Imagine sending an invoice and getting paid without lifting a finger.

If you’re used to scrambling at the last minute to toss an invoice together and send it out on time, you’re skeptical. There’s no way billing and invoicing can be THAT easy.

There’s good news.

It can be that easy and it IS that easy when you have the right billing software in your back pocket. It’ll go to bat for you and do the heavy lifting so you can do what you do best: run your business.

With the right software, you’ll be on your way to saving time and making more money without all the hassle. Keep reading to learn about the best time and billing software for small business and how to choose the right one for your business, today.

Benefits of Using Invoicing and Billing Software

As a small business owner, you have a lot on your plate. Remembering to bill customers on time isn’t easy given the 95 other things on your to-do list.

Implementing billing software is an easy way to get your time back and focus on other things that need your attention. There is invoice template that you can use for fast efficient billing transactions to your business.

Payment Automation Saves Time

Although each software has its own benefits, they all have one thing in common. They make it easy to automate and schedule invoices to go out (and get paid) on time.

Many of them also let you send out automatic payment reminders. This gives you time to use your energy for other aspects of your business.

It’s Easy to Track Business Cash Flow

Tracking your business transactions is vital when tax season rolls around. But, it’s also important for:

  • Making educated business decisions
  • Estimating monthly/annual revenue
  • Understanding the health of your business

Using billing software helps keep all your transactions together in one place. You can rest easy knowing you have detailed records of cash flow for your business.

Gives Your Business a Professional Appearance

A professional invoice instills trust in your customers. It lets them know you treat your small business as a business rather than a hobby. When your customers trust you, they’ll pay you and take your business seriously in return.

The Top 5 Billing Software for Small Businesses

Every business has different billing and invoicing needs. While reading through the list, take note of which options sound like a good fit for you and your business.

Best Invoice Billing Software 2022

  1. Billsby
  2. Wave Apps
  3. Freshbooks
  4. Square
  5. Harvest

Billsby: Best For Recurring Payments

Cost: Free – $299+/month + .8% transaction fees

Billsby is an all-in-one subscription-based billing software for B2B and SaaS businesses. It gives users full control over the entire payment process and contains powerful automations built to save you time.

With your subscription, you also get access to:

  • Retention tools designed to keep customers coming back
  • A library of plan actions that let you automate the process
  • Tax options based on your customer’s location
  • Value scoring reports helping you understand your customers

Click here to read more now.

Wave Apps: Best Free Invoicing Software

Cost: Free + 2.9% & $0.30 processing fee

Wave is an entire suite of software created to help you organize your business’s finances. You can send professional invoices, receive payments, and track business transactions for free.

Their suite includes:

  • An accounting tool
  • An invoicing tool
  • A payment processor
  • Payroll management (monthly subscription)
  • Receipt storage & management

Click here to learn more.

Freshbooks: Best for Double-Entry Accounting

Cost: $15+/month + 2.9% & $0.30 processing fee

Freshbooks is an accounting tool that includes high-end invoicing capability. Plus, their mobile app makes sending and receiving payments easy. Freshbooks also works well for freelancers and designers who need to send custom quotes and proposals.

Some of their top features include:

  • Unlimited invoices
  • Automatic recurring payments
  • Multiple languages and currencies
  • Payment notifications
  • Ability to request deposits
  • Extensive reports so you understand your business

Learn more about Freshbooks, today.

Square: Best for Minimal Number of Payments

Cost: Free + 2.6% & $0.10 processing fee

Square works well for businesses that don’t have a lot of transactions. There’s no monthly fee and their processing fee is low in comparison to other free options. You can send professional invoices and get paid online or using the mobile app.

With Square, you can also:

  • Customize invoices to match your brand
  • Understand your business with powerful analytics
  • Accept payments in person using a card reader
  • Send payment reminders
  • Create custom quotes and proposals
  • Set up recurring payments

Click here to learn more about Square.

Harvest: Best All-Inclusive Billing Software

Cost: $12/month for the unlimited plan

Harvest is an in-depth time tracking tool that allows you to send invoices and receive payments. It works well as an all-in-one invoicing software that integrates with over 100 other apps.

With Harvest, you also get:

  • Expense tracking
  • Reports to understand your cash flow
  • Budget alerts
  • Timesheet approvals
  • Project forecasting & scheduling
  • Phone + email support

Read more about Harvest, today.

How to Choose the Right Invoice and Billing Software for Your Business

Now that you know the top billing software choices, you’re probably wondering how to decide which is right for your business. Don’t worry! It’s easier than you think.

Go through the following process. It will help you choose the right billing software for your business’s needs.

1. Understand your needs: Do you need to track your time? Do you need to send custom proposals? Think about what features you need and which ones you don’t.

2. Consider your industry: Is there an industry-standard billing software you can take advantage of? If not, what billing software are your competitors using? Does it work for them?

3. Your budget: Investing in your business is a big step. Can you afford to add a monthly expense? Or does a pay-as-you-go processor make more sense for your business?

4. Ask the right questions: If you’re struggling to decide, schedule a demo or speak with a sales rep for each software. Make a list of questions before your call so you have the info you need to make the right choice.

The Future of Your Business Is in Your Hands

Choosing an invoice and billing software doesn’t have to be complicated. Now, you know the top contenders and how to make a decision. So, which one is right for you? Drop a comment about which software you’re most excited to get started using. Then, go sign up and start saving time and making more money with your business, today!

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