Billing Software Key Terms

Understand billing software better by reviewing key terminology

Billing software is utilized by businesses to send out invoices to customers, as well as keep track of sales. A part of understanding billing software is viewing the different functions that each type of application can complete.

To understand billing software, you'll also want to look at the different terminology that companies use to package their products. Defining the key terms of billing software will broaden your knowledge of different types of accounting functions.

 

Invoice template

An invoice template is the bare-bones layout of your bill you can pull up every time you need to issue an invoice; all you have to do is fill in the specific details of your charges. You can select the look you want for your invoices from a variety of templates.
Try: Read more about invoice templates on the Office-Kit.com website.

Emailing invoices

Newer billing software programs boast the ability to email invoices to customers. Instead of spending the money on postage, you can send a copy of the invoice created in the billing software program to a customer's email address.
Try: kBilling has an entire webpage dedicated to emailing invoices and touches upon the advantages of using this billing software feature.

Current assets

One purpose of using billing software is to keep track of your current assets. Inventory is also included in current assets. You can read summaries of your current assets within billing software applications.
Try: Get a definition of current assets at Investopedia.

Time tracking

Time tracking software is often included as part of billing software programs, to keep track of hours worked. Certain professions, such as lawyers, bill by the hour and require a time tracking application in order to invoice clients.
Try: Complete Time Tracking provides both a definition of time tracking as well as the benefits of using a software program to log hours.

Convergent billing software

Convergent billing software allows all of a customer's charges to be merged onto one bill or invoice, rather than having to issue separate invoices for separate services or product purchases.
Try: Find out more about convergent billing software when you go to the Agileco website.

Multi-currency

If you deal in international business transactions, then billing software that can handle multiple currencies is ideal. Be sure it can provide current exchange rates for conversions.
Try: DTH Solutions offers billing software with the multi-currency feature integrated.

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