Companies use invoice and billing software to create and send invoices to customers in order to request payment for the products and services that they deliver. By using this type of software, companies can reduce the time and effort required to manage invoices and improve the accuracy of their billing processes.
This type of software is typically used by accounting professionals, but can also be used by salespeople or project managers to provide customers with estimates or pro forma invoices. Billing software helps companies manage invoicing for different types of products or services, such as project billing for professional services and recurring billing for utilities.
Billing software integrates with accounting software and ERP or CRM solutions where information about customers and the products or services they acquired is stored. The final stage of the billing process (when the payments are received) is usually performed using an accounting software or module of a larger solution like ERP.
To qualify for inclusion in the Billing software category, a product must:
Provide features to create multiple types of invoices
Be able to consolidate multiple invoices into one or split an invoice
Include templates for invoices and other documents
Allow users to send invoices in different formats (PDF, MS Word) through various communication channels (email, efax )
Offer reports and analytics on the status of each invoice
Include payment alert notifications
Integrate with software solutions such as ERP, CRM, and accounting packages
