Streamlining Finances
When you’re starting to build a small business, there are a few things that you need to consider and plan for. Arguably the most important aspect of running a business is managing and tracking the finances and transactions of said business. In terms of the market, there are a ton of different competitive software for a business owner to choose from – consider the software and your needs for said software.
Ranging from the best invoicing software to software created for very specific needs or desires, there is certainly software for every small business owner out there. Plus, you do not need to pay for your billing software; although, it is likely going to serve you a lot better if you use software that requires some type of membership or software costs.
The below coverage will delve into a handful of billing software, each of which will be recommended for a specific preference from a business owner.
Best All-in-one Invoicing and Accounting Software
Invoicing and accounting are arguably the two most important processes and software for a business – this ultimately tracks your finances and ensures that you are paid properly. Unfortunately, these two types of software are not always bundled together, which can cause some issues when it comes to correspondence and integration between the two different platforms or software.
QuickBooks Online is the best software for all-in-one invoicing and accounting software. While primarily known for its accounting software, it has since gained a strong reputation for its reporting suite and transaction-tracking capabilities.
Below is a list of pros and cons of the software for small business owners to consider:
Pros
- Bookkeeping and accounting features are built-in.
- Integrates with hundreds of applications, including e-commerce and payroll software.
- Accepts debit and credit cards, PayPal, Venmo and Apple Pay.
- Photograph receipts and automatically match them with existing expenses in the system.
Cons
- Plans start at a minimum of $30 per month and go all the way up to $200 per month.
- Must subscribe to certain tiered plans to get access to certain modules, including billable hours and billable expenses.
- Extra costs for additional software like automatic time-tracking software.
Best Overall Software for Small Businesses
In terms of the best overall software for small businesses, there are quite a bit of options to choose from. Square Invoices has earned the title of “best overall" in our eyes, largely because of the variability and customizable features for business owners.
Generally speaking, this software is best for small businesses that expect or plan to grow shortly. Let’s cover the pros and cons of this software below.
Pros
- Free plans for business owners are available.
- Unlimited invoices.
- Unlimited clients.
- Integrates with inventory and time-tracking software.
- Accepts online, ACH and in-person payment.
Cons
- Certain features restricted under the free plan might require business owners to upgrade to a paid plan.
- Does not accept all online forms of payment like PayPal.
- Taking payment over the phone incurs a 3.5%+ fee for business owners.
- Might not have all of the features and components that other software offers.
Best for Payment Flexibility
When it comes to running a business, payment flexibility can be hugely important for tapping into a base of customers who otherwise might not have been able to purchase your product or services. Realistically, the more payment systems that you can accept and track will yield higher rates of customers than if your business restricts the type of payment accepted.
When it comes to payment flexibility, InvoiceNinja is certainly the best in the business. Invoice Ninja integrates with more than a dozen payment gateways, providing business owners with the freedom and variety to choose suitable payment methods for their customers.
Pros and Cons of this software are broken down below.
Pros
- Multiple plan options for businesses, including a free option.
- Unlimited invoices for up to 20 clients under the free plan.
- Allow customers to pay incrementally or leave tips on the transactions.
- Integrates with very popular payment gateways including PayPal, Apple Pay, Stripe and Square.
- Tracks inventory during the invoicing process, adjusting accordingly.
- Provides client view on the portal, allowing tracking of invoices and payment history.
Cons
- No direct integrations with bookkeeping or accounting software.
- Plan pricing continues to increase as your business continues to grow.
- Limited on features, including not offering an upload tool for billable expenses for business owners.
It’s Important to Consider Your Business
Before you settle on a specific type of billing software for your business, you must consider your needs and what exactly you are looking for. Consider the amount of money you are comfortable spending as well as how important interoperability is amongst the different software that you have!