Must-Have Features of Billing Software for Small Businesses

by | Sep 17, 2021 | Kill Bill Resources

billing software for small businesses

Billing software for small businesses organizes and automates the invoicing process. It assists businesses in reducing manual data entry errors and ensuring fast and consistent payment collection. 

However, not all billing software programs are built the same way. From design and features to security and feasibility, there’s a lot to consider when choosing an invoicing system. Therefore, we have designed the billing software features list to help you choose the best billing software that meets your needs and expectations.

Best Billing Software for Small Businesses: 8 Essential Features

The billing software you choose can make or break your small business. This makes it essential to choose only the best. The following features and functions should be included when you’re looking for the most desirable billing software for your business:

  • Invoice Creation 

Billing software helps you create clear, professional invoices that can be adjusted to match your company’s brand and support real-time billing and payment. Extracting and integrating data from external systems should be possible with the software. It should also support a variety of billing models and billing frequencies. 

  • Customer Records Management 

Billing software for small businesses allows you to store customers’ personal and purchase information and attach pertinent files in a single, centralized database with search filters for quick access to client records. Ideally, you can even store the customer’s preferred payment method with their account information; the billing system uses this to automatically pay the customer’s invoices.

  • Recurring Billing 

By allowing recurring billing and processing credit cards quickly, the billing software should save you time and make invoicing easier. Some billing software even allows automatic credit card invoicing, ensuring that clients do not miss a payment deadline.

  • Subscription Management 

Billing software must initiate, terminate, upgrade, downgrade, pause, restart, and renew subscriptions. It should support multiple billing situations and payment plans with flexible plan administration. Customer transition should also be smooth and automated as they move from one subscription phase to another (for example, from the trial phase to the evergreen phase). Finally, sign-up, account pause, late payment, and other situations should generate automated subscriber notifications.

  • Multiple Currencies Manipulation 

The multiple currency functionality is important for firms with global operations since it may be used to issue receipts, take payments, and manage taxes. Moreover, it allows businesses to streamline global payments as customers pay in their respective currencies. 

  • Tax Calculation & Fraud Detection

The billing software you choose should be able to integrate external systems for tax calculation and fraud detection software. Ideally, it should allow you to set up and work with all these external systems so you can take advantage of the specialized functionality they offer.  

  • Analytical & Financial Reporting 

Analytical and financial reports assist small business owners in making big decisions. Therefore, the best billing software programs feature real-time key metrics like CAC, MRR, and LTV, in addition to dashboard-building tools.  

  • Customization 

Lack of customization can be frustrating for small business owners. Therefore, it is important to look for billing software that allows you to build your own business logic to create tailored billing and payment solutions. It should support plug-ins and third-party integration options for optimal customization.  

Kill Bill: The All-In-One Solution for Diverse Billing & Invoicing Needs

Wondering where to find the perfect billing software for your small business? Kill Bill is the optimal solution. The open-source platform is trusted by hundreds of customers worldwide. It is an event-based system that automates and streamlines the invoicing and payment function. 

Plus, plug-ins provide customized business solutions tailored to match your business model. Kill Bill possesses all the features and capabilities discussed above and much more. Visit Kill Bill to learn more about the best billing software for small businesses.

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