Billing Software & its Benefits
1. What is a billing software?
A billing software can be any software designed to handle time and billing tracking as well as invoicing customers for services and products. It can track the hours worked by employees as well as expenses associated with projects or clients.
Billing software is an integral part of an accounting and finance software package, and there are vendors that offer free billing software for small businesses along with the main package. However, the billing system software can range from the simplest and most basic to the more advanced billing software for PC with sophisticated features.
2. Why do businesses need a billing software?
Primarily, it eliminates the manual data entry, and ensure that accounting figures are accurate. Accounting principles, procedures and processes are of paramount importance and this is often where billing software is utilized to reduce or eliminate errors and keep accounting figures precise.
Apart from the above, a computer billing software usually carries useful features such as invoice creation, reminders, financial calendars, hours tracking, reporting options, database and records management, and many others. In short, businesses should not bother much about billing software price, or a free billing software, and go for the best billing and accounting software.
3. What are the features that a billing software offers?
The best billing software for your business should carry the following features:
- Creation of New Invoice
An invoice billing software allows creation of clean and professional invoices that can be customized to match the brand the business owns. The software should allow for extracting and integrating information from projects, timesheets, and customer records.
- Creating Customer records
A billing software for small businesses enables you to summarize customers’ personal and purchase information and attach relevant files in a single, centralized database equipped with search filters for easy access to customer records. Also it should be an offline billing software to enable users to work even when internet is down.
- Credit card processing
The billing suite should enable you to save time and facilitate invoicing by processing credit cards promptly and allow recurring billing and secure customer management. For example, a restaurant billing software should surely have this provision for smooth customer payments. Some billing softwares even enable auto billing of credit cards so clients won’t miss a due payment.
- Predefined Templates
How the invoices and bills look is equally important as their accuracy, which is why a system should provide for professional and predefined communication templates. It will not only save time but also let us to personalize accounting and allow to carry the brand the business owns.
- Multiple currency option
Multiple currency feature enables you to connect your billing system seamlessly with the rest of your software architecture, like your basic financial operations. This setting can be useful for issuing receipts, accepting payment and managing taxes, and it is of vital importance for businesses with global operations.
- To receive and send information
The feature allows you to send quotes to your customers quickly since there is a centralized database where all their information is stored and readily made available.
- Invoice, payment, and tax report
A good online billing software should eliminate the need for you to use external systems for tax reporting and allow you to perform it within the same system, without losing hours to summarize information.
With Goods and Service Tax law being a new levy in India, businesses will always be in need of GST billing software. While the government has also offered free billing software for small businesses, Tally is also an option to be considered as a billing and inventory software. One can easily evaluate Tally’s capability as a simple billing software by going for it’s exclusive billing software demo. As a GST ready software, Tally provides you with all the features right from GST billing to GST returns, error deductions and corrections in GST reports and many, making it the best billing software, businesses should look to have.