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Billing Software: Mid-Sized Business (101-2500), Hourly Billing
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By Chris Maxcer
Accounting
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If you automate, you can focus on your core business.
As your business grows and gains new customers, the relatively simple act of billing and receiving can get out of hand. However, by automating your billing system, you can save time and improve the efficiency of the process. If you have a business where your customers are billed the same amount at regular intervals, a fully automated recurring bill-pay system is the way to go. For companies offering a wider variety of products ...
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Business Size (Employees)
Choose business invoice software based business size (number of employees): small business (0-100), mid-sized business (101-2500) or enterprise business (more than 2500).
- Small business billing software that's ideal for the small business (0-100) includes time-saving features such as accounting system integration and electronic invoicing.
- Billing software for the mid-sized business (101-2500) should include role management capabilities so that multiple employees can access the system.
- An enterprise business (more than 2500) needs billing software with multiple licenses that can accommodate multiple currencies and multiple tax rates.
Your billing software applications choices include fixed price billing, hourly billing, recurring service contracts and retainer billing.
- Fixed price billing allows for automated project billing with customers invoiced for installments toward an already agreed upon fee.
- Invoice billing software with hourly billing capabilities can handle block-hour contracts by monitoring time spent on individual clients, and billing accordingly.
- Recurring invoice billing software automatically processes invoices associated with recurring service contracts and MSP contracts.
- Professionals who work on a retainer, such as lawyers, should look for invoice software that can handle retainer billing in order to accurately manage company cash flow.
Choose an invoicing software type, either Web-based or desktop.
- Online billing software, or software as a service (SaaS), is web-based and allows you to log into an on-demand billing system from anywhere, via any computer, without having to download or install software; it's convenient and saves space on your server and hard drive.
- Some small business billing software is pre-packaged for your desktop; it comes on a disk for PC or for Mac and must be installed onto a computer that you've designated beforehand as your billing station.
Invoicing software offers choices for accounting system integration, electronic invoicing, multiple currencies, multiple licenses, multiple tax rates or role management, and often makes a demo available.
- Accounting system integration, including payroll integration and QuickBooks integration, allows you to use your invoicing software with other accounting and bookkeeping applications; look for invoice billing software that's compatible with the programs you already use.
- Electronic invoicing software allows you to send invoices via email and collect payments online.
- If you deal with multiple currencies, look for international billing software that can automatically convert currencies and adjust for exchange rates.
- Consider buying business invoice software with multiple licenses so several employees can access your software from their computers.
- If you service geographically diverse customers, look for business invoice software that can account for multiple tax rates in its sales tax calculations.
- Software for billing that includes role management features allow you to grant certain employees access to certain functions and protect your data in the process.
- When shopping for new billing software, download a free demo or a free trial first; it's not uncommon for software companies to have a 30-day trial or demo available for new users, so always ask for one.
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