4 Best Billing and Invoicing Software for 2020

If you’re a business owner, then you know how crucial it is to make sure your customers pay their bills. We test and compare 4 best software services dedicated to streamlining your company’s billing and invoicing operations.

Some invoicing software works as a standalone package, but others work as a part of a wider accounting software platform which means you can upgrade to something more complex as you need to. Additionally, invoicing software can also work with some expense tracking apps and software.

To help with the decision process when it comes to picking out the right solution for your business, we’ve listed four of the best invoicing software for billing here.

1. FreshBooks

FreshBooks started its life as an invoicing solution. Over the years, its growth in many areas has made it the go-to online accounting service for sole proprietors and startups. Its popularity extends to small to midsize businesses (SMBs) in many cases. It is our Editors’ Choice pick in the freelancer category. The tool went through a major update a few years ago, but some functionality has been slow to migrate from FreshBooks “Classic” (users signing up for the service are required to use the new version). Even without these tools, FreshBooks is the best choice for the smallest businesses because of its exceptional usability and aesthetic properties—and its smart selection of features.

PROS

• Now double-entry accounting.
• Delightful user experience.
• Good client records.
• Team collaboration tools.
• Time tracking.
• Estimate and retainer functionality.
• Simple product and service records.
• Proposals and projects.
• Excellent mobile apps.

CONS

• Some dashboard deficits.
• Limited invoice customization.
• No quarterly tax estimates.

2. Xero

Small business accounting website Xero has strengths in many areas, like account reconciliation, data imports, inventory management, and project tracking. Recent improvements in areas like reports, projects, and document management make it one of the top choices for today’s small businesses.

Xero simplifies the standard accounting process for small businesses very skillfully. It was built for the web from the ground up, and it supports every major financial element you expect in a double-entry small business accounting solution: sales, purchases, bills and expenses, inventory, and payroll. You can create records for customers, suppliers, employees, and items; and you can use these in standard customizable transactions, such as invoices, purchase orders, and quotes. Xero also lets you manage fixed assets—something competitors don’t do. The company has added many new features in the last year, including enhanced expense and project management, mobile bill-tracking, tight integration with HubDoc (which they’ve acquired), improved navigation, and a smart partnership with payroll tool Gusto. It is close competition for Editors’ Choice winners Intuit QuickBooks Online and FreshBooks, but lags in areas like usability, mobile access, and reports.

PROS

• Affordable.
• Good Dashboard.
• Inventory tracking.
• New report filters.
• Interactive quotes.
• Complex reconciliation tools.
• Updated expense tracking.
• Exceptional online support.
• Project-tracking.
• Integrates with Gusto (payroll).

CONS

• Lacks phone and chat help.
• Mobile apps need improvement

3. Zoho Invoice

Zoho Invoice provides small to midsize businesses (SMBs) with a versatile and intuitive billing solution. Works well as a standalone app but also integrates nicely into the larger ecosystem of Zoho business products.

Zoho Invoice is a comprehensive billing and invoicing tool geared towards the needs of small to midsize businesses (SMBs), startups, and freelancers. Designed to work as a standalone solution, this Editors’ Choice pick in our billing and invoicing review roundup stands out for its versatility. I like that it can also integrate into the larger ecosystem of Zoho products like its expense tracking, and point-of-sale (POS) system solutions. Zoho Invoice can’t integrate with Zoho Inventory, which is unfortunate given that inventory and invoicing are closely related.

PROS

• Customizable invoice templates.
• Multi-currency support for billing global clients.
• Ample time tracking and timesheet features.

CONS

• Inability to integrate with Zoho Inventory is a head scratcher.

4. Intuit QuickBooks Self-Employed

QuickBooks Self-Employed will appeal to freelancers and independent contractors who want its automatic mileage tracking, quarterly tax estimating, and basic bookkeeping. Businesses that need features like time tracking, sales tax, robust invoices, and data records should consider QuickBooks Online.

Intuit QuickBooks Self-Employed is a simple small business accounting tool that offers an exceptional user experience. Designed for freelancers, independent contractors, and home-based entrepreneurs, Intuit QuickBooks Self-Employed connects to your financial accounts and imports transactions, tracks mileage, creates and sends invoices, and estimates quarterly taxes. Otherwise, however, Intuit QuickBooks Self-Employed doesn’t do as much as accounting websites aimed at similar markets, though it’s good at what it does do. Our top Editors’ Choice pick for small scale accounting is FreshBooks, which costs the same for a more robust set of features.

PROS

• Exceptional user interface and navigation.
• Easily tracks expenses and income.
• Automatic mileage tracking.
• Can assign business transactions to Schedule C categories.
• Estimates quarterly income taxes.

CONS

• High price.
• No contact or product records, time tracking, project tracking, or recurring transactions.
• Invoices not customizable or thorough.
• No estimates or sales tax.

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