Knowing how to make and spend money is important. But how you organize your funds is also a factor in today’s business landscape. Whether you’re a seasoned business guru or just starting out your small business, maintaining positive cash flow is will be the difference-maker. Fortunately, 2020 has given cost-productive non-accountants such as yourself a chance. With billing software applications here and there, dealing with your accounts is now easier than ever. All you need is to choose the best one for you.
But wait – what is the best billing software? How do I know if I’ve chosen the right one? Let’s find out!
Having the right billing software will truly revolutionize how your small business sends and accepts payments. With many options available, how can you find the best billing software for your small business? To answer this question, we researched some of the best billing software for small business owners available on the market.
We narrowed down the list to some of our favorite options. We tailored this list for freelancers, small businesses, and new entrepreneurs. So, please take a look at our list and see which one entices you the most.
FreshBooks – Best Overall Billing Software
If you’ve done your research, you probably came across FreshBooks. This billing software is both versatile and convenient, able to work for almost everyone. Whether you’re an independent freelancer, a small business owner, or even a CEO of a big company, FreshBooks caters to everyone. With FreshBooks, you can deal with any billing-related tasks such as the following:
- Create personalized invoices.
- Set up automatic recurring client billing.
- Automate the addition of late fees to your client’s invoice.
- Email notifications when the client receives the invoice and makes payment.
- Create and send invoices, as well as accept payments through the mobile app.
- Utilize invoices for requesting deposits.
- List your time worked and the corresponding price directly on your invoice.
- Accept payment in multiple currencies and payment methods.
- Send invoices in multiple languages.
Other than the ones mentioned above, you can also use FreshBooks to create proposals and estimates. This feature is useful for businesses that need to itemize materials and include contracted workers on the list (e.g., contractors, interior designers, etc.)
FreshBooks is available for $15 per month on the ‘Lite’ plan. New customers can get a 50% discount on their first three months, lowering the cost to $7.50. Unfortunately, the basic plan only lets you bill up to five people a month. However, it’s already an ideal option if you’re just starting out with a few clients.
If your client base grows, you can eventually upgrade to the FreshBooks Plus Plan, which is $25 per month. An upgraded account will then let you bill up to 50 active clients. If you’ve grown to 500 clients, you can upgrade to the Premium version at $50 per month.
QuickBooks – Best Transaction Fees
Apart from being one of the best billing and invoicing services, QuickBooks also has one of the cheapest fees. One of the world’s most popular and widely used accounting software, QuickBooks offers a wide range of features. While you can only get QuickBooks Payment with an existing subscription to QuickBooks Online, its transaction fees are very affordable.
For instance, QuickBooks swiped fees are just 2.4% + $0.25. That’s cheaper than any other provider on this list (except for ReliaBills, which we will get to later). However, keep in mind that there is a catch to the pricing. The fee increases depending on the type of payment you’re accepting.
Another catch is that transaction fee are higher for bills paid via invoices. Specifically, you’re getting a 2.9% + $0.25 transaction fee. But despite that, it’s still significantly cheaper than other billing software available in the market.
Hiveage – Most Payment Options
If your business offers multiple payment options, you might like what Hiveage has to offer. Out of all the billing applications in this list and beyond, Hiveage accepts the most diverse only payments. So, not only will you get paid in multiple directions, but you will also attract more customers.
Hiveage supports many online payment gateways like Stripe, PayPal, Braintree, Payoneer, Authorize.Net, and more. The platform even accepts Bitcoin through Coinbase, as well as many foreign currencies. So, no matter where you are in the world, you can rest assure that Hiveage has everything covered for you – payment-wise.
If you’re wondering what else makes Hiveage stand from the rest, we’ve listed some of it for you:
- All of Hiveage’s plans include an unlimited number of invoices, bills, and estimates.
- It also offers an unlimited free plan for ‘solopreneurs.’
- Pricing is broken down by the number of clients you have.
- The free plan allows for up to five clients with unlimited invoices, estimates, and recurring billing.
Xero – Best Accounting Alternative
If you’re looking for comprehensive accounting software that does more than just billing, Xero is the option for you. Xero is a full-service billing and accounting solution that rivals even FreshBooks. The best part is that it costs less than FreshBooks.
An up-and-comer in the field of accounting software, Xero quickly took center stage as one of the most popular options in the market. It offers a comprehensive plan that starts at just $9 per month. Again, just like FreshBooks, the basic plan only lets you bill up to five clients. However, the $9/month price is fixed. So, whether you’re a new, old, or returning Xero subscriber, the price will still be the same – $6 cheaper than FreshBooks.
With Xero, you won’t get the same number of features as you would with other platforms like FreshBooks or QuickBooks. However, you still have the same necessary features:
- Sending invoices
- Making payments
- Reconciling up to 20 bank transactions per month
- and much more!
For $9 a month, that’s not bad.
ReliaBills – Best FREE Invoicing Software
With the accounting software competition being steep and competitive, you’d think that there won’t be a free option. But you’re wrong as ReliaBills offers superb invoicing features at zero cost! Yes, you read that right.
ReliaBills is an online invoicing system that simplifies the entire process by providing you with all the tools you need to get started. The software lets you create and personalize your invoices, send them and receive payment all in one platform. Apart from that, ReliaBills offers the following features:
- Easy Invoicing
- Customer Data Management
- Recurring Billing
- Automated Payment Collection
- Customer Portal
- Relevant Reporting and Performance Metrics
You get access to all this – and more – for FREE. All you need is to create a ReliaBills account, and you’re all set. If you do want additional features and an increase in electronic payments, you can upgrade to ReliaBills Plus at $25.95 per month. For more information, visit www.reliabills.com now.
In today’s business landscape, having reliable billing software is necessary. It makes your entire billing process simpler and easier. Make sure you consider all the software that we’ve mentioned on this list to determine which one is right for you. You can research and try other billing software as well. You might find even better and more convenient software that’s not on this list.
Ossian Rey is a Digital Marketing Consultant at ReliaBills, a software that helps businesses getting paid on time. Loves milk and small chat.