Choosing accounting and invoice software is a significant business decision.
It’s also a sign that you’re concerned about your bottom line. Only 21% of small businesses use accounting software, and only 18% have accounting and invoicing software linked.
If you’re in charge of finding software to handle your company’s finances, make sure you pick the correct package.
Are you ready to understand the best practises for selecting the best invoicing software for your company?
1. Know Your Needs
The first thing that you need to know is what you’re looking for in a billing software.
Do you just need something simple to track your time and send out invoices? Do you need billing software that integrates with your accounting software or another system, such as a scheduling system?
There’s a lot to take into account. There are billing solutions that are hosted in the cloud and others are on desktop computers.
To evaluate your needs, think about how many people need access to billing information. Also, think about how the software will be used. Will you need to integrate it with other software solutions?
2. Industry Specific Billing and Invoice Software
Your business is unique and the software package you choose should be unique to your business. A one-size-fits-all package may not work for you.
Different industries have different needs.
For example, chiropractor’s office would be better off using software that focuses on insurance claims that are coded properly. That’s important so they can get paid on time.
In that case, they can look at this company, which offers a software solution that can do all of that and automatically submit claims.
3. Compare Features of Different Packages
You’ll have to carefully examine what each software package offers, and that’s usually listed in the features.
The first thing you should look for is what type of information will you be able to include on the invoices. Some basic software will require that the invoices have their logo, not yours on the invoices.
You would have to upgrade in order to have your logo on the invoices.
Would you be able to have your own invoice codes and have separate line items that include start and end dates?
You’ll want to inquire about notifications and whether or not they’re automatically sent to a client when an invoice becomes past due.
4. Check for Integrations
Your office might already use multiple systems. You have one for payroll, accounting, HR, billing and invoicing.
In an ideal situation, these systems can communicate with each other and have all of the information you need on one dashboard.
That will save you a lot of time jumping from one system to another to find information. Not only that, but integration with