Invoicing may not be the most interesting aspect of your business operations. However, if you’re a small business owner, it’s a crucial part of sustaining and growing your cash inflow, despite being time-consuming. Luckily, you can save yourself some effort and time by investing in a small business invoice software to automate your invoicing tasks.
There’s a wide variety of invoice software for small businesses in the market. While some are made for particular fields such as distribution, legal or nonprofit organizations, you’ll find plenty that can cater to different business sizes and provide varying levels of complexity when it comes to their features. For this reason, finding the best one for your needs can be a bit overwhelming.
If you’re planning to invest in an invoice software for your business, below are some of the things you should consider:
- Budget
One of the first things you need to consider is your budget. There are some payment models that may influence your purchasing decision.
An on-site invoice software requires more money upfront, but you don’t need to pay again until you opt for an upgrade. Cloud-based software, on the other hand, requires a fee every month or every year. Usually, there’s a discount offered once you pay in advance.
- Templates And Customization Options
When it comes to choosing the best invoice software for your small business, check the availability of invoice templates. With the right software, you can save your time by using predefined templates similar to your branding. Remember, it’s good to have customization options that suit your business branding. The templates in your invoice software must include the following:
- Project details
- Late payment terms
- Payment deadline
- Invoice data
- Payment amount due
- Payer contact information
- Payee contact information.
- Business Needs
Another thing that you must consider when choosing invoice software is your business needs. Some options like Wave’s software allows you to do simple tasks like tracking time and sending out invoices, but also addresses more complex needs like integrating with your current accounting software.
To know what your business needs, take note of the people who will access your invoicing data. Think of how the invoice software will be used and how it can be integrated easily. So, if possible, let your employees be involved in the process of the selection so they won’t have a hard time using the software later on.
- Customer Support
For some small business owners, it can be tough to switch to a new software. Your staff may require the help of the software’s customer support team. Although there’s a user manual included, it may not always come in handy. That is why it’s best to choose the software that has a great customer support team to answer your staff’s concerns or queries anytime they need assistance.
- System Integration
Choose invoice software that integrates with your existing business tools such as project management tools, CRM or vendor management software. The best invoice software offers a seamless integration process, which makes it easier for you to share existing data.
When shopping around, check the possible integrations of the invoicing software. It ensures that you can quickly use it with your current workflow, without experiencing any inconvenience. This won’t just aid data sharing, it can also help free up more time, facilitate automation, and avoid invoicing mistakes.
- Additional Features
Some of the leading invoicing software in the market provides extra features like the ability to communicate with clients in real-time, which can centralize communication and facilitate data-sharing. Although extra features may always mean bigger upfront costs, they do offer value for money if your business really needs them to improve your operations.
Beyond payment processing and invoicing, consider the other things that you might need from an invoice software and check which one can offer you with great features and functionalities.
- Scalability
Your business may be small, but don’t underestimate its potential to grow. So, one of the things you need to consider is if the invoice software will help you pinpoint or manage things like differing tax rates between countries and states.
Issues on payment method availability and some rules and regulations related to conducting business in remote places can’t be overlooked. Once your small business expands, using a software that leaves no rooms for invoicing errors will be indispensable.
Final Thoughts
An invoice software is no doubt a useful tool for any business. It facilitates secure payments and helps fast-track billings. However, you can only enjoy the benefits of invoice software if you’ve chosen the right one for your business. So, make sure to keep the tips above in mind before you select one for your business.