With countless tools on the market to support almost every aspect of a business’ operations, companies are now able to operate more efficiently than ever before.
For many business owners, these tools make the administrative tasks associated with running a business much simpler, allowing them to focus on their core responsibilities. One area in particular that many seek support in is invoicing and payment collection.
The market for invoicing and payment tools is saturated with options. When it comes to choosing the ideal tool for your business, we would recommend considering a number of key factors such as usability, cost, how easily they can be implemented into your current processes and the support that’s available.
To make your decision easier, we have taken that important first step on your behalf and researched some of the best tools out there right now, as recommended by fellow businesses.
The arduous task of invoicing clients can take a significant amount of time when completed manually, as does reconciling payments against said invoices. The most effective invoicing tools will often integrate with your existing accounting software, making your job that much easier. Take a look at the top invoicing tools below:
Of course, no accounting-related list would be complete without a mention of Xero; one of the world’s most popular cloud accounting software packages. Its easy-to-use interface will allow you to quickly input details, automatically calculate VAT and send at the click of a button. Invoices can be branded to your business, you can include additional attachments such as contracts, and you can even add in a helpful link so that your clients can pay you online. From your dashboard, you will also be able to see your outstanding invoices so that you can improve the management of your cash flow.
Winning major points for being one of the most cost-effective invoicing tools on our list (FREE), Wave is perfect for small business owners. According to its website, Wave will only be chargeable when processing payments, meaning that it is completely free to use for accounting, invoicing and scanning receipts. Its invoice functionality will allow you to invoice in any currency and send quotes, as well as being completely customisable to your business.
Zoho is no stranger to our lists of top tools! The software provides a whole host of applications so that you can form a bespoke package that answers your business’ requirements. Its invoicing functionality, in particular, is well suited to the needs of small businesses and freelancers and allows users to generate and send invoices from any device.
Another free tool that allows businesses to send an unlimited number of invoices to an unlimited number of clients, is Invoicely. Its dashboard is extremely simple to use – from here, you can send one-off and recurring invoices, as well as account statements and estimates. The app can also be integrated with the majority of leading payment software solutions to ensure customers can quickly bring their accounts up-to-date.
FreeAgent offers simple software that not only makes invoicing a breeze for you, but for your clients too. Prepare invoices from one of the many ready-made professional templates on offer – simply customise with your logo and branding. What’s more, you can invoice your clients in any currency and send it in one of over 25 languages! Another great feature of FreeAgent is just how easy it is to set up recurring invoices that automatically nudge your clients when needed and chase any pesky late-payers. FreeAgent are so confident you’ll love their software that they offer a free 30-day trial (no credit card details needed).
With late payments causing a significant issue within the business world, it is vital that companies make it as easy as possible for their clients to pay their invoices on time. Whilst traditionally companies would accept cheques and BACS payments, these methods are now competing with an ever-growing list of online payment gateways. Here are some of the top payment tools on the market right now:
Arguably one of the most well-known payment tools on our list, PayPal has long been the online payment system of choice. With its longstanding position within the industry, businesses and consumers alike have grown to trust the platform. The global tool comes with its very own Seller Protection and fraud screening to identify suspicious transactions.
Boasting a quick and easy setup, Stripe’s visually engaging dashboard aims to remove the complex nature of business finances. The platform allows businesses to receive payments in a number of ways whether it is recurring, within a marketplace or a one-off request. Furthermore, it is compliant with regulations and standards from around the world.
Ideal for businesses wanting to collect Direct Debit payments, GoCardless provides the ability for companies to schedule one-off and recurring payments with variable balances. Not only does this benefit the company itself, but also makes it much easier for their customers to pay on time with very little effort on their part, they will simply receive a request to withdraw funds.
With a number of solutions on offer depending on the size of a business, Worldpay is one of the largest, UK-based, payment processing businesses. For small businesses, payment options such as card machines, website payments, virtual terminals or links within invoices, can all be implemented to suit their requirements.
The platforms mentioned above are just a few of many financial tools out there to support your business with invoicing and payments. What tools have worked well for your business? We’d love to hear from you on LinkedIn or Twitter!
12 Feb 2024
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