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10 Best Billing Software Systems

Category: B2B News
What is the best billing software system?
The best billing software system is Freshbooks, taking into account its ability to handle billing requirements and provide all the accounting needs of both small and large businesses. This easy-to-use tool comes with a very intuitive interface that allows even novices to handle any accounting project. Its invoice-to-payment tool lets users brand invoices, send out due dates, charge due dates, track billing and send overdue notifications.

If you are still relying on spreadsheets in billing your clients, then you are no stranger to complications that arise from unclear invoices, billing errors and delayed payments. These problems can adversely impact your finances in the form of revenue leaks that could otherwise be plugged if you are using billing and invoicing software.

Most of these systems come in the form of accounting tools, which perfectly integrates billing and invoicing and functionalities that range from modest single-entry products to sophisticated bookkeeping to meet the needs of different businesses. In this article, we will present some of the best billing apps on the market today. Some of them are stand-alone invoicing apps, while the others are integrated into a full accounting system. To help you decide with clarity which products fit your business, we highlighted their pros and cons. You should be able to recognize their benefits quickly and even be able to shortlist your options after reading this article.

billing software systems

Billing and invoicing needs differ significantly from one company to the other, but what is very common in the corporate environment is to look for billing software that eliminates manual entries and automates routine operations to cut time consumption. The same goes for top invoicing tools, which are designed to make invoice creation easier through automation. And because 49% of small businesses have been found to have a hard time following on late payments while 46% have problems with timely payment, investing in such a system makes perfect sense. Apart from these, electronic billing helps businesses avoid errors. These make billing features part and parcel of popular accounting platforms as seen below.

selecthub.com

While it is almost impossible to discover a one-size-fits-all billing software system, there are ones that cater to most vertical industries, and incorporate configurable methods for payment collection to ensure usability on different markets. These systems have been helping companies, big and small, ensure billing accuracy and timely bill payments by improving the way they handle billing. This has resulted in the wide use of the platform as can be seen in current electronic invoicing trends among many companies.

1. FreshBooks

FreshBooks dashboard example

FreshBooks is the top dog in our billing software category. Our experts firmly believe that FreshBooks can respond to the most important accounting needs of both small and large companies as it eases and tracks collection in a very reliable manner. It is also well known for its modern and beautiful interface, thanks to which even non-savvy users undertake and complete complex projects. To make this happen, FreshBooks offers a fully-featured invoice-to-payment suite where you can set due dates, charge late fees, brand invoices, send overdue reminders, and track billing.

You can easily sign up for FreshBooks free trial here.

FreshBooks

An award given to products our B2B experts find especially valuable for companies

FreshBooks won our Best Accounting Software 2019

Our score
9.8
User satisfaction
99%

On top of these, FreshBooks saves all your billing history, reports on profits and losses, and handles taxation issues. If you want to try out this solution first there is a great free trial plan available (with no credit card required).

Pros

  1. Unified financial control. With FreshBooks, you can manage invoices and collect payments all in the same platform
  2. Simple and intuitive interface. FreshBooks has a modern and easy-to-navigate interface for natural collaboration and automates task prioritization.
  3. Full invoice-to-payment suite. With FreshBooks, you can set invoice due dates, track billing and charge late payments, and collect finances making sure all taxation issues are taken into account.
  4. Tracking expenses. In FreshBooks, you can log expenses with a single click, track those on a daily basis, and use them for reimbursement deals.
  5. Powerful reporting. FreshBooks processes data automatically, generates expense reports and balance sheets, and summarizes taxes.
  6. Convenient pricing. FreshBooks’ monthly payments depend exclusively on the number of active clients in the system.
  7. Integrations with a large number of third-party apps and leading credit card providers.
  8. Fully functional mobile apps. FreshBooks helps take finances out of the office, namely to access records and do accounting on Android and iOS devices.

Cons

  1. No invoice tags. Unfortunately, FreshBooks doesn’t offer invoice tags that could help customers find the invoice they’re looking for.
  2. Doesn’t record non-billable expenses. For the moment, non-billable expenses should be entered in the system manually.
  3. There is no Free Plan for small teams and sole accountants.

2. Tipalti

Tipalti dashboard example

A robust payment and management solution, Tipalti helps businesses deal with problems such as noncompliance, late payments and administrative issues. It effectively optimizes payment to help you save valuable time while simplifying all tasks related to payment. The platform is known for ease-of-use, allowing even novice users to take advantage of its benefits.

Tipalti is such a powerful software that it can handle even operations on a global scale. It also helps users with tax compliance and onboarding, improving payment experiences without compromising quality. You can use the system in just about any business environment, which includes crowdsourcing, online marketplaces and digital products and services.

You can check the solution closely when you sign up for Tipalti free trial here.

