Starting a business can be filled with excitement, enthusiasm and willingness to succeed! And perhaps a hint of apprehension… We take a look at one of the ways to keep you on top and save you time whilst getting your invoices paid.
With so much to learn in what seems like very little time we sometimes forget about the less “exciting” part of running a business. It comes to the end of the first month and you realise that invoices need to be sent!
Ten minutes later you find a template for Microsoft Word to fill, send it to the client(s) and ‘save file to desktop’, job done! Before long, you realise it’s become that irritable but hugely important task that needs doing every, single, month…
Of course there’s the option of hiring someone to organise your books. But if you’re looking to continue doing it yourself it may be worth considering some of these accounting software solutions.
Invoicing software for small business
In the past few years, the options available for handling tasks such as payroll and invoicing has grown tenfold. We take a look at some of the best invoicing software solutions available for UK businesses and contractors.
To keep things simple – we’ve taken a step back from wide array of features that each accounting software comes with such as payroll, time-tracking etc. and pulled out the important ones to consider to get you started simply with invoicing.
Founded way back in 2003, FreshBook has grown from strength-to-strength having helped over 5 million businesses handle their invoices from over 120 countries worldwide.
With pricing starting at $14.95 per month, it’s not the cheapest of the bunch but does come with a ton of features that go beyond invoices.
If you want to bill unlimited clients, that price rockets to $49.95 per month. But it’s worth bearing in mind that whilst ‘unlimited’ may sound like a huge lure, what does it actually mean? You can’t reach ‘unlimited’ and even if you had hundreds of clients, you’ll probably have a someone else handling your books.
Founded in 2005, two years after FreshBooks, by a web developer called Duane Jackson. KashFlow grew to 30,000 business subscribers before being acquired by IRIS Software Group in 2013.
That same group owns a 10% stake in the competitor listed in this post, FreeAgent.
Founded in New Zealand in 2006, Xero boasts 1,300 employees across 20 offices worldwide with over 600,000 subscribers.
The company went public the following year in 2007 with a $15 million IPO. Since then it has grown and reported a total operating revenue exceeding $123 million in March 2015 with a 77% growth.
Arguably the largest of the lot (and certainly the oldest), Intuit Inc started in 1983 in Palo Alto, California. Intuit QuickBooks is just one of numerous solutions owned by the parent company.
QuickBooks was launched in the late 90s and since made a number of acquisitions over the years to improve the software.
With over 8,000 employees worldwide and over 1 million subscribers, it’s no wonder they claim to be the number one accounting solution worldwide.
Wave Accounting Inc. launched in 2009 with the public release of Wave Accounting the following year.
Unlike the rest in the list, it’s completely free for small businesses and contractors to use and as a result claims to have 1.7 million customers across 200 countries.
Its “un-pricing” model explains why it’s free and always will be. This is achieved through partnerships with the likes of Dell, Microsoft and HP who pay to promote offers to Wave customers.
Founded in Edinburgh back in 2007, it’s the most expensive in the list of starting price. It focuses on the full package, from reporting to Corporation Tax.
This software company has shared interests in terms of the, IRIS, the parent company of Kashflow owns 10% of FreeAgent. The future of this relationship is relatively unknown with FreeAgent having powered the backend of IRIS for years.
If you’re a new start up or contractor looking purely for a quick and easy solution for your invoicing, then you can’t go wrong with Wave given its free!
That said, I’d never discount the rest and recommend that you look at each and decide for yourself what works best for you and your business needs.
Chasing unpaid invoices?
If you find yourself chasing unpaid invoices that you could really do with right now to improve your cash flow. Did you know that through invoice financing you could get an advance of up to 100% of your unpaid invoices – from £5,000 to £1 million – in as little as two days.