Running a business requires the use of billing software. While there are many types of billing software on the market, not all perform well, or do all of the tasks you need them to do. Recurring billing, time tracking, estimates, and online payments are just some of the function a good billing software program needs to do.
Recurring billing can take the work out of sending bills. Good billing software will allow you to set up the times and people that bills should be sent to. Prompt billing helps ensure prompt payments. Keeping the money flowing in is vital to meeting your own expense deadlines on time. Bills sent out to customers need to be extremely accurate. You risk losing a customer if you send them a bill that is higher than it is supposed to be. Unfortunately, these mistakes are easy to make without the use of a good billing software program. While the customer may acknowledge that it was a mistake, and accept your apology, chances are they will not do any more business with you in the future. You want to prevent this from happening at all costs, as it is much harder to gain a new customer than to keep your current ones happy.
One way to make it easier for your customers to pay is by offering online payments. Most people no longer use checks, opting for debit or credit cards instead. Online payments allow your customer to send money electronically to you from around the globe. Best of all, the process only takes a few minutes. Paypal, the world leader in online payments, is one the safest and best online payment processors around. Most people already have a Paypal account, and will be thrilled to learn that you accept this form of payment. Other online payment processors are gaining popularity, and should be also considered when deciding which type of payments to accept. Internet payments are around to stay, so accepting this as a part of your business model is in your best interest.
Time tracking is vital to knowing the correct amounts to bill out. A good billing software program will include the means to track the amount of time you worked on a job or project so that you do not over-bill or even worse, under-bill. The software should allow you the option to create invoices directly from these time sheets. This can also be used to track the hours of your employees, and ensure that their paychecks are correct. You can quickly find yourself in lots of trouble if your employees are not paid correctly. Tracking their time in the most efficient and exact manner is crucial. The tracking module can be used for thing such as drive times, and more.
If your company provides estimates, consider using a program that has an estimate function. Estimates are vital to landing contracts, so having the means to provide accurate and professional estimates is very important. The program should allow you to load material and labor costs on a quantity basis, and allow for easy and fast calculations. Exact calculations will prevent you from bidding too low on a job, and can save you a lot of money in the long run. Additionally, you do not want to submit a bid that is too high, as this will put you at risk of losing the job to a lower bidder. Traveling to different locations to give estimates, especially free estimates, will cost your company money. You should do everything in your power to land the majority of the jobs you bid for. A good estimate program will help land more jobs, and get the most out of your estimate trips.
The last thing you want to look for in good billing software is if you are able to make it do what you need it to do. It should be customizable to suit your needs. The software should allow you to perform every task in one place. This saves on confusion, and prevents costly mistakes and losses. Separate software for each billing function can be hard to learn, and even harder to manage. Don’t make the mistake of falling into this trap. An all in one system can automatically alert you to possible problems, and allow you to correct these things before they become real problems. To put it simply, mistakes cost you money. Having the ability to catch them before they happen is the best you can hope for out of a good billing software program.
Billing software is not just for businesses, it is also a great tool for freelancers and those that are self employed. Sellers on eBay will benefit greatly from being able to track many transactions in one place. Billing software can track expenses and fees, telling the seller exactly how much profit they are actually making. Having these number will be necessary when tax time rolls around. Freelancers that write or transcribe from home can benefit from the ability to track the amount of time they work, and how much income is actually coming in.
Having the best tools for your business should be a top priority, and is essential to keeping your business running smoothly. For the best billing software solution, visit: