Manual invoicing usually has errors, and a simple error can lead to huge losses. But when a business uses the best invoicing software, it can develop and customize invoices, manage and process payments electronically and give reports that help in hassle-free tracking of finances and invoices.
Invoice software is a tool that can automate business invoicing operations. The tool helps lower manual entries, enhance accounting accuracy and save your business a great deal of money and time.
This article highlights ten invoice software to improve your business cash flow management.
1. QuickBooks
QuickBooks incorporates both business and banking solutions. The invoicing software auto-fills invoices with customer details and schedules invoices in advance. It also allows businesses to create, send and monitor invoices from various digital devices. The major drawback of QuickBooks is its limited flexibility, including not allowing users to enter the negative invoice.
2. Wave Accounting
Wave Accounting is cloud-based software that eases business accounting processes. It is accessible from anywhere, and you can integrate it with other tools and software. Wave Accounting focuses on small businesses; thus, users won't come across cluttered and complex software that is difficult to understand.
3. Hubspot
Hubspot continues to outshine most CRM tools available in the market. It is a great all-in-one business solution with hubs for customer service, sales, and marketing. Besides, it has tons of business tools, including invoice template generator, blog idea generator, email signature generator, free business templates, and more. Although HubSpot is not a true invoice software, it allows businesses to send quotes, and customers can pay the quote if you link it to Stripe Payments.
4. Accelo
Accelo is a flexible and robust software for all project management needs. The software allows businesses to manage projects against budgets, schedules, and available resources conveniently. Its arrays of features include resource management, client portal, task management, status tracking, time and expense tracking, and percent-complete tracking. The only downside with Accelo is cumbersome processes which make it feel like tasks are taking longer.
5. Freshbooks
Freshbooks helps businesses build and send invoices online and get faster payments. This free invoicing software lets you know when customers view your invoices, monitor overdue invoices, charge late payment fees on invoices, auto-schedule payments, and more. However, the software needs improvement to carry an overdue balance to a new invoice automatically.
6. Bill.com
Bill.com automates and digitizes accounts payable and receivable processes. This accounting solution can capture invoices, manage cash inflows and outflows, approve payments, and monitor back-office financial operations. However, the accounting software needs integration with purchase orders to easily match with an invoice without needing a PO clearing account in the software.
7. HoneyBook
HoneyBook is a reputable client monitoring solution that helps businesses manage payment processing and contracting and help users communicate and collaborate. It helps you overcome challenges, including managing multiple vendors, writing paper checks, signing and collecting countless contracts, and other business issues. Unfortunately, businesses that wish to export client data may not like HoneyBook.
8. Square Up
Square Up is a payment solution that aims towards simplifying and redefining the invoicing procedure for growing businesses that wish to spend more time innovating and less time developing, sending, and tracking invoices. It is highly responsive, thus allow quick invoicing and payments. The downside in Square Up is its minimal and inaccurate reporting.
9. BitPay
BitPay is a great deal for your businesses, especially if you use cryptocurrency payments and deposits. You can also integrate it with existing systems via cryptography secure API. Unfortunately, it has limited customer support and might be difficult to reach out for assistance in case of payments issues.
10. CoinPayments
CoinPayments is another great platform for businesses that accept crypto payments. It accepts Bitcoin and many other digital currencies. Businesses benefit from the Point of Sale function that allows customers to make in-person payments and the shopping cart plugin. However, this platform has a private key managed by a third party (wallet platform), although you encrypt it with your password.
Wrapping Up
Cash flow is great for any business, but outstanding invoices can suppress it. Luckily, companies can consider invoice factoring, whereby they sell some or all the outstanding invoices to a third party to improve revenue stability.
At Crown Financial, we help businesses turn their unpaid invoices into cash. Call us today at 281.646.2905 or visit our site to see how we can work together to boost your brand. You can also check our blog for more information.