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Top 5 Factors to Consider When Selecting Software for Invoicing

It’s a sad fact that many small business owners and freelancers intensely dislike bookkeeping and all that goes with it. That makes many small business owners procrastinate on important tasks like sending out invoices. One of the problems with invoicing is that it’s simply a tedious task.

While nothing can make remove the tediousness of invoicing completely, you reduce it a bit by selecting software for invoicing. There are many invoicing software options out there, so it leaves an important question.

What factors should you look for when picking your software? Keep reading for five key factors you should consider when picking.

1. Cost

Most businesses have finite cash reserves for things like software. That means you must spend at least a little time considering your budget and comparing software costs. You can find a free invoice generator if you look for one.

Other invoicing software options work on a subscription model with a small monthly fee. You can find standalone software you that buy outright as well. While cost matters, what you find acceptable may also depend on the features you need.

2. Invoicing Software Features

Your average invoice is not an especially complicated document. It lists what you did or what you products you provided, the cost of those services or products, applicable taxes, and the amount due. Everything else is window dressing.

Of course, you may want software that lets you dictate that window dressing in terms of layout, logos, and a header. You may want software that will connect with your existing accounting/bookkeeping software. Alternatively, you may even want invoicing software that provides its own invoicing and bookkeeping features so you can consolidate those tasks.

3. Security

Invoicing software will often offer automation at some level. For example, the software may let you automatically email the invoice if you send recurring invoices for ongoing services. While convenient, any software that connects with the internet is vulnerable to hacking.

You want software with built-in security options.

4. Tracking

Unless you pay close attention, unpaid invoices can fall through the cracks pretty easily. Look for invoicing software that monitors payment dates and sends you alerts when a payment date arrives with no payment on record.

5. You Like the Interface

You’ll spend a lot of time with this software. It doesn’t make sense to work with a software interface you despise. When you’re testing invoicing software, look for an intuitive interface that you like.

Selecting Software for Invoicing for Your Business

Selecting invoicing software for your business can help alleviate some of the tedium that goes into the process. There are factors you should consider for invoicing software.

The price matters, especially if you’re budget is already tight. Within your budget, you want software that offers a good feature set, such as bookkeeping/accounting options and customizing the look of the invoice. If it offers security, payment tracking, and an intuitive interface, that’s even better.

Looking for more business finance tips? Check out some of the other Finance posts over in our Business section.

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