflow
Managing cashflow is hugely important for every business. It can end up being the difference between your business reaching new heights and your business falling short, so it’s definitely something to prioritize when it comes to investing in your business’ future. But managing your cashflow doesn’t have to be a huge pain. Billing software can simply take care of your cashflow needs, whilst you focus on reaching new customers and growing your business.
Not only does billing software manage your cashflow, but it does it effectively and efficiently, which could actually end up saving you money in the long-term. Fast, efficient invoicing and payment reduces the margin for error compared to if you were to manually process all your invoices. As well as this, it saves you a huge amount of time and resources, which in turn saves your business money.
What makes a good billing software?
You may have already started looking into billing software and discovered there are a fair few options out there! So, how do you know which software is the best fit for you and your business?
- Simplify your routine accounting and financial tasks – This is the main reason you’re likely looking into billing software, so it should do what it says it’s going to do!
- Ensure that the integration process is effortless for your business – You should be able to change or update plans and add-on features, and upgrade/downgrade subscriptions without any problems.
- Be able to support your chosen payment method – If your billing software doesn’t support the payment method you’ve chosen for your business, then it’s fallen at the very first hurdle.
- Give you access to real-time metrics and analytics reports – If you’re investing in billing software, then you’ll want this system to also be able to track and measure your financial reporting for you as well.
- Give you safety and security when it comes to your money – One of the most important things to look out for when looking for billing software is what security they can provide when it comes to your money and cashflow. You want to be safe in the knowledge that your money and information is secure and not open to high risks.
- Be able to accommodate your growing needs – As your business grows, your billing software should be able to seamlessly grow with you and accommodate any changes.
- Provide quick and responsive customer service – Sometimes things go wrong or you have a question about a particular feature of your billing system, so having a good and responsive customer support team is essential.
Top 3 billing software we recommend
Taking all this into consideration, we’ve pulled together our top three recommendations for billing software to help you stay on top of your billing, which we’ll be going into some depth. But we’ve also compiled a list of seven additional recommendations, as we understand that every business is unique in their needs, and so the more options the better!
Recommendation 1 – Bill.com
Bill.com delivers billing software to small businesses and mid-sized companies through a streamlined accounting system. It uses AI intelligence and machine learning to reduce data entry and human error when it comes to your finances. And the more you use Bill.com, the more intelligent it gets – learning your processes and preferences to give you much greater control over your cashflow management.
More benefits of Bill.com include: streamline busywork, take control of approvals, catch any errors early, systems are regularly synced, and they have all your auditing needs covered.
Pricing for Bill.com starts at $39 a month for the ‘Essentials’ package, with different pricing levels depending on the specific needs of your business.
Recommendation 2 – Tipalti
Tipalti is an end-to-end solution that automates the entire global payables operation in a central cloud platform. They provide the systems infrastructure to scale, for your company’s long-term sustainability, with tax and regulatory compliance built-in, to assist you in governing your operations. They say that they “take the pain out of payables by cutting 80% of the workload, freeing up your team to focus on growth initiatives.”
They offer: a wide range of global payment methods and currencies, improve payment accuracy, give early payment discounts, and provide proactive visibility to payment status and history. Tipalti also prioritizes its software’s security, with the use of AES encryption and their systems being PCI and SSAE16 SOC audit certified.
Pricing for this software starts at $149 a month, with their pricing model then built around the growth of your business.
Recommendation 3 – Stampli
Stampli centers AP Automation software that focuses on communications on top of the invoice, so that “AP colloborates better with approvers, vendors, and anyone involved with purchases to quickly resolve issues and questions, resulting in 5x faster approvals.” They have been a G2 leader in AP Automation for the past 8 consecutive quarters.
Their AP Automation software uses AI technology to automate AP invoice processing and learn an organization’s unique patterns to simplify their processes. Stampli integrates easily with your company’s accounting system and adapts to any possible changes in the future. As well as all this, you also get real-time invoice processing, audit-ready access, and full visibility into metrics and reports. Stampli is also better at customer support and communications than many of its competitors.
For pricing, you’ll need to contact Stampli directly for a quote for your business.
7 bonus software recommendations
- Apptivo – “All apps. One place. Everything you need in one cloud solution: CRM, Project Management, Invoicing & more.”
- Azava – “Beautiful all in one software to run your business.”
- Avidxchange – “Accounts payable process automation with AvidXchange makes managing invoices and paying bills as easy as ONE, TWO, THREE.”
- BigTime – “Making remote firm management easier.”
- Invoiced – “Put accounts receivable on autopilot.”
- PaySimple – “Flexible payment acceptance, automated billing, and customer marketing solutions.”
- Replicon – “Faster Decisions. Increased Efficiencies. Improved Profits.”
Do you have billing software?
If billing software sounds like something your business needs, but you’re not sure where to start with it all, then Simple Startup can help! We’d be happy to learn more about your business, your current accounting and cashflow systems, and help you find the right billing software for you. We can also support you and your business to make AR and AP determinations to manage your cashflow like a pro, and free up your schedule when we take this off your plate through our outsourced accounting service. Grab some time on our calendar today, and see how we can support you in implementing these systems within your business.