The modern world is easier to live in as we do not need to go hunting and can order food or everything we need. At the same time, nowadays, people face many more challenges than in the past. Of course, most people can satisfy their basic needs. But to do something bigger, you need to make an effort. For example, if you run your own business, you should solve hundreds of issues every month or even every week.
Strategy, marketing, recruitment, sales, communication with clients, office administration, finances take a lot of time, especially if a company is small and does not have all those specific departments. In such circumstances, automatization of every possible process and project is an advantage. In particular, in this article, we will discuss invoicing. What is the best invoicing software for small businesses? It is a crucial process for every company. Essentially, it is about reaping the reward. So, we are going to solve this question. You will explore the benefits of using invoicing software and the five best invoicing software for small businesses in 2021.
Table of contents:
Benefits of using invoicing software
Invoicing is one of the main issues for small companies. Business owners must send accurate invoices and do not make mistakes. If you do not have a big accounting department, probably, this process is stressful for you. Fortunately, someone creates small business invoicing software. Invoicing software helps the business more effectively keep track of process payments and customization of invoices.
Invoicing software is useful for small businesses like medical offices or retail. It can help accountants, e-commerce site owners, freelancers, and contractors. This software can make invoices look professional and save time on creating and sending out the documents.
Invoice software will help you to set up a proper invoicing process and notify your clients to deal with it on time. Using such a service, you will be able to cut the time spent on the same action made every month or another period. With online invoice services, you can receive payments three times faster.
Management saves money
According to BluePay, a company with ten employees could realize savings of up to 2,400 USD a year by ditching traditional payroll checks in favor of direct deposit. The reason is a company spends paid working hours for a process that could be automated. By implementing a billing scheduling except for working hours, you will save costs for postage and paper. Automation can help you to reduce the total cost of invoicing by 29 percent. Online invoicing software is probably the most effective way to keep track of which invoices were sent, paid, or outstanding without bugging your clients.
Simple use, fast access
It looks like sending invoices is an easy process, but when you have sent a lot of invoices to different partners – it could take more time. It is not a problem if you do it once a year. But if this action requires your attention at least once a month, you probably should automatize the process. Moreover, it is even better if you have regular counterparts. In this case, you can put all the necessary information in your invoicing software once and do not waste time regularly.
Probably, your company is not a giant corporation that can spend additional time and money. Thus, you may look for all possible ways to optimize resources. Due to this, it is a good decision to implement using invoicing software for small businesses in your processes.
Save your data on the cloud
Custom invoicing software is cloud-based. So, all information like clients’ names, addresses, or payment terms is secured and protected. To access the account, you should log in. Only you can manage this information.
On the other hand, you can always access and find whatever you need. Customers will not lose data due to some circumstances with paper-based mails, and no data will be lost after moving to another office. The software will automatically save everything online.
A lot of online invoicing services can deal with many currencies and languages. Companies from all over the world can bill their partners. And customers from different countries can buy goods and services from any supplier. Moreover, custom invoicing software is available 24/7. It means that you can work with information wherever you are and at any time via desktop or mobile. It is comfortable, especially, for example, if you are traveling.
Support your brand
With service invoicing software, you can customize your bills and adapt them to your company brand style. Even more important is the program will fix human errors. So, if you make some mistake in a bill, the software can correct it. 61% of late payments occur due to incorrect invoices. In case you sent an incorrect invoice, you can easily resent it in minutes. Errors delay the payment process. That is why it is a good idea to implement a simple way of invoicing.
5 Best Invoicing Software for Small Business in 2021
There are a lot of invoicing tools. Some of them become very popular, some of them are less known. You could check the most famous services, but we prefer to look at a few comparatively fresh services that can rise in the very near future. Check our list of best small business invoicing software below.
Belgium company UnifiedPost with a total funding amount of 41 million Euro, was active last month. It bought few companies, and it is going to create a B2B platform for Europe. This company digitalizes businesses’ financial value chain by integrating cloud-based solutions. Unifiedpost platform gives its users the possibility to access and manage financial documentation from anywhere and anytime. Service is created to empower businesses by critical functions as invoicing, payments processing, e-identity solutions, and more. These solutions are designed for enterprises that manage high volumes of financial transactions. It can serve both global corporations and small local firms.
This company is based in France and provides businesses with simplified payment processing. The total funding amount for Libeo is 6 million EUR. Libeo is a platform to collect, manage, and pay all your supplier invoices. The company grants its customers that with Libeo invoicing software, there will be no late payments, angry reminder emails, and hours spent manually entering invoices. Service offers automated invoice entry and real-time finance management.
Also, Libeo promises that your firm will save ten working hours per week on average. It is possible thanks to automation, digitalization, and the absence of paperwork. Moreover, there will be fewer mistakes.
Cevinio offers Invoice-to-Pay software solutions. The company ensures productivity and compliance. In Jule 2020, Cevinio raised 4.5 million EUR in its funding round. The company is located in the Netherlands.
Two former financial directors run Cevinio. They believe that the everyday invoicing and payments process should be simple. Service offers a unique AI-driven service for automatic invoice processing. They grant that invoicing software is efficient because the client will have earned back its investment in 12-18 months. It is possible due to reducing manual operations and making invoice processing faster. These options reduce the invoice-to-pay process costs.
Due provides cloud accounting software and online invoicing services for small businesses. With their services, firms can easily invoice clients and collect online payments. Pros of this software are also the option of time tracking and that the Due has no monthly fee. Due operates several quick payment acceptance methods. But the quickest is Digital Wallet, which allows instantly pay and get paid using Due Cash. This method is increasing in popularity because customers can use it on mobile devices. According to Aberdeen, this year, Due is projected to spend 20.2K USD on IT.
Finvoice is a USA-based company. It offers cloud-based software to help financial institutions grow sales and comply with regulations. It allows offline lenders to become online lenders through modern UX, 3rd party integrations, and data analytics. The total funding amount of the company is 3.6 million USD. It successfully passed its pre-seed round in May 2017. The venture round was in 2019. Finvoice offers to use its extensive data integrations and streamline collateral monitoring, client management, and back-office processes like UCC filing, E-signing, and payments.
KindGeek made UI/UX for the company. Our task was to design a website for Finvoice, which is an end-to-end lending platform for small businesses.
You also can check other Fintech and E-commerce projects in our portfolio.
Invoicing software is created to save your time. It is worth the invested costs if you are sending out a lot of invoices each month. Invoicing software is designed to increase the productivity of businesses. So, you should use it if you can send more invoices than if you were handling it on your own. If you are interested in creating an IT invoicing software, please, ask us your questions.
Important note: you may agree that the more platforms the service runs on, the more useful it is. In our days it is not enough to support just a desktop. In the age of mobility, the software must be responsive and accessible from everywhere and for every user. That is why it is much cheaper to develop such services on Flutter. Flatter is the development instrument that provides a possibility to make cross-platform applications with no extra work. It combines lots of benefits for a developer that uses it. To read more about the benefits of Flutter, visit our blog.
Our experience in the field
KindGeek is an experienced software development company with 60+ projects. It is named one of Clutch’s Top 100 Fastest Growing Firms in 2020. Also, we are among the best companies in financial app developers. And Fintech is one of our core industries. Our team is skilled in different technologies. Due to this, The Manifest ranked KindGeek company as Top 10 mobile app developers in Eastern Europe.
We are looking forward to the next fabulous cooperation. If you are interested, please, contact us.