Tipalti

An award given to products our B2B experts find especially valuable for companies

Tipalti won our Expert's Choice Award for 2019

Our score
9.1
User satisfaction
100%

Pros

  1. Suitable for many business environments. Tipalti can cater to any business that has complex and high-volume payment operations. These include advertising networks and online marketplaces.
  2. Payment automation. The software automates all aspects of your payment operations such as tax compliance and onboarding. This leads to a highly-streamlined payment system.
  3. Error-free payment processing. Errors from manual processes are a pain for many companies. With Tipalti, all payment transactions take place in a single location, with data validated by its Remittance Validation Engine.
  4. Tax compliance. The tool gathers both W-8 and W-9 tax forms, allowing users to flag down payees who are non-compliant. It likewise helps prevent payment of terrorists, launderers and other criminal personalities.

Cons

  1. Pricey system. The solution is a bit pricey for some users who compared it to similar apps in the market.
  2. Lack of integrations. The vendor could make third-party integrations better for added functionality.
  3. Difficult to navigate interface. Tipalti’s user interface is a bit hard to navigate for newbies.

3. Sage 50cloud

Sage 50cloud dashboard example

Online accounting platform Sage 50Cloud is built with SMBs in mind, offering functionalities that include inventory, cashflow, taxes, billing and invoicing and budgeting. These, along with useful features like payroll and credit card processing add-ons, make the product a great investment. It is designed to help you comply with tax rules while being able to easily track your finances even while in the field. You can bill clients, make payments and give your accountants access to your books–all in real-time. This app is a cross between a desktop and a cloud-based tool that provides you with unparalleled access while serving as secure storage for your accounting data. The app is essentially an add-on service that complements the vendor’s Sage Business Clod Accounting, which allows it to integrate with the cloud.

You can find out more about the product’s features if you sign up for Sage 50Cloud free trial here.

Pros

  1. Mobile payment and tracking. You can use Sage 50Cloud to pay bills and track vendors and purchases. It can also be linked to your bank accounts, allowing you to record sales and receipts.
  2. Stock and inventory management. The software can update your stock levels while allowing you to use stock valuations and audits in asset management.
  3. MS Office 365 integration. The tool’s integration with MS Office 365 enables users to work anywhere with the use of Microsoft tools.
  4. Data security. All your accounting information are kept secure as the platform is hosted in the cloud. It also syncs them across its servers and desktops.
  5. Accessibility. Sage 50Cloud allows you to access your reports from virtually any device provided it has Internet connectivity.
  6. Scalable solution. The app gives you the ability to choose only the features that you need, meaning you only pay for what you require.

Cons

  1. Prone to glitches. As of the moment, moment, some users have reported glitches in the system, forcing them to spend more time with tech support.
  2. Functionality loss from updates. Sage 50Cloud is known to lose a bit of features from updates. This is seen to adversely impact payroll processing.

4. Zoho Books

Zoho Books is one of the most prominent members of Zoho’s productivity family, designed to facilitate financial management in small and medium business environment. The cash flow control it provides helps companies grow and develop, as they can automate invoicing and collect payments all from a single platform. What makes the system unique are automated bank feeds and live collaboration with clients, while you can also use it to manage your inventory, track time and manage projects, and facilitate reconciliations using Stripe.

Should you want to investigate the platform firsthand, you can easily do so when you can sign up for Zoho Books free trial here.

Zoho Books dashboard example

Pros

  1. Automated bank feeds. Zoho Books imports all bank and credit card transactions to save time and align your operations to bank rules.
  2. Online collaboration with customers & contact management. Zoho Books is one of the rare systems that lets you involve customers, namely letting them access their estimates, track bills, and make online payments through the same portal.
  3. Facilitated reconciliation. Zoho Books integrates with Stripe to reconcile transactions, and to give you the full picture of how money is moving in and out of your accounts.
  4. Stock and inventory management. With Zoho Books, you can create and track purchase orders and run inventory reports in less than no time.
  5. Retainer invoices. Zoho Books covers companies and sole accountants collecting prepayments and retainers for the time they spent working. For the purpose, the system records offline payments, and associates them to the final invoices.
  6. RESTful API for unlimited integrations. Thanks to its rest-based API, Zoho Books can work in every software infrastructure.

Cons

  1. Custom reporting is slightly more limited than compared to the one of FreshBooks.
  2. Won’t work for large enterprises.
  3. No Free Plan for sole accountants

5. QuickBooks Enterprise

QuickBooks Enterprise dashboard example

Financial services tool QuickBooks Enterprise provides users with top-of-the-line accounting tools without having to implement an ERP. It is created primarily for medium-size companies, offering them an integrated system that houses features such as inventory, payables, and payroll tracking, among many others. The system comes with a myriad of features that can be tailored to cater to any business from practically any sector.

