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Billing and invoicing software refers to a tool which generates invoices automatically for payments rendered post purchase of services/products. Most billing and invoicing software enables you to track your sales or services rendered, the person who was billed, and payment received date (or when you were supposed to but didn’t). The billing software works in tandem with other accounting and bookkeeping systems, to ensure complete control over your financial data.
The best billing and invoicing software play an integral role in any company’s accounting and purchasing operations. Invoicing software comes in all variants – from basic systems which can only create invoices and ensure that accounting figures are accurate to advanced systems capable of creating an audit trail.
Every business, whether it’s a big enterprise or a pop-up store, a supermarket or an MNC, an educational institute, an NGO or your local Kirana shop, needs an invoicing software. Through an invoicing software tool, you can create invoices, track expenses and generate multiple reports to intricately analyze and identify whether invoices have been paid, are due or past due date.
Your local grocery store can keep a tab on its bills and expenses. GST Billing software for large businesses can help calculate taxes, manage vendors and take care of their purchase orders as well as keep track of time and invoice billable hours. All in all, deploying a billing and invoicing software would sort out a lot of things and make life a lot easier.
If you’re running a traditional business, your usual process must go along the line of making multiple invoices at the end of a billing cycle. Then you print and mail them individually to each customer. Lot of firms are still running their business based on this model, which to say the least, is highly inefficient. Think of the time taken to make the invoice, mailing to the customer who processes and then pays it. And this is assuming your invoice doesn’t end up getting lost in the mail. That’s not all. Keeping track of all these bills and invoices is time-consuming which can be better spent elsewhere.
This is where the best billing and invoicing software comes in. With it, you can send out invoices in the blink of an eye and quickly track them. What’s more, you can lower your operational cost while speeding up the payment process at the same time. Another thing to consider is that invoicing software and billing software are two sides of the same coin. With it you can create invoices, credit/debit memos, select batches by sales order, customer, or all available orders and generate multiple sales orders per invoice.
The top billing software and invoicing software offers multiple module such as:
The best billing software and invoicing software offers multiple features such as:
Billing & Invoicing- An integral module of any top billing and accounting software, it helps automate several routine tasks. From cheque writing and bookkeeping to advanced double-entry apps, billing & invoicing helps eliminate manual data entry. It also ensures that your accounting figures are exact and accurate.
GST Filing– This feature is found in top GST billing software enabling businesses to file their GST returns easily. This is achieved by pushing transactions directly into the GST portal. Make your business GST compliant by preparing and filing GSTR-1, GSTR-2, GSTR-3 and GSTR-4 returns online effortlessly with billing software for GST.
Debt Collection— Through the debt collection feature found in top billing software, you can ensure whether the overdue bills have been collected or not. You can also identify and resolve issues quicker, which eliminates issues in the debt collection process.
Recurring Billing- This feature found in many top-notch billing and invoicing software helps the user generate invoices on a recurring basis, irrespective of the customer's billing cycle. Through automatic recurring billing, you can view multiple recurring items and cycles, with a detailed description and date of sale on the same invoice. You can manage both individual accounts and dealer accounts for items such as monitoring fees, maintenance, lease, rentals, etc. which occur on a recurrent basis.
Manage Unlimited Contacts- A staple feature of any top billing and invoicing software available in India, you can manage indefinite number of contacts easily as you have unfettered access to an entire repository of contacts.
In-Depth Financial Reports- You can generate comprehensive financial reports quickly without a fuss and check up on payment history, stock in hand or sales by product / service. You can even set-up filters to glean data as per different months, quarters or financial year with the best billing software.
Timely Revenue Collection- Generate invoices and other billing information pertaining to customers in a jiffy with the top ERP Billing and Invoicing Software solutions. You can easily link sales contracts with the account receivable module. The processing starts as soon as you make a sale or render a service. Most top billing software provide a great deal of flexibility to ease the sales order billing and contract billing process including creating recurring invoices. What’s more, you can support and execute service and maintenance contracts with deferred revenue recognition through advanced invoicing. You can also create accurate customer invoices as final price extensions, discounts, taxes, and expenses are all automatically calculated and itemized.
High-Volume Invoice Generation- Through the best invoicing software, you can simplify the processing of large volumes of documents, to approve eligible shipped orders or delivered contracts in the blink of an eye. Generate, print, credit and debit invoices maintaining a complete audit trail.
Financial Impact Visibility- Since running a business ends up generating a multitude of invoices, the billing process ends up contributing all the necessary financial posting information needed to update both the company’s accounts receivables and general ledger. Moreover, if you wish to inquire about any transactions or balance details, you can do so in a few clicks on top billing software.
Simplified Tax Reporting- The best billing software and invoicing software helps make sense of the tax reports and bring simplicity to the various tax details pertinent to taxable and non-taxable sales.
Integrated Reporting System- With the best billing and invoicing software in India, you can generate vital audit information, such as sales data, expenses, taxes and financial impact, in addition to basic invoices and other billing documents. Through the ERP Billing module, you can capture fully detailed data to utilize it in accounts receivable subsidiary ledger, sales analysis reporting and more.
The best billing software and invoicing software offers myriad advantages such as:
A. Irrespective of modus operandi, you can still benefit a lot from e-billing. With a billing & invoicing software, both business and clients can process and account for bills quickly, instead of relying on a manual process.
A. Several software options are available in the market for top billing & invoicing software. You’re sure to find solutions best suited for your organization.
A. Yes, you absolutely can! Billing software can be customized to not only display logos but also to add and display any accompanying text (company motto, tagline).
A. If you purchase an on-premise solution on a licensing model, you’ll have to pay an annual maintenance fee.
A. Yes, you can purchase customized billing software with the modules your company needs.
A. Most definitely. Top billing software enables multiple stores to keep their data at a central hub spot where it is consolidated to help you to take better business decisions in real-time.
A. Yes. Top invoicing software enable you to delete invoices, recurring invoices, expense records, clients and quotes. You can delete any of your data permanently at any time. Plus, if you end up closing your account, it will also permanently delete your data.
If you’re looking to buy billing and invoicing software, here's a list of things you need to consider before investing in a billing and invoicing software:
• Identify Your Need What’s your expectations from a billing & invoicing software? Are you looking for a software that automates invoice generation? Or is it more of a recordkeeping requirement? Defining your need will help you identify solutions better suited to your company.
• Ease of Use Any billing & invoicing software that you choose, should be easy to use. A software which is difficult to navigate will be a strain on your employees, and inadvertently affect your productivity and finances. To ensure that your choice of software is user-friendly, insist on getting a demo first.
• Vendor Support System When you use your billing & invoicing software and face problems, you’ll need immediate support from the vendor. Any delay in support can & will affect your workflow. That’s why, when you pick a billing solution, ensure that the vendor service is up to the mark and immediate support is assured.
• Payment Gateway Integration Many customers and businesses are using e-wallets and UPI-based payment systems. As a consequence of which, your billing & invoicing must support payment received through these gateways and give you the ability to make payments using the same. Extra marks if it lets you integrate multiple payment gateways.
• Scalability Your billing & invoicing software should be capable of being scaled up as your business grows. Otherwise, you’ll have to keep changing your software every couple of years, resulting in unnecessary expense and hassle of transferring data from one solution to another.
Best billing & invoicing software lets you save a lot of time spent on unnecessary manual work. Enclosed below is a list of best billing software & invoicing software in India: -
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