Billing and Payments
Boost Efficiency and Payments with All-in-one Invoicing Software for Accountants
From tax advisory solo firms to business financial consultants, cloud-based invoicing software for accountants is growing as a tool to improve billing and payment administration and revenue. According to the Wolters Kluwer annual accounting survey, integrated, cloud-based technology is helping accounting firms drive profitability and meet increased client demands.
But, not all accounting invoicing software is intuitive and designed to scale. The best invoicing software is built for easier invoicing management, better client service through online payment options, and improved payment collection—under one platform.
In this article, we’ll highlight the benefits of invoicing software for accountants as well as how you can select the best system for your firm.
What Are The Benefits of Cloud-based Invoicing Software for Accountants?
1. Improved Billing Accuracy and Time Tracking
Accountant time and billing software eliminates the need to manage and switch between spreadsheets and Word documents, which can lead to potential billing errors.
For instance, CPACharge’s invoicing feature offers the following billing benefits:
- Easy invoice creation that allows you to securely input client information and client banking
- Reduced billing errors with time entries that are easily entered as an hourly or a flat rate
- Increased clarity with the ability to add work descriptions for each time entry
- Smoother collaboration for approvals that allow necessary personnel to mark as “ready to send”
As a result, you can stress less on invoicing administration, while salvaging more of your time to focus on client work.
2. Better Performance from Automation
The best billing software for accountants automates invoicing administration tasks that often demand significant time, focus, and effort.
For example, with CPACharge, accountants can automatically sync with QuickBooks Online for quick reconciliation. The software also provides a dashboard to easily view and track the status of each invoice to help improve cash flow.
3. Boosted Cash Flow and Client Satisfaction
The COVID-19 remote work era reshaped the way businesses in all industries handle transactions with the rise of online payments. The accounting field is no exception, with clients and customers expecting digital payment options for products and services.
According to a Fit Small Business article, “up to 80% of B2B transactions will be digital by 2025.” In addition, a B2B payments report states, “49% of surveyed businesses will be converting paper checks to electronic payments.”
Billing software for accountants provides small and large accounting firms with business improvements, which include:
- Maintaining business competitiveness with electronic payment expectations.
- Increasing client satisfaction from credit, debit, and eCheck payment options.
- Boosting accounts receivable payment flow from online payments.
CPACharge, for example, makes it easy to build an invoice and send a PDF copy to clients through the software. The platform also allows clients to easily pay their bill online for a seamless experience.
How Do I Choose The Best Invoicing Software That Fits My Accounting Firm?
Invoicing software should help boost accounts receivable, improve invoicing, and simplify reconciliation, so you can focus on client work. However, some software systems can end up complicating your billing and invoicing processes if they have steep learning curves, only offer some features (requiring the purchase of additional software), or aren’t user-friendly.
Below are three tips to help you select an invoicing software system that will provide the biggest benefits for your firm.
Choose an Invoicing Solution Tailored Specifically for Accountants and CPAs
With a wide range of invoicing software, it’s tough to decide which works best. The first way to filter down your choice is to determine if it’s designed specifically for accountants and CPAs.
Here are three points to consider:
- Do the features improve daily functions, freeing you up to focus on work rather than billing admin?
- Do the functions of the invoicing software system help improve client satisfaction throughout the entire billing process?
- Does the accountant time and billing software sync with programs that you often use, like Quickbooks?
If you answered yes to all three questions above, you’re ready to dig deeper to determine how the invoicing software works.
Seek an All-in-one Invoicing and Payment System
Next, look for accountant invoicing software that provides the features you need under one roof. This will help simplify your work by reducing the total amount of tech platforms used, save time by avoiding the need to navigate multiple systems, and save money by consolidating all tools into one solution.
Some key questions to ask during your search for an all-in-one system include:
- Are the features truly one package, or does the company charge extra for add-ons?
- If the software is cloud-based, does the company lock you into a yearly contract?
- Does the company provide the full package at one price, but then charge extra for more than one to two users?
For instance, CPACharge provides payment and billing features in one package and presents a monthly charge for unlimited users (with the ability to cancel at any time). Also, all the features, including invoicing, are provided at one price.
Select an Invoicing Platform with Easy Onboarding and Dedicated Customer Support
Finally, choose an offering that provides full support with knowledgeable staff who understand your specific needs and pain points. Most software services have a decent team to help your firm sign up for the service and answer questions. But, do they provide assistance that will maximize the benefits of the invoicing software? Are they available to answer your questions, free of charge?
For example, CPACharge has a team of Certified Payments Professionals who are experienced in helping you learn and use your software to maximize productivity. You’ll also be connected with a real person, not a call tree or phone tree—at no cost to you.
Get Started Today With the Best Invoicing Software for Accountants
With CPACharge invoicing, you’ll be able to focus more on client work by easily managing your entire invoicing process from creation to payment collection. With essential features housed under one platform, your firm will also save money, reduce time spent navigating through multiple programs, and simplify your tech stack.
Schedule a free demo today so you can see firsthand how CPACharge can improve your firm’s productivity and cash flow.