Invoice billing software is an important asset to the accounts receivable department. It frees up time spent crafting and creating invoices, makes it easy to keep track of billing information and can help to keep you organized and on track.
There are a ton of different invoice billing software options on the market. These solutions can range from simple to complex, free to expensive, making it difficult for companies to know what the right software product for their business is. Free invoice billing software can be great for businesses that are just starting up. They are a great tool to use to quickly and easily get set up and start shooting off invoices to your customers; however, for a more established business who has a dedicated accounts receivable professional in the office, these free tools can be lacking in the features you need to effectively run your business.
What are those features that are a necessity to a small to midsize business? We’ve highlighted a few below that most free invoice billing software can’t offer you, meaning it’s time to make an investment in your accounts receivable technology.
Although some free invoice billing solutions offer automation, it’s at a minimum. You might be able to send out automated reminders to pay a bill, but that’s as far as your flexibility with automation goes. Using a more robust invoice billing software, you’ll be able to automate any emails you want to send to your customers, whether it’s an invoice, payment reminder, welcome letter or credit application. It’s not just emails that can be automated, too. You can automate invoice dispute escalations or account alerts. Paying a little more for invoice billing software can give you more automation and free up more time.
Most likely, your business is running on an ERP system. Whether that’s QuickBooks or a larger ERP system. The free invoice billing software options on the market most likely can’t create a full integration between your ERP system and their tool. All this ends up doing is creating more manual work for you and your team. Customer information will need to be manually keyed into the system, leaving room for data entry errors or missed accounts. Keeping your data in two different systems creates silos that can cause payment to go completely unbilled or unreceived.
STREAMLINING MORE THAN JUST INVOICES
Free invoice billing software does exactly what its name implies, creates and bills invoices. However, invoice billing software that comes with a price tag can usually do much more for your A/R department than just that. Often times these more robust tools can help you to make collection calls, give you an online bill pay portal, organize your accounts receivable activities and help you monitor credit risk. This gives you more insight into your credit and collection activity by making a little more of an investment.