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The best tools for invoices and payments

Technology continues to transform businesses.

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 taking a look at their usability, cost, how easily they can be implemented into your current processes and the support available.

To make your decision easier, we have taken that vital first step on your behalf and researched some of the best tools out there right now, as recommended by fellow businesses.

Invoice tools

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:

Xero

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 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.

Wave

Winning major points for being one of the most cost-effective invoicing tools on our list (FREE), Wave is perfect for small business owners. Wave will only be chargeable when processing payments, meaning that is completely free to use for accounting, invoicing and scanning receipts. Its invoice functionality will allow you to invoice in any currency, send quotes and can be personalized to your business.

Zoho

This is not the first time that Zoho has made one our list of top tools, and for good reason. The software provides a whole host of applications so that you can form a bespoke software 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.

Invoicely

Another free tool that allows businesses to send an unlimited number of invoices to an unlimited number of clients, the Invoicely dashboard is extremely simple to use. 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 easily bring their account up to date.

Payment tools

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. Traditional methods of payment 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:

PayPal

Arguably one of the most well-known payment tools on our list, PayPal has long been the online payment platform 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. In terms of pricing structure, it is fairly straightforward, with the majority of customers paying 2.9% plus £0.30 per transaction.

Stripe

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.

GoCardless

Ideal for businesses wanting to collect recurring payments, GoCardless provides the ability for companies to schedule one-off and regular 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.

Worldpay

With a number of solutions on offer depending on the size of a business, Worldpay is one of the largest 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!

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