What is Billing and Invoicing Software?
Billing and invoicing software refers to a tool which generates invoices automatically for payments rendered post purchase of services/products. Most billing and invoicing software enables you to track your sales or services rendered, the person who was billed, and payment received date (or when you were supposed to but didn’t). The billing software works in tandem with other accounting and bookkeeping systems, to ensure complete control over your financial data.
The best billing and invoicing software play an integral role in any company’s accounting and purchasing operations. Invoicing software comes in all variants – from basic systems which can only create invoices and ensure that accounting figures are accurate to advanced systems capable of creating an audit trail.
Who Needs Billing and Invoicing Software?
Every business, whether it’s a big enterprise or a pop-up store, a supermarket or an MNC, an educational institute, an NGO or your local Kirana shop, needs an invoicing software. Through an invoicing software tool, you can create invoices, track expenses and generate multiple reports to intricately analyze and identify whether invoices have been paid, are due or past due date.
Your local grocery store can keep a tab on its bills and expenses. Billing software for large businesses can help calculate taxes, manage vendors and take care of their purchase orders as well as keep track of time and invoice billable hours. All in all, deploying a billing and invoicing software would sort out a lot of things and make life a lot easier.
Why You Need Billing and Invoicing Software?
If you’re running a traditional business, your usual process must go along the line of making multiple invoices at the end of a billing cycle. Then you print and mail them individually to each customer. Lot of firms are still running their business based on this model, which to say the least, is highly inefficient. Think of the time taken to make the invoice, mailing to the customer who processes and then pays it. And this is assuming your invoice doesn’t end up getting lost in the mail. That’s not all. Keeping track of all these bills and invoices is time-consuming which can be better spent elsewhere.
This is where the best billing and invoicing software comes in. With it, you can send out invoices in the blink of an eye and quickly track them. What’s more, you can lower your operational cost while speeding up the payment process at the same time. Another thing to consider is that invoicing software and billing software are two sides of the same coin. With it you can create invoices, credit/debit memos, select batches by sales order, customer, or all available orders and generate multiple sales orders per invoice.
Modules in Best Billing and Invoicing Software in India
The top billing software and invoicing software offers multiple module such as:
A vital module of any top billing and invoicing software, it’s integral when it comes to choosing this solution and pulling the trigger. Your priority should be to seek out a flexible and reliable system that can take care of the myriad accounting tasks with ease. Tasks such as maintaining ledger, accounts payable & receivables, bank reconciliation, your assets (fixed and variable) as well as liabilities, are managed by the accounting module. Of course, the best Billing and Invoicing Software offers more bells and whistles compared to the run of the mill versions, so go for one which won’t burn a hole in your pocket.
The best Billing and Invoicing Software offers a tax management module which assists in carrying out tax calculations automatically, along with tax reporting and integration of multiple tax rates. You can easily collect tax information from all financial documents into one single repository to generate reports necessary for tax filing.
- Multilingual & Multicurrency Invoicing
You can send invoices in the local language and the official currency of your clientele using billing software. You can also choose to be paid in the currency of your choice. In addition, you can set and update language & currency in real time. Since the conversions in currencies are done automatically, you can easily keep a tab on any currency gains or losses.
Found in best GST billing software, the GST tax invoicing module helps you create GST compliant invoices. The main purpose is to charge the tax while passing on the benefit of input tax credit to the businesses. This module helps create accurate invoices which help filing GST returns an easy affair
- Advanced Document Options
This module, part of a majority of billing software, brings a new facet to how you can view and edit documents. Advanced document options include the ability to show the amount in words, the signatory field or round-off the total amount to the nearest even number.
The data backup function module enables you to store and keep your data secure on the PC and the cloud. Its data restore feature also protects your invoicing database from catastrophic events such as power failure, fire or earthquake.
- Billing Reports & Purchase Orders
If you go for the best billing software, with its billing reports & purchase order module, you can easily create unlimited purchase orders which can be converted to bills as needed. In addition, you can generate billing reports based on the purchase bills as and when required.
A part of top billing software, this module lets you store customer and banking information and migrate billing data from legacy systems by integrating CRM systems with secure database development. This makes bill payments convenient as you can integrate mobile apps with card-on-file platforms.
You can process payments via multiple platforms such as Visa, Mastercard, Amex, and Discover. Found in top billing software, it also accepts partial, future, recurring, automatic, and one-time payments without a hitch.
- Billing System Integration
The best billing software integrates seamlessly with your current billing system, taking care to eliminate duplicate records, saving you a bundle of inaccuracies and unsought pain.
Features in Best Billing and Invoicing Software in India
The best billing software and invoicing software offers multiple features such as:
- Billing & Invoicing- An integral module of any top billing and accounting software, it helps automate several routine tasks. From cheque writing and bookkeeping to advanced double-entry apps, billing & invoicing helps eliminate manual data entry. It also ensures that your accounting figures are exact and accurate.
