Billing software or accounts receivable applications allow companies to develop invoices and track outstanding customer invoices. These products typically include various aging reports to aid in the collection of unpaid invoices. Consultants and other service industry businesses use these products to track unbilled time and services. AR is usually sold as part of a complete solution accounting package.
Depending on the nature of your business, you may be able to buy a generic off-the-shelf product that will completely meet your businesses needs. Certain industries such as a medical or legal office have more sophisticated billing requirements and will likely lean towards a product developed specifically for their industries specialized needs. There are also billing/AR software packages available for companies that want to provide a 3 rd party billing service.
Software that will meet your needs might include:
- Invoice software
- Accounts Receivable tracking
- Automated repeat billings
- Time billing software
- Batch billing
- Partial payment handling
- Automated unpaid bill actions (late charges, interest, form letters)
Some providers of software for billing include:
- Avolent
- Timeslips
- Paypal (the leading internet billing system used by ebay and others)
- Quickbooks
- Everest Software
- Advanced MD
- Tabs3
Factors to consider when selecting software for your large or small business include:
- Integration or replacement of existing business systems
- Ease of use and training
- Special billing needs, payment plans, or other unique features to your business or industry
- System resources: Not usually an issue, but sometimes small business environments are on over-taxed hardware already.