In order to ensure optimal cash flow, businesses of all kinds need to bill their clients in a timely manner. Also, timely billing means proper management of project expenses that further enable you to predict future costs. Therefore, it is vital that you put in place an efficient billing system which would include a top notch billing software, so that your overall profitability improves significantly.
The market is currently filled with automated billing systems that come with a variety of features and functionality levels. However, the availability of too many choices makes the situation quite confusing for a business owner. Mentioned below are a few things to consider while screening different billing software. Let’s take a look at four different criteria:
1. Cloud Based
Cloud based billing software is very convenient because you and your workers can fill in the timesheets and expenses from any computer or mobile device as long as there is an internet connection. This is helpful when your team is working remotely or constantly travelling. Also, you don’t have to worry about buying the latest version of the software every time there is an upgraded version thus saving your company lots of money.
2. User Friendly
The operation and functionality of the billing software must be easy, so that your workers don’t waste their valuable work time trying to figure out how to bill for their time every week. The dashboard should be navigation friendly and must also have instructions that guide everyone on how to use the billing software.
3. Ability to Invoice
It is important to have invoicing capabilities in the time tracking software. It should be a quick and easy process to convert those timesheets and expenses into an invoice which can be sent to the customer for payment. Also, it helps to have integration with payment systems such as PayPal so that customers can easily pay online it and the software can automatically reconcile the payments.
4. Reporting
A critical feature for businesses is the ability to have access to reports that slice and dice company data in order to understand which projects are profitable, how consultants are being utilized etc. A good billing software will have reports on profitability, utilization, accounts receivables and other valuable information.
The bottom line is that it is important to choose the right billing software for your business so that you can manage your cash flow efficiently and analyze your business. Therefore, it is important that you thoroughly research billing software that will best fit your business needs. Hopefully these few tips will give you some ideas to help you choose the right software. If you have any questions related to billing software or want to purchase one, you may call AccountSight at (408) 560-900. Visit https://www.accountsight.com/ for more information.