Getting paid on time for your services is critical to keeping your business on track. Proper financial management is integral to successful firms, and one of the best ways to achieve this is with invoicing software.
By utilizing digital invoicing and automation, your firm can redirect human efforts to higher priority projects and drastically reduce the risk of human errors in your accounting.
Invoicing Software for Small Business
Invoicing can be an uncomfortable, time-consuming task. People hate asking for money and many are slow to give money, so the whole process is awkward. How do you solve this issue for your business?
Invoicing software helps all companies, especially small businesses, alleviate tension around invoicing and payments by automating the process and sending reminders for unpaid invoices. It also reduces manual accounting entries, enhances accuracy, and saves your firm time and money.
One way to ensure your firm stays on top of its invoices, reimbursements, and payments is to adopt a secure, cloud-based invoicing tool such as BQE CORE. Busy small businesses benefit immensely from user-friendly software that automates and simplifies everyday billing tasks, letting team members instead work on more vital tasks.
What it does
Software for invoicing and accounting makes it simpler to track services rendered, who was billed, when an invoice was sent, and if payment was received. Beyond that, it automatically creates invoices, processes payments securely, and sends reminder messages about upcoming or missed payments.
Invoicing software aggregates and organizes data related to your billing and accounting workflows and keeps related tasks moving forward. Recording your financial activity lets you stay prepared for tax season, track all purchases, remain compliant year-round, and lets you predict your financial future. These records also allow you to compare the prices you’ve paid for various vendors and services, so you’re able to set standards, expectations, and budgets for future business transactions.
As mentioned above, invoicing technology automates repeatable, mundane tasks and reduces human error too commonly caused by manual entry. Life is easier when you say goodbye to manual spreadsheets and creating expense reports from scratch every time. Invoicing software automates these tasks for you and ensures they’re accurate. You'll expend less effort and see better results!
Other uses and benefits of invoicing software include:
- You receive payments faster
- It’s easier to track invoices and their payment status
- Clients have flexible options to pay you, including credit card, debit card, or ACH bank account transfer
- Automated reminders help clients make on-time payments, allowing you to maintain regular cash flow and eliminate tension over unpaid bills
- Your company’s reputation improves as it establishes a track record of paying vendors on time
- Sensitive information exchanged between your business and another party is safe from hackers, as data is secure and encrypted
What types of professional services need invoicing software?
Every business in a professional services industry can benefit from implementing invoicing software, such as:
- Accountants and CPAs
- Legal professionals
- Government contractors
For these professionals and more, invoicing software provides valuable business analytics, records critical tax information, sets up online payments, and automates everything from invoices and follow-ups to receipts and expense reports.
Small and mid-sized service businesses know that clearly displaying your service rendered to clients and offering them a seamless way to pay is crucial to ensuring you get paid on time. Since professional service industries are largely client-dependent, you need to set up your firm for steady, continued cash flow.
Professional service firms miss their target profit when they don't properly manage their projects. A platform like BQE CORE, which combines invoicing functionality with project management tools, can improve project profitability within only a few weeks of adoption!
What to look for
The best invoicing software features work together in an all-in-one platform that enables your firm to work smarter using less effort.
Some popular invoicing and accounting software features include:
- Professional invoices
- Invoice customization
- Web and mobile payment options
- Unlimited invoicing
- Time and expense tracking
- Percent-complete invoicing
- Easy-to-use dashboards and interface
- Recurring billing
- Mobile app for iOS and Android
- Notifications and payment reminders
- Salary vs. hourly rate invoice templates
- Overtime calculator
- Tax calculator
- Billing in different currencies
- Real-time tracking of payment submissions
- Automation of processes
- Free invoicing software trial
Invoicing technology provides automation that makes life for your finance and HR departments significantly easier. It frees up your staff to prioritize more important tasks and wastes less time on the tedium associated with sending invoices and reminders, and setting up payouts.
Instead, invoicing software lets you schedule when you send and pay invoices, and even emails follow-ups on your behalf so you don’t spend hours tracking down unpaid invoices.
No matter how much you trust your team, human error is inevitable. Unfortunately, with billing, a seemingly small mistake can result in a major loss for your firm. Invoicing software establishes workflows that automatically generate invoices with the correct amount, date, and other information. You’re no longer on the hook for manual entry mistakes and missed payments.
In addition, invoicing software automatically archives all of your financial data for later, so come tax season, or in the unfortunate case of a lawsuit or audit, you already have everything you need organized and easy to access.
Don’t we all need a little help staying organized?
Invoicing and billing software is a huge asset in this area. Software like BQE CORE records all of your firm’s invoices, expense reports, payouts, and reimbursements with the option to sort or filter based on a specific client, time period, industry, and more.
Tracking expenses and payments leads to better financial management for your firm and as previously mentioned, is a powerful resource in case of an audit or compliance issue.
Invoicing Software by BQE
BQE CORE offers a highly rated project management tool with built-in invoicing to eliminate the hassle of billing and keeps cash flow coming in for your firm. CORE's features include smart invoicing and timecards, automated reminders and billing, time tracking, expense tracking and more to streamline your accounting and project planning.
CORE is customizable to your needs, with numerous dashboards and automated reports that offer you insight into the health and future of your business. For busy professionals splitting their time working out of the office, from home, and on a job site, CORE is conveniently available on both web and mobile apps.
Why do I need invoicing software if I have an accounting/finance department for this?
- Invoicing software will streamline and organize your payment process, even if you already have a dedicated team working on it. It allows your accounting and finance staff to reduce the number of separate tools they use to manage contacts, create invoices, and track payments — CORE does it all in one!
CORE also offers you functionality related to other areas, including project planning and time tracking, and lets you generate a variety of detailed performance reports in seconds — no more creating them manually in Excel.
Why do I need invoicing software if my business pays cash?
- Even if your business pays cash, you need invoicing software to keep a record of when cash comes in and goes out. This technology keeps you accountable, organized, and keeps the records you’ll need come tax-filing time.
For cash-based businesses, invoicing software still makes it easier to create invoices, keep track of recent payments, prepare tax forms, record your balances, and view your detailed payment history.
Why do I need invoicing software if my business has a different type of payment model?
- If your business creates invoices, it needs invoicing software! No matter what payment model you use, you will benefit from keeping an accurate record of your financial data and the accessibility of CORE’s insightful reporting. You can customize CORE’s invoice templates to meet your needs and set up automated invoicing that aligns with your desired billing schedule.