Three Step Approach in Selecting the Right Time, Expense and Invoicing Software

There are so many Time, Expense and Invoicing Software applications in the market so how can small businesses decide which software is the right one for them? How can small companies be absolutely sure that they have selected the correct solution and their dollars are well spent? Here are 3 key criteria that will make their decision easier:

1. What are my company requirements?

Every small organization’s needs differ in terms of their core requirements for Time, Expense and Billing solution. Some may be tracking time and expenses to manage the project budget effectively while others want to generate professional invoices. In addition, many other companies may need to impress the clients and their contractors with a personalized Time and Expense system which also automates the approval process.

No matter what your requirements are, you need to ensure that the system is extremely user friendly and the core requirements are fulfilled by the software. Most small companies just require the following from a Time, Expense and Invoicing software:

– 24×7 system availability.
– Online and easy to use.
– Time and Expense with manager approvals.
– Easily duplicate time, expenses or invoices.
– Excel based single user Time and Expense (T&E) upload or Bulk upload where the administrator uploads all timesheets.
– Manual or Project Time and Expense based invoice generation.
– Recurring invoice generation.
– Automatic attachment of Time & Expense with Invoice.

While these features are the key feature required by most companies, there may be some additional things that may be very much specific to their business i.e. most consulting organization personnel may need signatures on printed timesheets from the client manager while submitting Time & Expenses internally to company management for invoicing. Such features are rather important to consulting companies and may be available only in specialized software applications.

2. How much does it cost?

Most aspiring companies want to take advantage of professional software to boost productivity rather than using outdated methods of maintaining records in Word/Excel. Cloud based Time and Expense tracking and invoicing software not only gives a faster 24×7 means to enter time & expenses online but also provides total control over your account receivables. When it comes to deciding which cloud based software you have to choose, a cost benefit analysis is required.

While the company user base is small, the difference in cost of most online software systems is hardly noticeable. However, the cost can increase quickly especially if the company expands and increases the subscription to multiple users. Keeping the cost down is important for most small companies.

Instead of spending an exorbitant sum for functionality that you don’t need and won’t use in Time & Expense software, it may be wiser to subscribe to a more economical package that meets all your core requirements.

Additionally, small companies can decide on the best Time & Expense software that meets their needs by signing up for an extended free trial. This free trial will help ensure that they make the right choice for their business.

3. Should I adopt cloud based software?

Software and hardware requirement, installation, maintenance and upgrade of any system can be a drain on small business time and money.

With cloud based services offer a number of advantages without the headache of installation and upgrade from time to time:

– No upfront investment, start using the system in minutes
– Pay as you go, no hidden costs
– No worries about backups, everything is in the cloud
– No software/hardware required

Subscription based Software as a Service (SaaS) may be the best option for small companies due to distinct advantaged mentioned above and lower cost of ownership.
If you are a small business with requirements track, report and invoice time and expenses, you might find the information particularly helpful.

My First Steps With Electronic Invoicing Software

I would like to share my experience on invoicing. After spending a lot of time thinking I have finally bought a program which helps to create and send invoices. Although it took several hours to install everything it was an interesting process during which I learned a lot of new things.

The first step was to provide my company data. Then I added my customers to the invoicing software database so they would be readily available when I create invoices. It took quite a lot of time, especially since I have a lot of customers. The final step was to enter all my products into the program. My company sells computers and computer accessories/peripherals.

Can you imagine how many items I had to integrate into the invoicing software? It took almost a whole day! But it was worth it – now I can create new invoices with a couple of clicks of the mouse.

After creating and sending my invoices the next step was registering payments. When I received a payment to my bank account, I immediately marked the invoice as paid. This helped me to see which invoices are paid and which are overdue. Invoice status is a really helpful feature. My invoicing software is quite smart, so it sends out reminders to the customers if the invoice is overdue. I don’t even need to trace non-payers as it is happening automatically.

The program also has a possibility to add late fees and other penalties automatically. Usually I let the system send out a first reminder without late fees, but if the invoice isn’t paid within three days after the reminder, late fees are added. I feel that this provides a perfect balance between customer service (by not slapping the customers with a fee immediately) and money management (by not losing revenue from late payers).

Another feature I really like is the possibility to create recurring invoices. I have a couple of clients that purchase a certain amount of accessories each month (mostly printer cartridges). The number is fixed, meaning that the invoices look the same each month. Recurring invoices allow me to make one invoices, and then the system automatically invoices the client each month. This is of course time-saving, since I do not have to do anything except make sure that the goods are delivered on time.

I can conclude that invoicing software is a really indispensable thing for any business and I truly recommend it to everyone who has a smaller or medium-sized business (I assume that this invoicing software might be too small for a huge corporation).

The Time and Money Saving Benefits of Free Invoicing Software

The top business software can certainly make running a company a lot easier. There are quite a number of tasks that a business must be engaged in and they all vie for the time and attention of personnel. Free invoicing software would be among the programs that can be enormously helpful for a business. Cash flow is important to a business. The way to make sure money flows through the coffers of a business is to enact a billing process that works smoothly. Quality invoices can contribute to this result. Custom made or, for that matter, even simply well-organized invoices can garner the proper immediate response sought from customers.

In short, top business software for invoicing can increase the likelihood bills are paid on time and accurately.

Quality free invoicing software can also speed the process of billing up. When using a computer to speed any aspect of billing and invoicing, better time management automatically becomes possible. Cutting down the amount of time to process invoices means the time saved can be used for other equally pertinent tasks. The management and personnel of a business only have so many hours in the day to perform certain tasks. Anything that can contribute to the streamlining of the process is going to be enormously helpful and the top business software can facilitate this goal.

Increased efficiency and expediency should be the only benefits to seek from free invoicing software. Such software can help with the reduction of errors and inaccuracies on the invoices. Among the reasons for this helpful benefit is the design of the invoicing sheets found on any quality software programs is going to be clearer and better organized. These traits along can contribute to fewer errors in data entry. Automated programs that can perform basic math can eliminate calculation errors humans may be apt to make.

Errors on invoice forms can cause a number of catastrophic problems for a business. Reliable software programs that cut down on errors also eliminate the various troubling problems errors cause. Often, a small business may be running on a very thin profit margin and has limited monthly cash flow. Due to these circumstances, even minor error and mishaps can cause major problems. Solid free invoicing software can help prevent such occurrences from happening.

The top business software programs allow for extremely helpful business solutions. No one would ever wish to suffer problems related to cash flow or billing, but inaccurate invoicing can create such woes. With the right software installed, invoicing can become smoother and error free. Overall, the business benefits from this immensely.