Billing and payment software can simplify how your business handles invoices, tracks payments, and communicates with customers. Rather than relying on spreadsheets and manually chasing down late payments, the right software can automate these tasks, streamline financial operations, minimise errors, and save time for more critical business growth activities. However, understanding what they’re for and how they can help guide you as you navigate the many options available.
- Billing vs Payment Processing
- Why invest in new software?
- What to consider before investing?
- Determining the best business tools for you
Billing vs Payment Processing
Billing software aims to automate the billing process and track outstanding payments. Some provide features like client management, project tracking, and expense management. Payment processing software, on the other hand, focuses on facilitating transactions and accepting different types of payments. They play critical roles in how you can streamline financial operations for your business and if you need both, they can be offered by the same tool.
An example is Flexigrow, a cloud-based business management software that streamlines financial operations by generating and sending invoices, digitising business expenses, and offering payment solutions. It automates your financial workflow from start to finish, making getting paid much easier. There’s also a web and app version, so accessibility is no issue. You can request a demo today and see how Flexigrow works for you.
Why invest in new software?
If your current financial system is working, why invest in a new cloud-based billing or payment software? Evolution.
In today’s fast-paced market and work landscape, keeping up with the latest technology is essential to ensure your continued success. The COVID-19 pandemic has forced many companies to adopt remote or hybrid work setups, making it even more critical to invest in new software that is easier to access and collaborate on for your team.
There are many more benefits of cloud-based accounting, which you can read about here.
What to consider before investing?
With the vast array of options, choosing the fitting billing and payment processing software can be overwhelming. So, here are a few key factors to consider:
What is your budget?
If you’re aiming to streamline financial operations for your business, it may be tempting to just get the too that lists down hundreds of available features. However, paying for an overpriced plan with features you don’t use or using multiple software with a little bit of everything you need can cost you more than the value they provide. Set a strict budget for all your business tools. Evaluate different pricing plans and determine whether a new payment or billing software can add value to your operations. Can they do the work of other tools? Do they charge transaction fees or require additional costs for service?
How is their scalability?
Think big when it comes to your business. Will the business tool accommodate a growing customer base or an expanding business? Choose software that can scale down or up, when necessary, as your business evolves.
Is the tool compatible with what you’re using?
Consider the software’s compatibility with your existing tools and systems. Look for business solutions that seamlessly integrate with your accounting software, customer relationship management (CRM) system, or e-commerce platform. Tool compatibility ensures a smooth data flow, reducing the chances of errors or duplication and the need for a complete system overhaul.
What are their security policies?
Your and your customers’ financial data is precious, and protecting it is paramount. When choosing your business software, make sure it implements stringent security measures, such as encryption and secure data storage. You can also request more information about their security policies to confirm.
What are their customers saying?
Check customer reviews to understand what using the software is like. Reviews may be available on company websites, but checking other platforms like Google Business Reviews, ProductReview.com, and Yelp for less curated reviews is best.
Do they provide customer support?
You’ll likely experience occasional issues when using business software, from general concerns like how-tos to bugs and other updates. It’s just the nature of code. Companies may provide comprehensive Frequently Asked Questions or FAQs and AI-powered chat support, which can be great for general issues. However, check if they also have hotlines for live agents to provide reliable customer support.
Determining the best business tools for your
Running a business, big or small, involves making countless decisions, including finding the best business tools to improve and streamline financial operations. And with so many options available in the market, you can take your time choosing the right fit. Assess your business model to determine if you need payment and billing software. Take time to test out different tools. Also, identify your business needs and goals before making a final decision.
