7 Best Invoice Software for Small Businesses

Rahul Maingi

By Rahul Maingi, May 15, 2020

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Whether you’re a freelancer, small business owner or CEO of a multinational, surviving in today’s competitive market is tough. That’s why many business owners look for technological solutions in an attempt to save time and boost sales and profitability.

This is exactly where online invoice generators come in handy. They help streamline your invoicing process, keep tabs on your expenses and send error-free invoices to multiple clients easily.

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Top Invoicing Apps for Your Company

Creating and emailing invoices and following up on pending bills can eat up a lot of time. It can also cost you a lot of money without you even realizing it.

Online invoicing apps let you manage these procedures more effectively, thus saving you a ton of hours and cash.

But, with so many options available, how do you know which one is right for your small business?

Below, we explore some of the best invoice software to make the choice a bit easier.

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  1. FreshBooks

One the most popular invoicing solutions around, FreshBooks has around five million businesses using it.  With features to track time and expense, it is ideal for small businesses and freelancers.  Aside from basic invoicing and payment processing, FreshBooks lets you create projects, calculate time, log expenses, budget estimates and prepare detailed reports.

Simply log in and see your business revenue and profit together with other basic reports on the dashboard. The Invoices tab features your outstanding, draft and overdue amounts at the top (in bold fonts), with recently updated invoices below so you know their billing priority.

FreshBooks can also connect to your business bank account or credit card and draw expenses automatically. This facilitates your billing and helps you figure out your total expenses at tax time.

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Main Features:

  • Customizes and sends multiple invoices, including automated recurring ones
  • Keeps track of when a client has received, seen and paid a bill
  • Instantly accepts online credit card payments
  • Sets up automatic late payment reminders and fees
  • Creates and sends error-free estimates
  • Gives you business insights with basic reports
  • Works using any mobile device, tablet or computer
  1. Zoho Books

Zoho Books is one of the best invoice software for small businesses, startups and freelancers.

Aside from creating and sending invoices, setting automatic reminders, tracking expenses, generating reports and syncing bank accounts, Zoho makes it easy for customers to make purchases on your website. One of the biggest reasons why consumers leave websites without purchasing anything is a complex checkout process so this could be a big advantage.

You can also use invoice templates to hasten the billing process. These templates are fully customizable, allowing you to add your company logo and change fonts, among other options.

Main Features:

  • Creates recurrent, error-free invoices; sets up payment reminders; and accepts instant online payments
  • Monitors and categorizes expenses; sends client invoices from a single platform
  • Syncs to your bank account to provide regular updates on your cash flow
  • Stays up-to-date with accounting reports like P&L, Balance Sheet and Cash Flow Statement
  • Sets up inventory tracking to know your best-sellers and what need to be restocked

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  1. OneUp

OneUp is cloud-based accounting, inventory and invoicing software for small and mid-scale businesses that requires someone with a good working knowledge of accounting. It lets you manage your accounting, invoicing, inventory and CRM from your laptop or mobile.

You can also create a quote, change it into an invoice, and forward it to clients with a few clicks.

OneUp doesn’t provide recurring invoices or automated payment reminders.

Main Features:

  • Creates personalized invoices and sends them with a single click
  • Synchronizes with your bank account to automate your accounting process
  • Sends invoices directly to your customer’s inbox via an integrated email system
  • Displays due invoices on Customer Payments screen
  • Generates automatic email notifications just before customer payments are due
  • Helps you understand customer payment behaviour quickly via Customer 360° views.

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  1. Pancake

If you’re looking for software that offers invoicing, proposals, project management and time tracking facilities in one place, Pancake is the perfect choice. And there’s no subscription fee. Just pay a one-time fee and you’re set for life.

Pancake is a self-hosted app. When you purchase it, you get a zip file that contains a folder you upload to your server. This allows you to customize its appearance by adding your company logo to the front and backend. You can also personalize the CSS to match your brand. Pancake also has its own database and style sheets whose theme you can personalize to fit your business for a unique customer experience.

Just as your team can track their work and send invoices to customers, clients too can log in to see their project status report and payment history. This is an excellent way to build a smooth workflow and improve client communication.

Main Features:

  • Requires a one-time fee; no recurring, third-party subscription.
  • Gives clients access to invoices, project info and proposals
  • Manages individual client areas
  • Allows you to track time and expenses from your own website
  • Lets you personalize its theme to fit your branding

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  1. NetSuite ERP

NetSuite ERP is one of the world’s leading cloud-based ERP solutions designed to simplify financial management.

From integrating your e-commerce and CRM to Advanced Warehouse and Inventory Management, Human Resources, Professional Services Automation and Services Resource Planning, NetSuite offers them all in one combined suite.

It can automate many business procedures, including inventory and financial management, fixed assets and billing. It also helps streamline order management and procurement processes, eliminating manual reporting and improving overall productivity.

NetSuite ERP can also manage all types of subscriptions, recurrent invoices and complex rating models, no matter your business transaction volume.

Main Features:

  • Enables workflow automation to standardize business processes
  • Uses a single platform for both B2B and B2C collaboration
  • Helps clients keep sight of their goals and aspirations via financial planning
  • Generates financial reports for both product and service sales through revenue recognition management

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  1. KashFlow

Kashflow is another cloud-based application for the UK and is ideal for businesses of all sizes.

Users can create invoices and get email notifications when a payment is due. It can also send automatic reminder letters to your clients. Estimates and quotations can be changed into invoices when the client accepts them. KashFlow can automate recurring purchases and alert suppliers to payments. It can also graphically represent balance sheets, creditors and debtors, customer records, trial balance and transactions.

UK users can also sync their bank accounts to the software for continuous monitoring, file VAT returns directly to HMRC, and create a year-end financial report.

Main Features:

  • Creates customized invoice templates
  • Simplifies credit control and chasing payments
  • Sets up automatic invoicing and reminders
  • Links your invoices to PayPal and asks customers to pay you instantly with one click
  • Shows graphical reports on all aspects of your business
  • No annual contract – cancel anytime.

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  1. Bill.com

Bill.com is automated invoicing software ideal for small to medium-sized businesses.

Some of its biggest benefits are simple online invoice payment, personalized invoicing services, workflow collaboration and unlimited document storage. You can also access the back office anytime anywhere via mobile device. It also features a calendar that notifies when payments are due and when money is deposited.

Bill.com also syncs seamlessly with Xero, QuickBooks and NetSuite for simpler data entry, improved accuracy and faster account reconciliation.

Main Features:

  • Choose ACH or credit card for electronic payments
  • Sends invoices electronically from Bill.com or mails a paper invoice
  • Allows clients to see and pay invoices online
  • Notifies clients a few days before their payments are due
  • Deposits payments straight into your bank account
  • Sends clients automatic recurring invoices and overdue notices
  • Unlimited data storage

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For any growing business, time and money are your most important resources. In order to increase your productivity and ensure long-term success, these are the areas that you should target for improvement. While invoicing is a critical part of any business, creating and sending invoices to multiple clients and following them up is often stressful and time consuming. Switching to online billing can save you time and money, and speed up your payment process. While we have listed some of the best invoice software on the market, your choice depends on your business workflow and accounting methods.

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