When it comes to running a business, one of the most important tasks that you need to stay on top of is your invoice tracking. Invoicing helps you with expense tracking, payment options, and dealing with unpaid invoices. It helps you pay bills, solidifies customer and vendor partnerships, and more. It also keeps you correct and compliant during tax time.

This is why it is wise to use an invoicing software program in order to instantly deliver customizable invoices and benefit from cost savings. It allows you to ditch manual printing and delivery of bills. Therefore, you get to utilize a pain-free and professional way to create and send invoices to your customers, vendors, and others. To help you pick out the best invoice tracking software, we share some of the most popular tools. Let’s take a look.

1. Melio

One of the best invoice tracking software programs that you need to know about is Melio. It is a modern payment solution that allows small businesses to excel in account management. You can even use it for paying business bills easily using a credit card or bank transfer. Users get rewards and can manage their credit card billing cycle better. Some of the additional features that you will find incredibly useful include seamless sync, scheduling multiple payments, and payment approval workflows.

There is very little you cannot do with Melio. It simplifies bill-paying and improves cash flow. If you are on the lookout for a user-friendly accounts payable tool that truly delivers, Melio has you covered. It might just be the cloud-based software you need to use for sending and managing customizable invoices.

In fact, its user experience is considered one of the best. You can add vendors quickly, upload files with a timestamp, and more. Also, it allows you to assign roles and permissions so that only the right people use it. The more you use it the easier your life and work will become.

2. Zoho Invoice

Another excellent invoicing software that small businesses should consider using is Zoho Invoice. You can use it to craft professional invoices and have them sent automatically to customers. Besides this, you also get to send payment reminders in order to receive payments on time.

With Zoho Invoice, you get to brand your invoices and add options for different languages and currencies for completely customizable invoices. On top of this, you have the option to automatically send recurring invoices (automatic payment reminders). It doesn’t get better than this.

Moreover, you can use the program to track reimbursable expenses, bill clients, time tracking, get detailed estimates, and accept online payments. What’s more, you can use its mobile app for all mobile devices with Android or iOS to unleash its full potential.

The main reason that we had to mention Zoho Invoice is that it has been designed for micro-businesses. This is why home-based businesses, consultants, sole proprietors, independent contractors, and freelancers often find it to be the best option. If you employ under 10 people, it will allow you to manage employee wages as well.

Best of all, Zoho Invoice is a great solution for businesses that have a small budget and don’t require an overly complicated program. You will appreciate its straightforward nature and low pricing. Furthermore, it is important for you to keep in mind that it is also a scalable invoicing tool. It is due to this reason that you will not need to switch to a different software program when your company expands. Most of the options can be upgraded and integrated with other applications. Besides, its mobile application allows you to keep up with work on the go.

3. QuickBooks

QuickBooks is a name that most businesses are familiar with. Whether it be the traditional software based program or QuickBooks Online, it is the ultimate invoicing software that enables you to create customizable invoices quickly. You should be able to create a custom invoice that represents your brand or opt for an invoice template to guide you. It is also possible to keep track of payments in real time with QuickBooks. Users can rely on automated recurring invoices and reminders to ensure accuracy and save time.

Moreover, it is possible to create invoices with shipping costs, discounts, and taxes. QuickBooks provides mobile access (invoice app) as well so that you can send invoices from just about anywhere. Besides, it allows integration with multiple applications including Whatsapp. This ensures that you are able to send invoices to customers regardless of where they might be.

As a small business owner, you will find QuickBooks Online to be the ideal accounting software. It lets you choose from four plans and even has an option for people who are self-employed. Each plan provides a host of features that enable you to up your game. Furthermore, you will get to generate various reports for accounting purposes. QuickBooks also lets you upgrade your plan as your business scales, making it a versatile and adaptive invoicing solution with a range of invoicing features and invoicing options. 

If you have never used accounting software in the past or are simply looking for one that is easy to set up, you can rest assured knowing that QuickBooks has you covered. If you require assistance, you can reach out to a professional bookkeeper to configure the software for you so that it makes sense for your business operations.

