Most invoicing software includes base software features, such as the ability to send invoices and receive payments. There are many other features that the top invoicing software offers to make it easier for you to track payments, contact clients and manage inventory and finances.
Inventory Tracking
Although keeping accurate stock counts is more vital for businesses that sell physical products, it can still be a viable feature for service-based businesses. Most businesses that use invoicing software track inventory in a separate application. If you choose invoicing software that includes inventory tracking, you can consolidate a bit.
Client Portal
Although most invoicing software gives you the ability to send invoices to your clients, a portal for your clients can be even more helpful than an email. A client portal makes it possible for your clients to log into the software to see the progress you’re making on projects and estimates, along with past, current or upcoming invoices.
Time Tracking
Service-based businesses rely on time tracking tools to keep a running tab on billable and nonbillable hours to use for invoicing. When time tracking is included as a feature in your invoicing software, it can be a huge help. You can instantly turn billable hours into the amount your client owes and send the invoice. Otherwise, you’re stuck doing work in separate software.
Mobile App
Having a mobile app for invoicing can be a convenient tool if you often work away from your desk. You can send invoices and payment reminders easily from your phone or tablet anywhere you are as long as you have an internet connection. If you prefer using push notifications, some invoicing mobile apps will let you know when a payment goes through so that you don’t have to keep checking your payment apps or email.
Analytics
Invoicing software that includes reports, prebuilt or custom, can be an eye-opening feature for businesses. With analytics, you can collect data that will help you make future business decisions. You may discover most of your clients pay invoices from their mobile phones or that your customers rarely check payment reminders.
Integrations
Perhaps one of the most important invoicing software features is the ability to integrate with other platforms. If you choose basic invoicing software, you want to make sure it will work with the software you use regularly. At the very least, you want your invoicing software to integrate with accounting software and payment processors. It’s helpful if it also integrates with customer relationship management (CRM) software, marketing tools and time tracking tools.
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