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Top 10 Invoice and Accounting Software For Small and Medium Businesses

So you did it. You made it big, you achieved success, you finally have your own business. Congratulations! Inhale that success, digest the feeling of being a respected entrepreneur, you’ve earned it. However, there are storms to weather. Building the client base, ensuring team productivity, generating the income, resolving daily issues… And most importantly – keeping a tight grip on your finance. That’s a lot to ask of a person.

It’s very fortunate that it’s not the noughties, otherwise you would be sitting by the desk and typing (or writing by hand!) dozens of numbers and calculating them, along with the taxes and other deductions… I hate to say it, but you would be burning the midnight oil on invoicing and following up to collect payments. Every single month.

Luckily, it’s 2017 now and invoicing has never been easier before! There is plenty of invoicing SaaS solutions on the market with almost infinite options to automate the invoicing process, support the company’s accounting, even manage your calendar so you remember when’s the invoicing time. It’s like a magic wand, changing tedious hours of calculating into a few clicks. But it’s not a wand you find on the street, you need to buy it.

Maybe that’s why there are still people preparing the invoices on their own. For free. But is it really for free? What about the time it is costing you? Instead of a few clicks, you spend a few hours on drawing up the correct invoice. You need to update the software (if you’ve built it on your own) so it is compliant with the current law, develop its technology so it remains efficient and effective. Then you need to watch the bank account, badger those dilly-dallying with payments to finally pay. That’s a lot of time and the list of things to do never ends. Imagine, that you could be spending that time on perfecting your business strategy or having a nice dinner with your family.

Why don’t you take that load off your shoulders and use a ready-made solution? Of course not blindly, you need to take some things into account.

Seven key features of SaaS invoicing software provider

  1. Good reputation. Opinions of provider’s clients are very important and it’s essential to read them or even get some insider’s view on the services offered. Remember, invoicing is one of the vital features of your business.
  2. API. Well-designed interface allows you to integrate the provider’s tool with your software. That means way more convenience since the invoices will be drawn up automatically and hassle-free.
  3. Payment within an invoice. Facilitate the payment for your clients as much as it is possible. Clients will be satisfied and your money will come to you faster, since it’s all-in-one!
  4. Clients follow-up. This feature tracks the remaining payments and informs you who didn’t pay the invoice. You don’t have to read a long payment history to find the person owing you the money, the provider’s software has it taken care of for you.
  5. VAT management. The topic of VAT is complex, depending on various factors, the tax is deducted from different clients in a different amount. It would be really nice if a software would support VAT calculation anyhow.
  6. Multi-currency support. Needless to say, if your company goes global or is planning to do so, you want that functionality. The lack of possibility to pay in a preferred currency hinders the transaction and sometimes is even a deal-breaker.
  7. Proper and clear reports. Each entrepreneur will be grateful for presenting his or her data in a transparent and understandable way. A well-drawn-up report allows you to see and instantly understand what the financial status of your company is without unnecessarily wasting your time on reading the long list of numbers and probably asking your accountant (if you have one) for an explanation.

What is more, there are also features supporting your accounting! You can ask for creating the financial forecasts, bringing the expenses into the books or generating the documents for tax offices. Look for a SaaS provider that suits your needs the most tightly.

Below, we recommend you the invoicing tools we consider worth your attention.

10 recommended invoice and accounting software

FreshBooks

It has over five million users and the number is growing! The reason behind that is the fact that it has all the features you need to manage clients, send invoices and process payments coming with an award-winning support team, ready to answer any questions 24/7. FreshBooks allows you to initiate recurring payments, calculate taxes and get paid in any currency. You can also see an invoice in real-time and get notified when a client opens or pays it. The user experience is exceptional, even if this is your first time in billing, you shouldn’t have too much trouble learning how it works. It’s available at 15$ per month only for a Lite Plan and if you’re still hesitating, the provider offers a 30-day free trial.

Zoho Invoice

It is a minimalistic and very effective online tool that helps you to set up your company within minutes and go straight to drawing up invoices and sending them to clients. Although it consists of numerous modules presenting different services, such as sales and marketing tools, it’s stand-alone invoice module is perfect for quick invoice creation. You also get automated payment reminders, time-tracking and integration with the most popular payment gateways. If you cooperate with other people, like accountants, Zoho gives you the opportunity to collaborate with team members and oversee a given project. It also equips you with multiple currencies option. The Basic Plan costs $9 per month, and in order to make up your mind, you can sign up for a 14-day trial.

