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 youâll 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
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 businessâs 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 âplug inâ 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 placeâfrom searchable customer records to archived sales dataâitâs 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 mistakesâwhich 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
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, youâll be able to better choose the software you need. This is an important first stepâdouble-entry accounting software may even be a legal requirement for your business as it grows.
- How much are you able to spend? Youâll want a program thatâs in your budget, but also one that doesnât 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.
- Donât 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, youâll 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
Whatâs 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 youâre ready, make sure youâre 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, itâs 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.