Invoice Management Systems – Top 10

Top 10 Invoice Management Systems 

The outbreak of COVID-19 has birthed a lot of changes in the way businesses operate across the globe. With several companies transiting into the digital space to conduct their business, it is no doubt the digital world is experiencing an increasing trend across the world. Many top businesses, including emerging ones, have now integrated digital payment solutions into their business operations. The most surprising aspect of it, however, is that the trend is not static, but rather an increasing one. In fact, a research-based fact published by Mastercard unveils that more than 50% of businesses and corporations across North America have now integrated digital payment systems into their businesses. Additionally, it is also imperative to note that as of now, one out of every four business has transited into electronic payment and are using digital invoicing for collection and remittance. This drastic change is however not quite far-fetched, it is the fact that businesses that are migrating to electronic payment understood the benefits and merits attached to these invoicing software solutions, and hence are leveraging this opportunity to scale up their businesses in every way possible. However, in spite of the increasing trend in electronic payment solutions, this trend has not completely ousted traditional payment methods which involve the use of checks and other traditional payment methods. To buttress this point further, a report publication released by  Financial Professionals in the year 2019 that there are still up to 42% of businesses using traditional paychecks for payment collections although the result is projected to reduce drastically in the coming years sequel to the outraging expansion of the global electronic invoice market. Having said that, however, as an entrepreneur and business owner, the idea of deciding to choose what e-payment solution would be best for your business should be a priority to you, after all, it is most likely the same as you make an investment decision to purchase for a new software solution for your business operations. 

What are Invoice Management Systems? 

All businesses regardless of their size and mode of operation would have to deal with invoicing and payment management and which has to be done in a timely manner. Although, whilst this can be relatively easy for small businesses due to their scale size, it would in no time become a serious workload as soon as their operations begin to expand in size. As such, all business owners should be best prepared and ensure to have an efficient and effective invoicing management system in place. It is, however, imperative to have adequate insight into what an efficient invoicing management system entails so as to know how best to manage and integrate this system into your business. 

The invoice management system is thus defined as an electronically designed platform that manages, analyzes, and organizes all your business invoicing processes, streamlining the manual workload, off your neck. It tracks, monitors, and makes bills payment for your products and services an automated and easy-to-go process. These management platforms are however software solutions designed tools tailored to cater to your invoicing and bills settlement needs. These solutions when compared to traditional manual invoicing are by far more accurate, faster, and efficient and efficient. The good news — most of these solutions are cost-effective so you need not worry much about their cost implications.

 Why You Should Integrate Invoice Management Systems Into your Business 

The increasing trend of companies moving into electronic payment for their businesses is characterized by the astounding benefits accrued to using these e-invoicing solutions. The succeeding lines enumerate why companies are moving from traditional invoicing systems into e-invoicing. 

It makes invoice processing faster and easier 

Helps control your invoice processes while you focus on other important business ventures 

It issues and approves invoices across the globe 

Payment can be made from any part of the world 

You can protect your business against invoice duplication 

Lets you be in charge of your and control your dashboard for fraud detection and prevention 

List of Top 10 Invoice Management Systems 

Following the core part of this piece, this section will outline the list of top 10 invoice management system solutions you would want to consider using Studying this list critically lets you know what solution best suit your business needs. 

Ranking from the least to best, our top 10 invoice management system solutions include: 

#10 Salesforce CPQ 

A multi-functional built software solution tool for both small and large scale businesses, the Salesforce CPQ solution is specifically designed and tailored to ease the stress salesmen face relative to quotations generation, billing, invoicing, contract and orders creation, et cetera. The software is built in a way that lets you handle and manage your invoice processing in a timely manner on the single Salesforce platform.      

Key Features include: Contract management, proposal creation, billing of subscriptions, revenue recognition, sales process streamlining, guided selling, et cetera 

Pricing: $ 75 per user monthly (CPQ plan) / $ 150 per user monthly (CPQ Plus plan) 

Payment Options:  ACH (automated clearing house), Credit cards, Cash  

Invoices:  Unlimited and customizable 

Website link: www.salesforce.com 

#9 NetSuite ERP 

NetSuite ERP is a solution built in a way that suites suite and functions along with businesses as they evolve. This means that no matter what level of your business is in its life circle, whether it’s at the initial stage, evolution stage, or maturity stage, NetSuite is designed in a way that it would function effectively as they grow. It handles a wide and broad range of business processes like inventory management, billings, and fixed assets, amongst others. 

