Choosing the right invoicing software is challenging as there are a wide variety of products available these days with a range of capabilities, features and costs. It is tedious and time-consuming to evaluate each product. The article below attempts to help you consider the most essential factors that can’t be overlooked while choosing the perfect invoice software for your needs.
One of the most important aspects of billing software is its capability to take care of various taxes that you are supposed to collect and report. Make sure that the product is capable of meeting all the requirements of local tax authority. Also, ensure that the invoice layout is as per the requirements of the local tax authority.
For instance, some tax authorities require businesses to display their tax registration number and mention tax invoice on all the invoices as well as separate mention of the tax component and various other things. In addition to these, the software should also provide the relevant tax reports to help you prepare the required tax returns.
The billing software should not only allow you to enter billing related information but also other important information for your business including vendor, contacts, customers, documents as well as various other important data points. For instance, inventory module may be needed by a trading company. Some software available in the market also allow you to import data from an external source that helps in saving a lot of time. The right software should also allow you to export the required data to an open format.
The billing software should also provide all the required reports including receipts, sales, customer statements and various other such useful reports for your business. Make sure that the software allows you to customize your reports. The software will accumulate a lot of data with time and therefore, good software should always feature an excellent search function to help you locate customers, invoices, inventory records and other such important things at the click of a button.
Cost is definitely a factor that should be considered but it shouldn’t be the sole deciding factor. It is recommended to buy software that provides all the necessary features and has a reputation for excellent customer support even if it costs a bit higher than the other options. Customer support is extremely important in case of dealing with software issues.
Overall, consider the above mentioned factors to choose the right invoicing software for your business.