Let’s face it, there are a lot of different billing software platforms out there to choose from and as a freelancer or small business owner, it can be difficult to know which platform will perform the best and save you time and energy when handling your business’ cash flow and finances.
In this blog, we’ll walk you through recommended product capabilities, price points you should expect, and things you should know about the platform before proceeding to purchase it.
What are the top capabilities you should look for in billing software?
Invoicing is crucial for the streamlining of payment processes and automated billing. When choosing an easy-to-use billing and invoicing software, it's important to know exactly what you're looking for pertaining to qualities and capabilities. Here are some of the top capabilities of the best invoice solution:
Invoices - If it’s a goal to save your business time and frustration, customizable invoices can help you do just that. You’ll be able to send an invoice in just a few minutes and the best part is, they’re easy to create. Whether you want to show your personality a bit more or add your company logo, there’s flexibility to customize invoices to your preference and create products that are scalable and easy to track.
Insights - One of the best things you can do for your business is to understand what’s really happening. Insight capabilities will help you gain visibility and control over profit and loss, sales, workload, and expenses so you’re able to make strategic decisions for the future of your business. Eliminate spreadsheets and understand insights so that you can create more opportunities and generate revenue.
Time Tracking - The last thing you want is lost time in your week, right? With time tracking, you’ll be able to see a breakdown of how you spend your day and what (or who) takes up most of it. You can even track billable time with embedded timers and similar functionality. In addition, once time is tracked, for some solutions, like Billwaze, automatic billing can be activated and can make your life easier.
Tickets - Compartmentalize client service requests along with the task urgency by creating service tickets. If you have a small business you can even assign tasks to other team members so that everyone can operate more efficiently. There’s no need for sticky notes. Tickets can also automatically calculate billable time so that you’re able to manage workloads automatically.
Reporting - There are a lot of factors that go into strategic decision-making. Products that include reporting will generate reports on all moving parts in your business so that you can have a clear understanding of sales, expenses, outstanding invoices and more. As an added bonus, some solutions may even allow you to share these reports with your clients.
Payments - The best billing software should easily accept various payment types. Accepting payment types such as credit cards, PayPal, ACH, and STRIPE should all be available to you with the click of a button. The right platform should also allow clients to track their own accounts and you to set up automatic payment reminders and easily charge late fees to reduce any delinquent payment habits.
Expenses - Helpful billing software should also allow you to easily track expenses and upload receipts online to simplify expense tracking and keep your business organized. You should have control over all purchases, and also the ability to approve or deny them.
How much should I pay for a billing software?
No matter your business, whether you’re a self-employed freelancer, start-up or small business owner, you're going to want affordable billing software. “Free” tools are great, but an invoicing and billing solution shouldn’t always be free. Why? Because you get what you pay for and when it comes to finances - you don’t want to skimp on cost.
A freelancer and small business billing software like Billwaze is set up with different pricing options based on your business size and features that are important to you. Each package comes with a client portal, a report card tool to instantly analyze client performance, interoffice messaging, autopay, and more - all which are designed to make your life as a professional easier.
You can find many of these items with other billing software providers, but it’s highly unlikely that you’ll find all of them within one solution like Billwaze.
For freelancers - Our Silver plan is perfect for freelancers and go-getters that have up to 5 billable clients. You’re able to have an unlimited number of invoices and can customize them to your choosing, not to mention unlimited time tracking and expense tracking as well.
For small businesses - If you have anywhere between 6-50 clients, this is the plan for you. This package includes all features that our Silver plan has and more. Some additional top features include expense approval system, automated late invoice reminders, scheduled late fees, and downloadable reports that tell you finances, expenses, sales, and taxes. The purpose of this plan is to boost simplicity and automation.
For established businesses - As your business grows, your software should adapt to accommodate any changes you’re undergoing, so if you think your business could be on its way to having 50+ billable clients, definitely take a look at our Platinum plan. Including everything in our Silver and Gold plans, plus additional features, this is the most involved option available.
When it comes to billing software, you have to do what’s right for your business. After all, you want to be confident in utilizing the right features so that you're able to get invoices out the door, time tracked, and books balanced right away rather than having to spend an hour waiting for customer service to show you the ropes first.
If you're actively looking for billing software for your business or side hustle, look no further. We encourage you to start a free trial today with Billwaze, risk-free, and see how easy and affordable it is to get the right billing software for your business.