Quickbooks

Intuit Quickbooks is almost tailor-made online application for small businesses. Its intuitive user interface and navigation gears you to get in and get the job done. It’s simple, however it has infinite number of add-ons, so you can customize the application to best meet your expectations without features you don’t really need. It has flexible report templates and transaction reports, as well as comprehensive payroll support. What’s more, you are always extensively informed about your business condition. After a 30-day free trial you can enjoy Quickbooks at $15 per month for a Simple Start version.

Xero

Xero is built on a double-entry accounting framework and it is capable of providing you with sales tracking and management, inventory and purchases and, of course, payroll. Within these features, you can create a variety of records and apply them in transactions, including invoices, purchase orders and quotes. It stands out from the competition because of its fixed assets management tool. In a nutshell – it has it all for a small business. The company offers you the pricing starting at $9 per month following a 30-day free trial.

InvoiceOcean

This invoicing software is designed to be simple and easy to use. Its interface allows you to conveniently issue invoices, sort them out and accept payments. All the data is saved in the cloud – so you can access it anytime, anywhere. In order to keep you up-to-date with your business, the software gives you insights into your company life through time-tracking of key stats, such as the revenue, expenses, clients or taxes. InvoiceOcean is fully integrated with online payments providers, including PayPal and supports all world currencies. All of that starts at $9 per month, and you have a 30-day free trial to test it.

Invoicera

It is an online, rich in features billing solution, boasting over two million satisfied users. The platform allows for supplier-vendor interaction, which simplifies the business communication. It manages your invoices, tracks the payments and offers multiple payment gateways, as well as currencies. With Invoicera you are provided with the recurring billing option, which saves much time. The additional advantage of the platform is the fact that if you don’t feel like paying for it, you don’t have to! Invoicera has a Free Plan, and it’s really free forever. If you want to enjoy more features, the cheapest Classic Plan starts at $19.95 per month.

Hiveage

Designed for small businesses, this cloud-based platform is so intuitive that you can start using it in minutes. It wasn’t built for accountants or finance professionals but for individuals who don’t have the accounting background, that’s why its first purpose was the ease of use. Similarly to the aforementioned software, Hiveage automates billing and invoicing along with project estimates, payment schedules and reminders, as well as recurring billing. But there is one thing that sets it apart from the rest and it is the wide scope of third-party integration – it has over a dozen payment gateways! Multi-currency capability and taxes calculation are included as well. Hiveage offers a 14-day free trial with all the features, paid options start at $15 per month.

Invoicely

This invoicing solution has all the essential features of billing and invoicing software. You can save your time with workflow automation, reminders and client information management, not to mention multi-currency support, tax settings and time, expenses and mileage tracking. It seems to be pretty similar to the software from the same branch, however, there is one thing giving it a head start: well-equipped in features Free Plan. It allows you for unlimited number of invoices and clients, it’s a powerful option for rookies in business. Even its paid plans are reasonably priced, which is at $9.99 per month.

InvoiceBerry

With InvoiceBerry you are able to draw up professional-looking invoices with your company colors and logo – and it takes a blink of an eye with pre-built templates. It has an autopilot mode with recurring invoice option, so you can enjoy the peace of mind while your invoices are sent out to your clients according to the schedule. On top of that, InvoiceBerry allows your clients to pay in numerous currencies and tracks all the payments and expenses. Transparent and come-at-able platform meets all the primary and some of the advanced needs of small businesses. The pricing plans include a forever free one, paid versions start at $15 per month, and obviously you can try it for free for 30 days.

Billdu

As Billdu provider claims, it is ridiculously easy to use software and you can access it from your computer or on-the-go from your smartphone. Invoices are created in seconds and they come with instant “Pay” button, time tracking and the option of multi-currency payments. Billdu manages your expenses and grants you a truly detailed and instant overview on expenditures, paid and unpaid invoices and company balance. Payment reminders and recurring invoices are automatically sent to your clients, saving you plenty of time. All the documents are easily shared with your accountant, and if you haven’t got one, there is a team of experts at your service. Billdu is waiting for you at $1.25 per month for a Starter Plan, the trial is only one day, so you need to make the decision quickly.

As you see, you have a plenty of invoice and accounting software to choose from and there are advantages in each of them. There are cheaper or more expensive options, rich in features or simplistic interfaces. And the best thing is, you can try all of them for free and decide, which one is tailor-made for you. Don’t allow another day of painful invoicing to slow you down. Get your finances in order and power up your business!

mm

PayLane's CEO with all kind of skills - programming, marketing, team leading and more. A movie lover and snowboard fan. @KarolZielinski

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