10 Features Billing and Invoicing Software Must Have?

You probably didn’t think about billing when you started your online business. Instead, your interests are likely to be in creating new products or business solutions. 

No matter your professional motivations, billing and invoicing are essential parts of any business. However, it would help if you found a solution that will keep your business running smoothly, which takes very little of your time.

We’ll help you choose the right software to manage your online business.

Simplicity

Continue reading to find out more about these critical billing software features. Your billing software should be as easy as possible to use and manage. Each transaction. Many complicated billing calculations can help you decide when, who, and how much tax you should charge. Invoice software and billing software can simplify your life by automating the math. In addition, your billing software should make it easy for you to manage all transactions.

Usability

Test drive a billing system before you commit to it. You can also view screenshots of the platform. Ensuring that the program is simple to use and understand is essential. Pay close attention to the interface. Does the interface feel intuitive? Are you able to navigate the program and find the features you want? It all comes down to personal preferences when it comes to usability. Your comfort level with billing will dictate the layout and functionality you choose. Consider the onboarding process. What is the time it takes for the program’s installation and to become functional?

Functionality

Find out if the billing software can do the job you want. Is it able to accept multiple payment options? Can it accept foreign currencies? Can it receive subscriptions? Functionality is crucial if you offer multiple plans, add-on, subscriptions, coupons, or other services. Your billing software must allow for changes to be made quickly and easily.

Compliance

There are many regulations and guidelines for international and domestic ecommerce. They are constantly changing, which makes it even more difficult. Even if your online business is small, you don’t have the time or resources to keep up with the new rules. It would be best to have billing software to do it all for you. You need to look for a platform that can manage compliance for:

GDPR refers to the General Data Protection Regulation. It allows you to do business with EU-based clients through your online shop. In addition, your billing software must conform to the EU-US Privacy Shield Framework, as established by the US Department of Commerce, regarding the collection, use, and retention of personal data from EU member states span DSS. Payment Card Industry Data Security Standard.

Dunning Management and Revenue Recovery

Revenue Recovery and Dunning Management tools can help you reduce credit card declines. These tools are especially crucial for subscriptions and recurring billing. This technology monitors customer accounts to find credit cards that may be expiring soon. The customer is then notified of the expiration.

This software encourages users to update their payment information. Dunning management is essential if you offer subscriptions. Make sure that your billing platform supports it.

Reporting

You want transparency and visibility when it comes to billing. Without detailed reporting, it’s impossible to know the state of your business. Check that your billing service has access to tax summaries and revenue reports.

  • Subscriptions: You’ll need reports to:
  • Monthly Recurring Revenue (MRR)
  • Average MRR Per Subscription
  • Active Subscriptions
  • Total Subscribers
  • New Subscriptions
  • Upcoming rebills
  • Activations
  • Cancellations
  • Churn Rate
  • Upgrades/Downgrades
  • Upcoming rebills
  • Lifetime Value

Customization

Fast Spring allows you to drill down to each subscriber and view individual activity. In addition, it makes it easy for you to check each subscriber’s status. For more information about subscription reports, please visit our support documentation. Although a third party handles your invoicing and billing, your brand should reflect on all digital invoices.

It is also essential to be able to customize your billing amounts as well as the periods. For example, you might be able to split the price of your products into multiple payments so that customers have more payment options. Can you specify monthly/quarterly/yearly billing cycles if you offer subscriptions?

Fraud protection

You need to be aware that fraud and theft can occur when accessing credit cards and personal information. Therefore, pay attention to security features when shopping for billing software.

Last Spring, for example, had a multifactor fraud detection and monitoring algorithm that blocks fraudulent transactions but does not interfere with the customer experience. After you have decided on a billing plan, include security information on the site. It will give your customers confidence.

Third-Party Incorporations

Third-party integrations can help you ensure that your billing data is correct to make informed decisions. For example, an API and web hooks can view order details and access payment data. You can also manage invoice delivery and monitor billing cycles. In addition, fast Spring integrations are available.

Support

You should install and use your billing software with no problems. If you have any issues, however, customer support is available. In addition to a customer service phone number and an online chat feature, you can also look for additional information such as onboarding documentation, developer tips, and videos. Each online business is different and has its billing and invoicing requirements. Therefore, finding the right billing system that suits your business is essential.

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