5 Tips to Choose the Best Billing Software for Invoice Generation


Best Billing Software for Invoice Generation

Choosing a billing software is one of the most important business decisions. A good billing software can basically do everything from invoicing to taxation. With many options available in the market, finding a reliable billing solution can be a tricky task. Therefore, it is important to take into account certain factors before selecting a billing solution for your business. A reliable billing system can scale with your venture and become a foundation of your revenue stream.

Here are 5 tips that can help you pick the right billing software –

Analyze your Business Needs
The first and foremost thing to do is to analyze your own needs. Why do you need a billing software? Is it about accounting or just invoicing? Get in touch with your accounting department and analyze your accounting needs. Where does the requirement of a billing software come in place? Is it just for invoicing or do you need taxation facilities? Depending upon your flow of accounts, you will purchase or use the billing software. This evaluation is also extended to transactions with internal employees.

   Also Read: Billing And Invoice Software

Sync with Industry Standards
Every industry has a unique billing and accounting method. A billing software that works for a doctor may not suite a lawyer. Therefore, when purchasing a billing software, it is important you check the criteria for your business. For example, a law firm runs different payment models for different clients. And requires a customizable billing software that also allows lawyers to track the time. Doctors on the other hand, would want a billing software that allows them to attach insurance claims. Not every industry follows the same billing standards, and adhering to these is compulsory by law.

Integration
Small businesses use multiple systems to operate smoothly. They have different systems for accounting, HR, invoicing and billing. Hence, it is important to choose a billing software that allows you to integrate with all these systems seamlessly. Integration allows you to create a dashboard from where you can access all the information at once. You no longer have to go back and forth between different systems. By Integrating applications, you can
exchange information easily and even reduce errors.

   Also Read: Benefits of Using Invoicing Software in Business

Security
When you allow your finances to be known to a software, you literally have your business at stake. Everything from accounting data, bank account details, and company balance sheet, are stored in the billing system. Therefore, it is of utmost priority that you choose a billing software that is safe and secure. Although, it is right to support upcoming startups by using their software. But before integrating their software with your system, carefully analyze their security features. Most of all, do your research before you decide on buying a software.

Customer Support and Service
Doing billing and finances manually is laborious, error-prone and requires detailed testing. One small error can lead to huge losses. A billing software can make the task error-free by taking the manual error out of the question. However, if your billing system goes offline or crashes, you might lose invaluable data. In such a case, an efficient customer support team that offers help and support, both online and offline, can come to your rescue. When looking for a billing software, pay attention to how the customer service receives your queries. Frustrate them with your questions. This way, you can analyze their approach.

   Also Read: Important Key Aspect of Every Billing Software

Why Enterprises Should Use Custom Billing Software?


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With a custom billing software, enterprises can keep up with the pace of the business. Owing to its numerous benefits, this software has become the buzzword among businessmen.

Enterprises often work in a cut throat environment. They have to constantly improve and adapt in order to thrive. Handling a large client base and their billings can be a challenging task. You have to revise payments on a regular basis. It is one of the most time-consuming jobs and even a slight mistake can cause huge financial losses. Not only you end up losing your money, but also your brand image. So, how to tackle this problem? Well, a custom billing software can come to your rescue.

Here are some of the reasons why you should be using it –

Automated Payments
Business in America lose up to 51.9% of the value of their receivables that are not paid within 90 days. Enterprises struggle on a daily basis to get payments on time. It involves a lot of unsuccessful phone calls, dodgy emails, and whatnot. Some people just find a way to delay payments. Most of the time, an enterprise is not prepared to deal with such clients. CloudBooks generates more than 10,000 invoices a day and saves clients 60hrs per month with its powerful automated tools.

A custom billing software like this allows you to make payments easily. It completely automates the process of collecting payments. It sends invoices directly to the clients, allowing managers to easily track due dates, pending payments, and levy late payment fines. With a custom billing software, you can easily set up different payment gateways for easy payments. This means currency and language are no longer an issue.
Record keeping is extremely important in matters of delayed payments. This is where custom invoicing can save you the most time. Using an online billing software, you can avail of cloud services. They not only store your records safely but send you timely reminders for irregularities in payments. A recurring well-formed invoicing system not only helps you but helps your client as well.

