5 Best Invoicing and Billing Software Programs for SMBs
In the day-to-day operations of small and medium-sized businesses (SMBs), issuing invoices or bills to customers is a crucial task. The good news is that there are many budget-friendly and efficient solutions available to streamline this process. Let’s explore the top five invoicing and billing software programs that can empower SMBs to manage their billing with ease.
FreshBooks
FreshBooks is an online invoicing solution with plenty of features. There are invoice templates to help you create the bills, so it’s easy to get started. You can also track the status of invoices and assess late fees with ease, and it includes a built-in payment-processing option that works with bank transfers and credit cards. There are robust reporting features, and you also get access to a companion mobile app.
Plus, FreshBooks is affordable. First, you can take advantage of the free trial to make sure it’s a fit. Then, the cost could be as little as around $20 per month if you have five or fewer clients you need to bill, and there are higher tiers that can support more clients.
Wave
Wave is another comprehensive but low-cost option for SMBs looking for invoicing and billing software programs. It has customizable templates to help you create your invoices, along with payment and expense tracking. You can set up recurring billing for customers that are using a service or receiving products on a set schedule, and it lets you accept payments online.
Another nice feature of Wave is that you can start using the invoicing features for free. If you want the payment features, those are pay-per-use, so you only owe based on the number and size of the payments you actually process through the platform.
QuickBooks
QuickBooks is one of the most widely known business accounting platforms, and it has invoicing features built in to streamline billing. There are several plans available, too, allowing you to choose the service tier that meets your needs without paying for capabilities you won’t use.
With QuickBooks, you can create customized invoices quickly, and there are built-in payment-processing options. You can also automatically calculate billable hours by connecting it to Google Calendar, and there’s a progress invoicing option for receiving payments over time for longer projects with milestones.
Paddle
Paddle is a unique option for SMBs that allows you to create and issue invoices automatically by connecting it with your existing CRM or ERP solution. Plus, it supports auto-reconciliation for easier tracking, and it has strong reporting options. There’s also payment processing as part of the platform, as well as features that assist with taxes, compliance, and more.
Just be aware that the pay-as-you-go option may cost more than some alternatives. Additionally, the other service tier comes with custom pricing, so you’ll have to contact the company to get more details.
Square
While Square is more widely known as a POS system and online payment processor, it also has invoicing features available. With the free plan, you can create an unlimited number of invoices and support any size customer base, which makes this a strong option for fast-growing SMBs.
Creating invoices using Square doesn’t cost anything. You’ll just need to handle payment-processing fees for each paid invoice. The upgraded version is also affordable, giving you access to additional features like milestone billing, quote-to-invoice conversions, and more.