Key Features include: complex rating models management, billing subscriptions,  revenue recognition, sales process streamlining, guided selling, et cetera 

Pricing: $999 USD monthly 

Payment types: Direct Deposit, Online, EFT, ACH 

Invoices: Unlimited and customizable 

Website link: www.netsuite.com 

#8 Melio 

Melio is designed for small and medium scale business and its features lets users experience a seamless invoice-processing workflow. It is built for business owners who want to have a system in place for their invoices but do not have the leverage to purchase premium software, hence it’s free of use. 

Key Features include: Contract management, proposal creation, billing of subscriptions, revenue recognition, sales process streamlining, guided selling, et cetera 

Pricing: Free of charge, free forever 

Payment types: Direct Deposit, Online, EFT, ACH 

Invoices: Unlimited and customizable 

Website link: www.meliopayments.com 

#7 Sage Business Cloud Accounting 

Previously known as Sage One, Sage Business Cloud Accounting is an invoicing system solution built for you to have detailed and comprehensive access to your invoicing data while availing you of an all-in-one cloud-based accounting solution.  

Key Features include: Payment monitoring, invoice creation, billing of subscriptions, revenue recognition, sales process streamlining, and guided selling 

Pricing: $ 29 USD monthly 

Payment types: Direct Deposit, Online, EFT, ACH 

Invoices: Unlimited and customizable 

Website link: www.sage.com 

#6 vCita 

vCita is specifically built for professional businesses like law firms, consulting firms, coaching businesses, financial firms, et cetera. Its comprehensive tools let you manage a broad range of CRM relative activities like client management, invoicing & billing lead generation, and appointment scheduling.   

Key Features include client management, invoicing & billing, lead generation, and appointment scheduling. 

Pricing: ranges from 29USD – 99USD 

Payment types: Direct Deposit, Online, EFT, ACH 

Invoices: Unlimited and customizable 

Website link: www.vcita.com 

Our top 5 Invoice Management System Solutions

#5 Intuit QuickBooks Online 

Intuit QuickBooks Online lets you have total control and track all your financial data in one single platform such as taxes, revenues, as well as expenditures from time to time. 

Key Features: Time tracking tools, tax features, accepts all payment types 

Pricing: ranges from 15 USD – 100 USD 

Payment types: Accepts all payment types 

Invoices: Unlimited and customizable 

Website link: www.quickbooks.intuit.com 

#4 Xero 

Xerox works efficiently for both brick-and-mortar businesses and online-based businesses. Its features are built for smaller businesses to maintain a seamless process in invoicing management. It’s quite affordable and easy to use. 

Key Features include Customizable invoices, a wide range of integrations, and payment processors. 

Pricing: ranges from 12 USD – 65 USD 

Payment types: ACH, Online 

Invoices: Unlimited and customizable 

Website link: www.xero.com 

#3 Zoho Invoice 

Despite being a free software solution, Zoho Invoice offers users a variety of features specifically for service-based companies. Zoho invoice lets you track and monitor billing hours, and projects, as well as create customized invoices for projected completed projects. 

Key Features: project monitoring, invoice generation, billing monitoring 

Pricing: Free forever 

Payment types:  ACH, Square, Online 

Invoices: Customizable and Unlimited 

Website link: www.zoho.com 

#2 FreshBooks 

Ranking our number 2 best invoicing software, Freshbooks has a well-designed UI  (user interface) that functions seamlessly and runs effectively and efficiently, scaling up your business operations with its wide range of hands-on tools.  

Key Features include: easy to use, a wide range of hands-on accounting tools accepts all payment types 

Pricing: ranges from 15 USD – 45USD 

Payment types:  Accepts all payment types 

Invoices: Customizable and Unlimited 

Website link: www.freshbooks.com 

#1 Square Invoices  

Ranking as our #1 invoicing solution, Square invoices is an advanced built software invoicing solution tailored to work seamlessly for both product-based and service-based businesses, although, the payment systems may differ here. Additionally, Square invoices avail its users with dual versions – which means, users can choose between its free version and paid version.  

Key Features include viable tools for all business types, accepting payment globally, unlimited clients accepting payments of all types 

Pricing: ranges from $0 USD – 20 USD 

Payment types: All types of payment, including in person  

Invoices: Unlimited and customizable 

Website link: www.squareup.com 

Wrapping Up 

Whilst there are myriads of Invoice Management Systems out there suitable for multi-business operations that is, invoicing software solutions that can work optimally across multiple business operations, nonetheless, fishing out the high-quality designed invoicing software solutions from the pool several invoicing software solutions can be painstaking which is why we have streamlined and drastically reduce the stress for you whilst providing you with the above listed best solutions to enable you to make a rational investment decision.