Despite the many improvements to the software, it retains QuickBooks’ plain language and intuitive interface, along with its navigational tools, making it one of the easiest tools to use. Aside from its on-premise version, you have a cloud-hosting option, which allows you to access the platform from anywhere at any given time. It’s sold on a single package, which sports features like Sales and Customers, Payroll and Employees, Reporting and Finances and Inventory.

The vendor offers a comprehensive free trial to get you up to speed with the features. You can sign up for QuickBooks Enterprise free trial here.

Pros

  1. Simplified financial management. QuickBooks Enterprise’ income tracking feature gives you visibility into every transaction while letting you enter expenses with ease. Formatting can be saved and reports exported to Excel by refreshing saved worksheets.
  2. Powerful reporting. The app provides you access to report templates that are industry-specific, which can include those created by other users. Enterprise Solution’s standard reports can also be used in report creation.
  3. Financial statement creation. Using the Intuit Statement Writer that comes with the system, you can generate professional financial statements easily.
  4. Invoice and collection tracking. Overdue invoices can be quickly identified using the tool’s Collections Center.
  5. Fixed asset tracking. Fixed assets like office equipment and computers can be tracked using the tool’s Fixed Asset Manager.

Cons

  1. Slow and freezes at times. The app has been reported to be slow and freezes up from time to time.
  2. Does not support transaction uploads. The software does not allow users to upload transactions, which could save them a lot of time.

6. Sage Business Cloud Accounting

Sage Business Cloud Accounting dashboard example

Formerly Sage One, Sage Business Cloud Accounting is a cloud-deployed accounting platform that is known for ease-of-use. It is an add-on service designed to give Sage 50Cloud the ability to integrate to the cloud, giving it great accessibility and secure storage in the cloud. The system comes with a powerful dashboard that can generate visuals that reflect your transactions and therefore, a bird’s eye view of how your business is performing.

Sage Business Cloud Accounting can run on any smartphone, allowing you to access client data and record transactions from any iPhone or Android device. Readily come up with quotes, which can immediately be sent to customers, who you can likewise contact directly using the app. For small businesses, the app offers expense and income tracking. Its dashboard is easy to navigate not to mention highly-intuitive. These and more make the product one of the top accounting software solutions currently in the market.

The vendor has an appealing free trial where you can tinker with the features at no cost. You can sign up for Sage Business Cloud Accounting free trial here.

Pros

  1. Small business-friendly tool. Sage Business Cloud Accounting is designed to cater to SMBs, giving them features such as expense management, accounting, compliance management and project accounting capabilities, among many others.
  2. Easy Access to accounting information. The tool makes it easy for you to access all your accounting data using a singular dashboard. This allows you to always stay in the know when it comes to receivables and cash flow.
  3. Tax management. It can calculate applicable taxes based on your transaction information.
  4. Intuitive interface. The interface that comes with the software is easy-to-use, with all needed features available in an instant.

Cons

  1. Internet dependent app. The system can be prone to slowdowns when hooked up to a slow Internet connection.
  2. Does not conduct direct backups. Sage Business Cloud is unable to generate direct account backups. Backing up requires report printing.

7. Zoho Invoice

Zoho Invoice dashboard example

Finance and accounting platform Zoho Invoice is designed for use by SMBs and sole business owners who are looking to come up with their own personalized invoices. It is very useful in helping you manage and track your invoices, which can also be shared to clients without the need for an external app.

What’s even better about the software is that it allows you to create invoices in a variety of languages while supporting a bunch of other currencies. Zoho Invoice is perfect for budding businesses owing to its affordable pricing plans. Its interface is easy to learn, requiring no steep learning curve. This is further improved by the software’s automation features, which eliminates the need for timesheets.

An appealing test drive of all software features is available to you when you sign up for Zoho Invoice free trial here.

Pros

  1. Small business-friendly tool. The system is designed with SMBs in mind, helping them create and track invoices.
  2. Multi-language support. You can create invoices in a variety of languages and currencies.
  3. Customized invoices. Invoices created by the system can be customized to your liking. All you have to do is use the pre-defined templates that come with the product or import elements to help retain your brand.

Cons

  1. Need for more integrations. Some users say the platform can do with more payment platform integrations.
  2. Does not support invoice merging. You cannot merge invoices with the tool, which is called for in some cases.

8. Online Invoices

Online Invoices dashboard example

Web service Online Invoices helps businesses in creating invoices, handling sales and payment processing. It is an invoicing platform that also doubles as an accounting tool. The product allows companies to use its powerful reporting feature to get a view of their businesses’ performance.

Online Invoices comes in three distinct modules that are meant to manage particular aspects and workflows. Its invoice management system, for instance, lets you create invoices and track sales, facilitating the whole payment process.

You can try all its premium features at no cost when you sign up for Online Invoices free trial here.

