Why This Matters
Choosing the right invoicing and bookkeeping software will depend upon the specifics of your business; who your customers are, how they make their purchases, what volume of sales you make, and what your budget may be for software to support, track, and streamline your processes. Invoicing software should integrate into your bookkeeping system or be part of your bookkeeping system.
There are many reasons to consider using software to do your accounting, bookkeeping and invoicing, especially for businesses going digital, there is a likely possibility of automating your accounting, or at least making it a lot easier for yourself, your bookkeeper, and your accountant. How much access do you want to your books and reports day to day? Cloud software can give you access to daily updated numbers. Keep in mind that moving to a new accounting software platform sometimes involves tricky imports, and some online platforms have import limitations.
If you are just looking for invoicing software, there are a variety of options available. Other platforms often have invoicing features built in. Some platforms offer integrations with time trackers, project management tools, and other softwares.
Resources
Meet with your accountant and/or bookkeeper to discuss the possibility of using online software for your accounting. Understand the advantages and limitations of various online platforms.
As with any software purchase, it’s important to understand your requirements/needs, what features you are looking for (nice to have vs. must have). Making a list of things you would like to “operationally do” will help determine your software requirements. For example: paying payroll, doing budgeting, sharing access to other people like staff and external people. Do this before looking for a software to meet those needs. Also if you are a nonprofit you may get deals on invoicing and accounting software. Make sure you check out Tech Soup.
How to Choose Business Accounting Software -There’s plenty of accounting software out there to choose from. Here’s how to pick the best one to serve your company’s needs.
Best Accounting Software for Small Business – There are many different types of accounting software available for small businesses, with varying capabilities and price tags
Best SMB Billing & Invoicing Software – Business.org’s list of best billing and invoicing software for small businesses.
Best Invoicing Software for Small Businesses – The best invoicing software for you will depend on your individual operations—what your business does, who your customers are, and what your budget looks like.
Recommendations – Invoicing
- Plooto – Powerful accounts payable and receivable software that helps your business automate these processes and also integrates with QuickBooks Online and Xero. (Canadian).
- Mazumago – A payment software that enables businesses to send and receive no-limit payments for a flat fee. Pay suppliers, collect payments from customers, set up recurring transactions, and transfer money between internal accounts at different banks, all in one simple dashboard. (Canadian).
- Freshbooks – Accounting software operated by 2ndSite Inc. primarily for small and medium-sized businesses. It is a web-based software as a service model, that can be accessed through a desktop or mobile device. (Canadian)
- Wave – Company that provides financial services and software for small businesses (Canadian)
- Ivoicely – A free online billing and invoicing platform, makes it easy to send, manage, and track invoices, estimates and bills through a simple, easy-to-use interface. (Intl)
- Invoice Ninja – Serves freelancers and business owners with a complete suite of invoicing & payment tools to advance your business. (US)
- Get Harvest – A time-tracking app for freelancers that includes invoicing, expensing, and team management features. (US)
- 17 Hats – A unique all-in-one suite of business tools that makes managing your business easier. It is part CRM (customer relationship management) system for keeping track of your leads, clients, and vendors.
Recommendations – Bookkeeping / Invoicing / Accounting
- QuickBooks Desktop and QuickBooks Online – Is an accounting software package developed and marketed by Intuit. First introduced in 1983, QuickBooks products are geared mainly toward small and medium-sized businesses and offer desktop accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
- Wave – Company that provides financial services and software for small businesses (Canadian)
- Sage – Market leader for integrated accounting, payroll, and payment systems
- Freshbooks – Accounting software operated by 2ndSite Inc. primarily for small and medium-sized businesses. It is a web-based software as a service model, that can be accessed through a desktop or mobile device. (Canadian)
- Xero – A cloud-based accounting software platform for small and medium-sized businesses.