- GST Filing– This feature is found in top GST billing software enabling businesses to file their GST returns easily. This is achieved by pushing transactions directly into the GST portal. Make your business GST compliant by preparing and filing GSTR-1, GSTR-2, GSTR-3 and GSTR-4 returns online effortlessly with billing software for GST.
- Debt Collection— Through the debt collection feature found in top billing software, you can ensure whether the overdue bills have been collected or not. You can also identify and resolve issues quicker, which eliminates issues in the debt collection process.
- Recurring Billing- This feature found in many top-notch billing and invoicing software helps the user generate invoices on a recurring basis, irrespective of the customer's billing cycle. Through automatic recurring billing, you can view multiple recurring items and cycles, with a detailed description and date of sale on the same invoice. You can manage both individual accounts and dealer accounts for items such as monitoring fees, maintenance, lease, rentals, etc. which occur on a recurrent basis.
- Manage Unlimited Contacts- A staple feature of any top billing and invoicing software available in India, you can manage indefinite number of contacts easily as you have unfettered access to an entire repository of contacts.
- In-Depth Financial Reports- You can generate comprehensive financial reports quickly without a fuss and check up on payment history, stock in hand or sales by product / service. You can even set-up filters to glean data as per different months, quarters or financial year with the best billing software.
- Timely Revenue Collection- Generate invoices and other billing information pertaining to customers in a jiffy with the top ERP Billing and Invoicing Software solutions. You can easily link sales contracts with the account receivable module. The processing starts as soon as you make a sale or render a service. Most top billing software provide a great deal of flexibility to ease the sales order billing and contract billing process including creating recurring invoices. What’s more, you can support and execute service and maintenance contracts with deferred revenue recognition through advanced invoicing. You can also create accurate customer invoices as final price extensions, discounts, taxes, and expenses are all automatically calculated and itemized.
- High-Volume Invoice Generation- Through the best invoicing software, you can simplify the processing of large volumes of documents, to approve eligible shipped orders or delivered contracts in the blink of an eye. Generate, print, credit and debit invoices maintaining a complete audit trail.
- Financial Impact Visibility- Since running a business ends up generating a multitude of invoices, the billing process ends up contributing all the necessary financial posting information needed to update both the company’s accounts receivables and general ledger. Moreover, if you wish to inquire about any transactions or balance details, you can do so in a few clicks on top billing software.
- Simplified Tax Reporting- The best billing software and invoicing software helps make sense of the tax reports and bring simplicity to the various tax details pertinent to taxable and non-taxable sales.
Advantages of Top Billing and Invoicing Software in India
- Integrated Reporting System- With the best billing and invoicing software in India, you can generate vital audit information, such as sales data, expenses, taxes and financial impact, in addition to basic invoices and other billing documents. Through the ERP Billing module, you can capture fully detailed data to utilize it in accounts receivable subsidiary ledger, sales analysis reporting and more.
The best billing software and invoicing software offers myriad advantages such as:
- Increased Productivity– A billing and invoicing software acts as a repository for your financial data. By migrating your data to it, you can automate and streamline your mundane everyday tasks. Tasks such as collection, organizing, and analysis of your most sensitive data becomes a piece of cake. This is beneficial as you can then focus on investing your money in areas where it can be better utilized.
- Ease of tax compliance- Top billing software helps adhere to the local tax regulations. You can program the tax rules and in case of an update, the vendors can do so without missing a beat. It acts as a source of information pertaining to audit and tax making your job easier. All you're needed to do is take it out for a run and sit back while the accounting system does the work for you.
- Subscription Billing Made Easy with Invoicing- If you’ve gotten on-board with an invoicing software, you’ll know that subscription-based services can require a high degree of administration to keep billing and invoicing processes efficient and running smoothly like a well-oiled machine. The beauty of top invoicing and billing software is that along with supporting services which are billed recurrently, it also supports free trials, discounts, refunds, renewals and one-off transactions.
- Immediately send out invoices – The obvious benefit of promptly sending out your invoices is that you’re likely to get paid sooner. You can schedule invoices to be sent automatically at specific dates and time, without having to lift a finger. Moreover, you don’t require the services of an accountant or a bookkeeper to do the sending, helping you reduce your overheads. Furthermore, you have the facility of generating invoices on the go without being restrained to the confines of an office.
- Better invoice tracking– With a top invoicing software, you can do away with the hassle of checking your bank account every 5 minutes to find out if you’ve been paid or not. With automatic tracking, you immediately find out which invoices have been paid, which are due and those which are past the due date. You can get an overview of the money owed to you on a single screen. Along with this, you can set up your own personal reminders to ensure you don’t skip out on any invoices. The best invoicing software also help you identify which of your clients lag when making payments, thereby affording you the opportunity to modify the payments terms with them, should you wish to do so.