Pros

  1. Faster payment processing. Online Invoices essentially automates invoice creation, making the payment process a lot faster. Invoices issued from the system can be printed and sent out to clients directly from the system.
  2. Transaction tracking. You can keep tabs both on your transactions and customers. The solution can keep a record the entire history of an individual invoice.
  3. Customer data. Customer profiles can be created with Online Invoices, which include contact data and transaction history.

Cons

  1. Not for fast-growing companies. Because Online Invoices is not suitable for growing businesses as it lacks tools that large enterprises require.

9. AvidXchange

AvidXchange dashboard example

A total bill payment and accounts payable management platform, AvidXchange is used by thousands of B2B organizations in the US. This powerful tool automates payment processing while getting rid of clutter from paper invoices. It comes with numerous tools and a customizable interface that are sure to boost your billing and payment management processes.

AvidXchange is composed of a variety of modules designed to manage different aspects of your accounts payable and bills payment processes. These include invoice, purchase and payment application. These modules basically automate your processes by using automated payments, invoice capture and smart approval.

You can check the solution closely when you sign up for AvidXchange free trial here.

Pros

  1. No more clutter. AvidXchange eliminates paper-based invoicing, which does not only get rid of clutter but speeds up the payment process. Costs associated with payment processing are also reduced by up to 60%.
  2. Security and access. Users can access the app anytime, anywhere while being rest assured that all critical information are safely stored.
  3. Scalable software. The system is highly scalable, allowing you to streamline your processes. Time-consuming processes are also automated helping you save valuable time.

Cons.

  1. No receivable services. Although a powerful payables solution, AvidXchange does not support receivables management.
  2. Difficult implementation. Some users have reported problems with the implementation of the platform but runs smoothly after customization.

10. Xero

Xero dashboard example

Xero is another top performer in our Billing & Invoicing category, often labeled as the market’s best financial collaboration system. The business value of this product lies in transforming standardized and complex financial concepts into operations understandable even for non-accountants, and the multiple connections to third-party software that helps you extend its functionality. You can set it up in less than no time, and use its premade templates to simplify transactions and make them more business-specific. Xero is also handy for managing robust inventory (adjust taxes for more than 20 states), and pulls off awesome reports including Cash Flow Records and Income Statements.

Pros

  1. Standardized accounting logic. As robust and powerful as it is, Xero still allows accountants to work in a familiar environment and customize their operations.
  2. Small-biz friendly Expert Setup. Small teams with modest accounting firms looking to move money quickly can consult Xero for express setup options.
  3. A single dashboard to compare all finances. Xero’s functionality is bundled in seven tabs where you can create records for all payroll needs, enter all your information, find and alter checks, bank accounts, and expense claims.
  4. Transactions made simpler. The system offers ready-to-use templates and transaction forms and minimizes the risk of financial fraud with two-factor authentication.
  5. Transformed inventory management. Xero also processes and runs payrolls, and automatically adjusts taxes for more than 20 states. It also offers a Stock Management Powerhouse where you can create tax status and purchase records, and add them to your transactions.

Cons

  1. Bank account data cannot be synced for reconciliation. Instead, you have to upload it yourself.
  2. Not all expenses can be displayed in a different currency.
  3. No Free Plan for sole accountants.

Billing Software: What’s on the Horizon?

Billing software has come a long way since it first replaced spreadsheets. This trend is expected to continue with the development of new technologies and increased user demand for more functionalities. The following are trends that are seen to impact billing software in the coming years.

Cloud To Rule Billing Software Market

Cloud-deployed systems will continue to dominate the billing software market, with more and more companies choosing applications that can easily be moved to the cloud.

Increased Billing Complexity

Newly-drafted regulations such as those in Europe are seen to drive ease-of-use and simplicity in billing systems. They have also resulted in more companies searching for niche markets in sectors like the automotive and medical industries.

Consumer Demand for Improved Payment Channels

With Millenial spending skyrocketing to more than $500 billion, businesses are left with no choice but to give in to demands from the age group, which include a wider selection of switching cost and more customized payment methods.

Increased Revenues From Cloud Billing

Global telecom cloud billing is seen to increase to around $22.84 billion in 2025 at a CAGR of 27.9%. This is seen to be driven by increased demand for cloud billing solutions that can employ complicated billing schemes.

And that’s about it, the 10 best billing software systems as determined by our experts. You may be itching to get your hands on one and rightly so. Make sure you get an app that fits your scenario. for instance, choosing among these top invoicing apps for Mac if device deployment is a factor for you. Remember there are considerations to be made if you are to find the right solution for your company. And go for free trials to evaluate a platform for yourself. In fact, if you want to immediately experience the benefits of our top choice on the list here, you can easily sign up for FreshBooks free trial here.

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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