Some companies’ billing and invoicing requirements will indeed differ significantly from those of others. However, one very common thing in the corporate environment is looking for software that eliminates manual entry and automates routine tasks to save time. This is due to the fact that it takes 8.3 days on average to process a single invoice, so your employees are kept away from more attention-demanding assignments.
Additionally, with the COVID-19 health crisis driving so many businesses and their employees to shift their operations online or work from home, mobile capabilities that enable users to access a billing system from any place and billing system software on any device have become essential when shopping around for billing software.
It is nearly impossible to find a billing system that fits all vertical industries, but there are those that incorporate configurable payment collection methods to ensure usability in all markets. The systems have helped businesses of all sizes improve their billing process and ensure accurate billing and timely bill payments. As a result, electronic invoicing is now highly popular among many companies, as seen by current electronic invoicing trends.
3 BestBilling System Software
Melio
There is no monthly subscription fee associated with Melio, which is a cloud-based billing and accounts payable software. The software lets you conveniently pay bills with bank transfers and credit cards. Bank transfers are free, while credit card payments are subject to a 2.9% transaction fee. The service is currently available to small businesses in the United States.
When you use Melio, you can schedule automatic payments to avoid having to worry about making payments late or paying too soon. In addition, you can customize payment approval workflows so that your accounting team can access the platform while you or an authorized manager stay on top of payments.
Furthermore, you can pay via bank transfer even when the vendor only accepts checks. You pay no delivery fees when Melio deposits or mails checks to vendors on your behalf. Melio is cloud-based software, which means you can use it from any device, including a laptop, tablet, or mobile phone. This is convenient for small business owners who may need to access their billing system from several different locations.
QuickBooks Online
Cloud-based accounting software is one of the best accounting solutions for small businesses, independent firms, and freelancers. QuickBooks Online, which combines all essential accounting tools in a single platform, helps growing businesses simplify their accounting and financial management processes, giving them more time for other urgent work.
In addition to its robust features, it can automatically collect financial data and synchronize all essential information across devices. Additionally, QuickBooks Online offers automated tax calculations, invoice management, expense tracking, balance sheet reporting, sales monitoring, and bill management.
PayEm
It is a global spend and procurement platform with bill payment functionality that provides users with a single point of access to process payments. PayEm allows you to upload vendor invoices, route them for approval to internal stakeholders, and create a bill from the invoice. You can also arrange for ACH or international wire transfers for more than 200 countries and 130 currencies, eliminating the cost and complexity of international payments. In order to ensure that payment is received on time, the system calculates when it is due. You can also schedule and set up amortized payments for bills automatically. NetSuite offers amortization templates that can be imported so that you don’t have to set them up manually. All of these features will help you gain efficiency and control over your billing process, all while saving your team money.