• Once you use QuickBooks, you likely won’t want to go anywhere else. The benefits are myriad, including: 
• Simple billing process
• Intuitive client portal
• Connection to your bank accounts
• Simple invoice generator
• Management of outstanding invoices and partial payments
• Streamlined payment processing
• Customizable templates
• Online Invoicing
• Expense management
• Track expenses
• Ability to run financial reports and other detailed reports
• Access to a range of other advanced features
• And much more

4. Xero

The next invoice tracking software program on our list is Xero. It is an online accounting, billing, and invoicing software that aims to help you run your business better. You can use it to access real-time information and make important decisions.

Xero lets you send invoices, accept payments, and pay bills. Some of the features that you can use include sales tax calculation, quotes, purchase orders, inventory management, reporting, online filing, data capture, contacts, payroll, project tracking, bank reconciliation, and to claim expenses.

What sets Xero apart is that it makes tracking payments a lot easier. If you are struggling with invoice tracking, give it a try. It allows you to maintain an excellent relationship with customers without having to worry about them making payments on time. Therefore, you will be able to maintain a positive cash flow and not stress about having to take out a loan or access additional lines of credit.

Moreover, you will find its user-friendly dashboard incredibly helpful. It will let you know when a bill is due and makes it possible for you to manage all your purchase orders. With the spare interface, you get a complete picture of how your business is performing. Also, you can check out the costs in real-time and make modifications instantly.

Since Xero is a cloud-based solution, you won’t need to install any programs on your computer. Besides, it provides double-entry bookkeeping functionality, which ensures that there is a debit and credit for every transaction. Also, you have the option to schedule upcoming payments to save time. Small business owners can rely on its automation capabilities to improve their performance.

5. WorkflowMax

Take your small business to the next level with WorkflowMax. It is an online invoice management software that will change your life for the better. As the leading all-in-one accounting management software, you can use it to generate reports, send invoices, track time, create schedules, and more.

You should be able to quickly create customized invoices with its online billing feature. It even lets you use progress amounts, costs, and actual time so that the invoices are able to include all the information that you deem necessary. You can use a simple template to create a universal invoice for all customers or you also have the option of sending a unique and detailed invoice that covers different rates, cost quantities, and tasks.

WorkflowMax is just the invoice tracking software you need to manage payments in one central location. It provides a clear view of all your finances and allows you to easily automate key accounting processes.

The program has a unified dashboard that has reporting, reconciliation, approvals, and payment capabilities within reach. Moreover, there are even secure electronic payments for speeding up accounts payable.

Conclusion

Invoice tracking software allows small businesses to improve their workflow and manage several aspects of their finances. Using the right program makes all the difference in today’s fast-paced business environment. Forget about having to perform manual entries for anything ever again as the software takes care of everything. You even have the option to integrate it with other applications for improving business operations.

Every business owner that wants to stay on top of invoicing and continue to grow needs a quality invoicing program. Take time to research your choices and ask other business owners and your bookkeeper what programs they prefer. 

Sound Accounts helps business owners increase both efficiency and productivity with individual bookkeeping service plans. Contact us today to learn more and find out how much better business can be with an experienced, attentive bookkeeper in your corner. 

To learn more about invoicing software programs, check out our frequently asked questions below. 

FAQ

What program is best for invoices?

If you are on the lookout for an invoice management program, you have a number of options, including Xero, Zoho Invoice, and QuickBooks. Consider your requirements to decide which solution is best for you and your business goals.

What Is an invoice tracking software program?

Invoice tracking software is a program that streamlines the creation of bills and invoices so that you receive payments on time and manage these aspects of business with greater ease. It even lets you monitor and track bills so that you can send reminders automatically and encourage customers to clear their dues. With invoice tracking software, you can minimize personnel costs and maximize on your time and organization.

Is Excel or Word better for invoices?

When it comes to creating invoices, you might be wondering whether to use Excel or Word. Generally, it is best that you use Excel as it provides advanced capabilities.

How do I decide which invoicing program is best for my business?

It’s a good idea to ask around. Talk with other business owners about their successes with certain programs. Read reviews and articles on the subject. Test a few programs out before making a final choice. And most of all, work with your bookkeeper or bookkeeping service provider to help you make the right choice.