This can cause significant delays in payments and cash collection, which can sour new business partnerships and create revenue leakage. Before you commit to accounting software, it’s in your best interest to shop around and compare all your options. Unlike QuickBooks and FreshBooks, Wave Accounting is completely free to use.
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You can also manage late payments more efficiently through e-invoicing by setting up payment reminders to send to your customers before an invoice due date. Invoicing and billing software are not necessarily the same, though many options on the market incorporate both billing and invoicing capabilities. Billing is the process of generating a statement of charges incurred for products or services, while invoicing is a payment request made after products or services are delivered.
Best Invoicing and Billing Software Options for 2025
You can mark invoices paid on the spot, so your records are instantly up to date. Accept payments through credit cards and bank payments to get paid even faster, for a low, pay-per-use fee with our online payments feature. Wave Invoicing is ideal for freelancers, entrepreneurs or small businesses. The fact that it is free waves invoices makes it a great option for those just starting out or those who want to keep their overhead as low as possible. Companies that want to combine project management tasks in their accounting software or are looking for software with a great mobile app that they can use on the go will probably want to look for other options. Wave is a free invoicing software that helps small businesses keep track of their bookkeeping needs from one location.
Learn more about how we rate small-business accounting software. Similar to other reputable cloud-based accounting software products, Wave encrypts the data you share with it and monitors its server facilities 24/7. Wave Accounting can be a great option if you run a very small service-based business or don’t need more advanced features that alternatives might offer. For small businesses any larger than that, however, Wave is limited. Unlike competitors, Wave doesn’t offer many advanced features to increase the software’s functionality.
Invoice customization options
While the number of core templates is a little low at just three, you’ll be able to add a company logo, customize colors, and include customer notes. The invoices can calculate taxes and create estimates, while offering multi-currency support – all useful features for a versatile invoicing service. While users never pay startup or monthly fees, Wave does charge a credit card processing fee of 2.9% plus 30 cents per transaction for most cards.
- The following list is curated from G2 and Capterra, both of which score sales software based on user feedback, the features available, and overall satisfaction.
- Sign up for Wave and send your first invoice right away—it only takes a few minutes!
- Many companies offer a trial subscription or, in some cases, a limited freemium version, allowing users to test the software before committing.
- Check out more of our invoicing tools that can help you run your business more efficiently.
- Since this is less useful, the service will be $20 per month cheaper.
For self service states, Wave Payroll costs a $20 monthly base fee, plus $6 per employee or contractor. Wave offers a handful of integrations with other types of services that small businesses are likely to need. Customize your invoices by choosing from a variety of templates. Then add your logo and company colors to make it look professional and personalized. Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business.
Is invoicing software the same as billing software?
Many companies offer a trial subscription or, in some cases, a limited freemium version, allowing users to test the software before committing. Prices range from less than $10 per user to more than $100 per user per month. Invoice templates simplify invoicing, but there’s typically no one-size-fits-all option that works for every customer. The lack of invoicing customization in billing software reviews is flagged as a drawback across some options.
Square Invoices allows you to send digital estimates and customized invoices. It includes real-time invoice tracking and automatic reminders. With the Plus program, you can set up payment schedules and batch invoicing and stay organized with a project workspace. A salesperson’s job is momentarily done at the end of each month when deals are closed and paperwork is submitted to the finance team. Given the effort it can take to land new customers, the worst outcome is for an unreliable order-to-cash process to create problems.
- Your deposit times may vary based on your financial institution.
- There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time.
- It’s owned by parent company H&R Block and offers a suite of money management tools.
- Every invoice paid means more revenue coming into your business.
- Invoice templates simplify invoicing, but there’s typically no one-size-fits-all option that works for every customer.
Bank payments(ACH/EFT)
Whether you are struggling with sending out invoices on time, keeping track of payments or organizing tax information, Wave helps business owners get a handle on their accounting department at no monthly cost. While several accounting software services provide a free version of their software, the free version usually limits the number of users, number of invoices per month and integrations. Wave Accounting’s Starter plan is free and its Pro plan, which includes more features, is $16 per month. Regardless of which you choose, you will have to pay processing fees to accept invoice payments online. Wave also offers paid products for payroll, coaching and mobile receipt scanning. With invoice and billing software, your business can streamline processes with automated invoicing, automatic payment reminders, customizable invoices, and integrations with payment tracking software or payment gateways.
Wave also offers a free app to help you manage your invoices on the go. With Wave Invoicing, you’ll be able to track, edit, send and pay invoices from any mobile device. In addition, Wave allows you to manage multiple businesses on one free account and uses double-entry accounting, which is ideal for accountants and tax time. Wave offers a decent range of invoice creation tools and abilities.
While its limitations do not make it an ideal solution for every business, Wave is a particularly appealing option for freelancers who are just starting out. Billing software manages the billing process for customers purchasing products or services. Customer payment information is encrypted for security before being processed through the customer’s bank or credit card. Once the transaction is complete, the payment status is returned to the billing software.
This makes Wave ultimately a middle-of-the-road service for invoice creation specifically. It’s not bad at all, but several services are better, with Zoho Invoice in particular coming out ahead – in fact, it supports every feature mentioned here. Wave offers some of the strongest functionality of all the best invoicing services for small business. According to our research, it’s second only to Freshbooks for features, though QuickBooks matches Wave. You can also try out Wave Payroll, a paid service Wave offers for those who want to provide employee payroll through the platform as well.
A 1% fee is applied to the amount you withdraw from your available balance (minimum fee of $1), in addition to regular processing fees.. Deposits are sent to the debit card linked to your account in up to 30 minutes. Deposit times may vary due to processing cutoff times or third party delays. One of Wave’s most popular invoicing features is the ability to create user-friendly customizable templates. Not only can you customize the invoices to fit your brand, but you can also set up recurring invoices and automate credit card payments for repeat customers. Once invoices have been sent, you can easily track the status of each invoice to see if they are viewed, unpaid or Overdue.
While the invoicing platform is not easy to integrate with popular third-party payroll apps like Gusto or OnPay, Wave does have its own payroll software. Small businesses that plan to hire employees at some point might need to change accounting software systems in the future or upgrade to Wave Payroll. Create and send as many customized, professional invoices as you want with Wave’s free Invoice Generator.
If this feature is necessary for your business, your software must allow for some flexibility. Customers may have different renewal dates, billing types, or charge types. Although the shift toward automation across various functions may feel overwhelming, it offers a competitive edge. Customers now expect easy, fast, and secure billing and payment experiences regardless of transaction size. The good news is that providing these experiences also benefits businesses. This is likely why the global e-invoicing market is expected to reach $60.9 billion by 2032, up from $13.5 billion in 2023, representing a 17.7% growth rate, according to IMARC Group.