Billing Software

Overview

Billing software helps companies prepare invoices and streamline billing processes. Like other accounting software, billing software can be shelf-ready or customized to a specific business. In contrast to standard software, custom billing software allows clients to meet their needs.

For most businesses, standard software is sufficient. Other businesses require customized tools. Medical billing agencies, professional services firms, and utility billing companies typically need customized systems.

How It Works

Billing systems are in the background and forefront of an organization. Though some billing systems could run as standalone systems, they are often integrated into larger frameworks like customer information databases to track client services.
In general, billing software matches purchase orders and invoices to customer information. When there is a match, the program generates an invoice. In the case of a mismatch, the software will generate an error and require a manual intervention. This process ensures that the software is reliable and accurate.

Benefits

Customized billing software tends to be the easiest to use since companies can work with software developers to create an intuitive user interface. Billing software can also help a company become more organized by creating a system to manage invoices. Customized billing systems can also be integrated into the company's other accounting systems and company departments. Billing software also allows companies to work quickly and efficiently with customers.

Costs

The cost of billing software varies by version and available functionalities. For small and medium sized businesses, billing software ranges from $35 to $450. Larger companies require more features, and the cost is proportionately higher.

Timing

A company can implement billing software all at once or in phases as part of a transition. A business should consult with its staff and consultants to determine the best course of action. Some software, especially customizable software can be designed to grow with the needs of the company.