   Also Read: Billing And Invoice Software

Instant Invoicing
A lot of enterprises deal with a variety of clients, all of whom have different invoicing models. To cater to large client base with different invoicing is less profitable and more of a burden to accounting teams. This perception causes a lot of enterprises to drop clients with different invoicing models. A custom invoicing software empowers an enterprise to accept a variety of clients.

With a custom invoicing software, you can easily churn out invoices at your will. For example, you did some extra work for a client, and your accountant forgot to bill the overtime. Now, the only way to fix this is to request the client or use the next billing cycle. With a custom invoicing software, you can simply make a new invoice instantly and send it to your client.

   Also Read: Billing Software for Small Business

A B2B Heaven
Custom invoicing software are invaluable when it comes to business communication. They provide a single window through which you can deal with multiple clients at once. Most businesses struggle to manage their account effectively. With a custom billing software, enterprises can keep a record of everything they receive and send out – from estimates to perks.

It allows you to avoid the unnecessary friction that comes with billings. CloudBooks integrates with your communication platforms to manage clients easily. Using a custom billing software, you can send out all your documents in an efficient and timely manner. It sets a workflow for your enterprise that increases productivity and avoids confusion.

   Also Read: Important Key Aspect of Every Billing Software

 

Why the Best Billing Software Matters to Law Firms


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The financial security of a law firm depends on their billing. Let us explore why the best billing software matters to law firms.

Accurate and efficient billing is essential for law firms. When you have an array of clients, each with their own sets of rules and regulations, you have to be very careful while billing them for your services. That is why you need a good online billing software. It can be a game changer. The right software can streamline the billing process, which means, you can create invoices quickly and accurately. It is also crucial for the financial security of the law firm.

Online invoice software come with a bundle of personalized tools that make invoicing a piece of cake. Let’s take a look at them –

Different types of Billing
Law firm invoicing should be handled properly. Here are some of the billing practices that they follow –

Alternative fee arrangements: Lawyers do not charge the same amount for every client. This is why they need different types of billings for each client.

Hourly Billing: A good time tracking software is a must for this type of billing. Lawyers charge by the hours they spend on the case. This is the most common billing method in legal practices.

Retainer Billing: Before the lawyer starts working on a case, they establish a retainer fund with the client. And then charge fee, depending on the hours spent on the case. The retainer fund is replenished by the client if required. After the case is finished, the unused fund in the retainer is returned to the client.

Flat Fee Billing: This is a fixed fee billing. It is a clean billing option for predictable cases. The arrangement is done before the start of the case. And it clearly states the exact legal service cost. Barring a few additional costs, this type of billing contains no unexpected costs at the end.

   Also Read: Advantages of Using Invoicing Software

These are few types of billings required by a law firm.

Personalized Billing Tools

Since law firms follow matter-based billing, they need tools that are specific to the job, which will generate invoices for all the clients. An automated e-billing software is extremely handy in such cases. A good software comes with personalized tools like expense tracking, billing reminders, and scheduled billing. These tools can be used for different types of billing like expedient time tracking allows accurate billing for an hourly billing model. You can start billing from the first client interaction. Automated billing reminders are helpful for a longer case. A good online invoice software also allows the client to pay invoices with different payment methods. This eases out the payment process, which makes the client pay the amount on time.

Generic Software don’t Work

Generic software don’t understand the idiosyncrasies of legal invoicing. If you use a generic invoicing software, you will end up making a hundred different templates for invoicing. Let us assume, you do all that and start drawing client specific invoices. But, one fine day, you receive a call from client A.You look up his records and find a flat fee billed for a divorce case in his name. You might use that model further. But the same client A could have had another hourly billing case with your firm. This ends up creating a lot of unnecessary confusion. You might lose a lot of money using the incorrect billing model.

   Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need