- Faster payments with online invoicing– One of the main objectives of a good cloud billing and invoicing software is to lower the time taken between sending an invoice and receiving the subsequent payment. You receive automatic notifications and updates when your invoice is opened by the customer. Plus, your clients can make payments through various payment portals online meaning you get paid almost instantly. It also affords better security as it uses encryption technology to safeguard invoices, ensuring only those with access can use them.
- Better cash flow management- You can keep a better track of the company’s cash flow by sending invoices to clients directly through invoicing software. Every company’s process differs, some choose to send invoices weekly, others make it a monthly affair while some prefer to send invoices every quarter. In addition, you can send out new invoices with a few clicks eliminating the need to search for old invoices. Lastly, you can easily number your invoices correctly by either using a unique client number or a sequential numbering system.
- Minimized paperwork– Even though a paperless office is a dream of many an office, it has yet to bear fruition. Lots of offices still produce a mountain of paperwork which has to be filed, stored, archived and indexed. To add it all up, this takes up space. Since leasing office space is an expensive affair, firms tend to get their paper records scanned and converted into PDFs before shredding them. Here, the question arises why not simply eliminate the need, cost and time spent on this too? By keeping your invoices online right from the beginning, you won’t have to scan or print them out, since everything would’ve already been archived, indexed and stored electronically. Even though switching to online billing and invoicing software won’t make your office paperless, however, you’d have made a huge stride towards getting rid of paper altogether.
Q. How can B2B companies benefit from electronic billing?
- Make client payments easier– As reiterated above, if you’re fast off the blocks in sending invoices, you’ll encourage your clients to pay you faster. With the help of best billing software, you can send reminders to clients when payment is due. Also, you have the luxury of offering different payment options such as credit / debit card, payments apps, etc. making it easier for clients to pay you. In addition, you can customize the invoice design for each client, without shirking on representing your company professionally. Having a no-nonsense professional approach is likely to induce faster payments as well.
Irrespective of modus operandi, you can still benefit a lot from e-billing. With a billing & invoicing software, both business and clients can process and account for bills quickly, instead of relying on a manual process.
Q. How Much Does Invoicing Software Cost?
Several software options are available in the market for top billing & invoicing software. You’re sure to find solutions best suited for your organization.
Q. Can I add my business’s logo on bills generated by the billing software?
Yes, you absolutely can! Billing software can be customized to not only display logos but also to add and display any accompanying text (company motto, tagline).
Q. Do I have to pay annual maintenance fees?
. If you purchase an on-premise solution on a licensing model, you’ll have to pay an annual maintenance fee.
Q. Can I buy a billing & invoicing software with just the modules I require?
Yes, you can purchase customized billing software with the modules your company needs.
Q. Can we maintain data from multiple stores in the back office?
Most definitely. Top billing software enables multiple stores to keep their data at a central hub spot where it is consolidated to help you to take better business decisions in real-time.
Q. Can I have all or some of my invoicing data records deleted?
Yes. Top invoicing software enable you to delete invoices, recurring invoices, expense records, clients and quotes. You can delete any of your data permanently at any time. Plus, if you end up closing your account, it will also permanently delete your data.
Buyer's Guide for Billing and Invoicing Software in India
If you’re looking to buy billing and invoicing software, here's a list of things you need to consider before investing in a billing and invoicing software:
• Identify Your Need
What’s your expectations from a billing & invoicing software? Are you looking for a software that automates invoice generation? Or is it more of a recordkeeping requirement? Defining your need will help you identify solutions better suited to your company.
• Ease of Use
Any billing & invoicing software that you choose, should be easy to use. A software which is difficult to navigate will be a strain on your employees, and inadvertently affect your productivity and finances. To ensure that your choice of software is user-friendly, insist on getting a demo first.
• Vendor Support System
When you use your billing & invoicing software and face problems, you’ll need immediate support from the vendor. Any delay in support can & will affect your workflow. That’s why, when you pick a billing solution, ensure that the vendor service is up to the mark and immediate support is assured.
• Payment Gateway Integration
Many customers and businesses are using e-wallets and UPI-based payment systems. As a consequence of which, your billing & invoicing must support payment received through these gateways and give you the ability to make payments using the same. Extra marks if it lets you integrate multiple payment gateways.
Your billing & invoicing software should be capable of being scaled up as your business grows. Otherwise, you’ll have to keep changing your software every couple of years, resulting in unnecessary expense and hassle of transferring data from one solution to another.
List of Best Sellers
Best billing & invoicing software lets you save a lot of time spent on unnecessary manual work. Enclosed below is a list of best billing & invoicing software in India
• Sage 50 Accounting
• Zoho Invoicing
• Sleek Bill
• HD POS
• Marg ERP
• Tally ERP9