Finding the Best Invoicing Software for Your Small Business

A good invoicing software is essential for a small business. Read on to explore the various benefits and features of invoicing tools for your company.


Whether your small business has a dedicated finance department, a CPA, or you and others manage it on your own, invoicing and accounting software can be a transformative investment for your business. Cash flow is the lifeblood of a business, and the right invoicing software can ensure your cash flow and finances are organized, accurate and accessible in a digital-first, increasingly mobile world.

With a plethora of small business invoicing software options out there, which is right for your small business? That depends on the features you need, how comfortable with accounting functions you are, and what you’ll need down the road. To help you find the right invoicing software that will support the health and success of your business, read on.

The Benefits of Invoicing Software for Small Businesses

First, let’s look at a few of the key benefits of invoicing software. Modern accounting programs aren’t your average desktop software. Today’s platforms are smart, fully integrated tools that can transform how you run (and grow) your small business.

Most invoicing solutions offer the following benefits:

  • Polished, professional transactions. Customers, clients, and vendors will appreciate the simplicity and convenience of payments and invoices, which can even be customized to your business’s brand. Boost revenue with better payment processing platforms that expand the range of payments you accept.
  • Digital-first, cloud-based convenience. Process payments, send invoices and get visibility into your finances online, from anywhere. Invoicing software can easily integrate with or “plug in” to your other systems and tools, such as POS, inventory management, customer service platforms, e-commerce stores and more.
  • Improved organization. With everything digitized and in one place—from searchable customer records to archived sales data—it’s lightyears easier to get a big-picture view of your finances, track unpaid invoices, generate reports and find answers to questions you may have.
  • Automated invoicing and reporting. Save time and money while improving the experience for your customers and vendors. Export and cross-reference financial data more seamlessly than with paper-based, on-premises invoicing systems. This can help you be more strategic overall and inform growth and continuity plans.
  • Avoid mistakes—which can be costly. Accuracy is a major benefit, which is helpful for tax filing and reporting, avoiding fines or billing mistakes, hitting deadlines and more.

6 Things to Consider Before Purchasing Invoicing Software

Your business is unique, which means what you need from invoicing software is too. Many options offer multiple tiers or packages so you’re not paying for what you don’t need or missing out on what you do. Some software options, such as Neat, offer custom packages and assistance in choosing exactly what features you need.

Before you start comparison shopping invoicing software options, it can be helpful to consider:

  • Do you need single- or double-entry accounting? Once you know which you need, you’ll be able to better choose the software you need. This is an important first step—double-entry accounting software may even be a legal requirement for your business as it grows.
  • How much are you able to spend? You’ll want a program that’s in your budget, but also one that doesn’t hold you back. Many programs offer tiers that come with different prices and feature packages. Be sure to find out how easy it is to move between tiers in case you need more or fewer features down the road.
  • Don’t think only about what your business needs now. Think about what you may need today, then what you may need as you grow. This can help you choose a product that will scale with you and offer the features you might eventually need.
  • Get honest about your comfort level with finances. How confident are you in managing financial matters? This could help you narrow down which programs are better for beginners with excellent tutorials vs. those that are more advanced. Also, it will help you determine what level of support you might need. (For example, 24/7, white-glove support as a feature of a package.)
  • Do you need your invoicing software to be cloud-based or desktop, or a mobile app? How many people will need access? Depending on how on-the-go you are, you’ll want to gauge programs with mobile app access. (Pro tip: check reviews of apps for insight into how other users rate mobile experience.)

What features do you need from your invoicing software?

Consider all the ways cash flows in and out of your business. Include vendors, suppliers. Do you have employees or contractors? This will help you narrow down which packages deliver the features you need. Here are a few options to get you started:

  • Point-of-sale, online payment processing
  • Automated and recurring invoices
  • Customization of invoices and reports
  • Support for multiple users (or access for your accountant)
  • Encrypted connections for security
  • Advanced reporting and analysis (e.g., Expense reports)
  • Ecommerce features (e.g. inventory tracking, support for multiple currencies, payment provider integrations)
  • Staffing management and workflows
  • Integrations with other platforms and software
  • Support for multiple languages

What’s the best invoicing software for you?

With the above nailed down and your list of must-haves in hand, take the time to do some comparison shopping. If you can, watch video tours or walk-throughs online to see which appeal to you most.

Then, when you’re ready, make sure you’re getting the best deals on the software of your choice. Capital One Business Deals offers discounts on financial software and products for small businesses. If QuickBooks is among your top pick, sign up to access a special offer:


Get a QuickBooks discount from Capital One Business Deals

QuickBooks is robust, user-friendly software trusted by many, and designed to help small business owners stress less so they can do more. With advanced plans that pack on the extra features and integrations, it’s definitely a great choice for businesses that need next-level accounting support.


Sign up and explore additional discounts on invoicing software for your small business.

 

This article is for informational purposes only and should not be considered as tax or financial advice. You should always confer with your accountant or financial consultant before making a financial decision for yourself or your company.

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