What to Look for in Billing Software for Your Company
Achieving a healthy cash flow can be the determining factor that can make or break a business. Billing software helps business owners quickly submit invoices to clients and customers, and enables them to see faster returns that can help promote a positive cash flow. The company that invests in efficient billing software can experience greater overall efficiency and see better results faster.
Selecting the right billing software has the potential to affect greater accuracy in billing the exact hours spent working on specific projects. It is important to choose a software that can indicate where and how one spends his or her time, and demonstrates efficiency in monetizing this time.
It can be difficult to track the expenses that are incurred while working on projects for clients. It is not uncommon for a portion of these expenses to fall through the cracks when the time comes to invoice clients, or to be billed incorrectly to the wrong clients. The best billing software will help companies track project expenses in real-time and make certain those expenses are not passed on to the wrong clients.
Companies that utilize subscription services can run into difficulties when attempting to implement electronic billing and invoicing. These tasks can require a higher level of administration than other types of billing services. Therefore, for these companies, it is important to find billing software that supports the specific types of services that are billed on a recurring, scheduled basis. A software that also supports discounts, free trials, renewals, refunds and one-off transactions is also a good choice.
Small billing errors can lead to sizeable problems later on. The best billing software will be able to easily put together costs and quotes automatically, and will also be able to generate invoices from the data retrieved. This function will reduce or eliminate the need for a middle person to produce quotes, which, in turn, reduces chances for costly human error. Paying special attention to this component when considering the purchase of billing software can save valuable time, which saves money for the business.
Larger companies often have complex, disconnected billing systems. By connecting these systems into one easily accessible, cohesive system, administration and individual processes can be reduced significantly. Depending on the software used, this connection can help businesses save time and money all the way from the initial quote through collecting payments for services.
Business relationships are strengthened when clients have questions about the company’s billing process that can be quickly and thoroughly answered. By selecting the right billing software, the company’s billing information can be easily accessible, which enables the clients’ questions to receive fast and accurate responses. A strong feature of appropriate billing software is its ability to make customer care easier, while providing the right answers as they are needed.
Customers and clients appreciate straightforward, simple reports that are all-encompassing and that integrate all pertinent information in an easy-to-read format. On the business side of things, the right billing software enables the company to identify their most profitable clients, monitor purchasing patterns and to project cash-flows. For these purposes, it is best to select a billing software that can generate automated reports. This also serves to remove manual administrative tasks from the process, which can cut costs and improve profitability.
CloudBooks is a highly recommended billing software that generates detailed reports for every phase of the billing process from payment collection to profit & loss reports. If are are considering implementing billing software into your business practices, or are seeking new software that does a better job, please contact us to schedule and appointment for a consultation.