20 Best Billing Management Software Reviewed In 2024
10 Best Billing Management Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Billing management software is a valuable asset for any company. With the right tool, teams can enhance billing efficiency and improve financial accuracy. However, choosing the best billing management software can be challenging with so many options available.
Using my experience with finance and accounting software, I tested and compared several of the top billing management software programs available. Then, I compiled my results into detailed reviews to help you find the best software for your needs.
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Best Billing Management Software Summary
This comparison chart summarizes pricing details for my top billing management software selections, helping you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Odoo Invoicing | Pricing upon request | Website |
| ChargeOver | From $229/month | Website |
| Maxio | From $599/month | Website |
| Moon Invoice | From $5.47/month (billed annually) | Website |
| BillingPlatform | Pricing upon request | Website |
| Softrax | Pricing upon request | Website |
| Wave | From $14/user/month | Website |
| Invoicely | From $7.99/month (billed annually) | Website |
| Invoice2Go | From $5.99/month | Website |
| STAX | From $99/month + 8¢ per transaction | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow To Choose Billing Management Software
It’s easy to get bogged down in long feature lists and complex pricing structures. Here's a checklist of factors to remember to help you stay focused as you work through your unique software selection process.
| Factor | What to Consider |
| Scalability | Will the software grow with your business needs? |
| Integrations | Does it integrate with your current systems? |
| Customizability | Can you tailor it to fit your team’s requirements? |
| Ease of Use | Is the interface intuitive for your team? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | Does it comply with your data protection needs? |
| Support | Is customer support available when needed? |
| Reporting | Does it offer the reports you need for analysis? |
Best Billing Management Software Reviews
Below are my detailed summaries of my shortlist’s best billing management software. My reviews offer a thorough look at each tool’s key features, pros and cons, integrations, and ideal use cases to help you find the best one for you.
Odoo Invoicing is versatile invoicing software tailored for businesses of all sizes, especially those using Odoo's ERP suite. It aids in effectively managing invoices, payments, and customer relationships.
Why I picked Odoo Invoicing: Odoo Invoicing is a great choice if you already use Odoo’s ERP system. It allows you to create professional invoices, automate follow-ups, and customize features to fit your needs. Its integration with Odoo’s full suite of apps makes managing everything in one place simple.
Standout features & integrations:
Features include automated follow-ups, which help you manage outstanding invoices. The software also offers payment reminders to reduce late payments and improve cash flow. Additionally, it provides reporting tools to analyze invoice performance and customer data.
Integrations include Odoo CRM, Odoo Accounting, Odoo Sales, Odoo Inventory, Odoo Purchase, Odoo Projects, Odoo Timesheets, Odoo Website, Odoo Email Marketing, and Odoo Helpdesk.
Pros and cons
Pros:
- Comprehensive reporting capabilities
- Highly customizable
- Smooth ERP integration
Cons:
- Can be overwhelming for small teams
- Initial setup complexity
ChargeOver is a subscription billing software designed for businesses that require automated recurring billing solutions. It's tailored for companies of various sizes that need to manage subscriptions, invoices, and payments efficiently.
Why I picked ChargeOver: ChargeOver specializes in recurring billing, making it suitable for subscription-based businesses. The software automates billing processes, reducing manual effort and minimizing errors. You can easily create custom billing schedules, send automated reminders, and manage complex billing scenarios. Its reporting tools provide insights into revenue trends and customer behavior.
Standout features & integrations:
Features include customizable billing schedules, which cater to different business models. The software also offers automated payment reminders to help you reduce late payments. Additionally, its reporting tools allow you to track revenue and customer activity in real time.
Integrations include Xero, Stripe, Authorize.Net, Braintree, Avalara, Salesforce, and Zapier.
Pros and cons
Pros:
- Supports multiple payment gateways
- Comprehensive reporting capabilities
- Flexible billing schedules
Cons:
- Limited customization options
- Higher initial learning curve
Maxio is a financial operations platform tailored for SaaS companies that must manage billing, analytics, and revenue recognition. It helps businesses automate billing processes and gain insights into financial performance.
Why I picked Maxio: Maxio is built for SaaS companies and has features that make handling subscription-based billing easy. You can automate recurring billing and manage complex pricing models. The platform also gives you detailed analytics to help you track customer behavior and revenue trends, making it a valuable tool for optimizing your finances.
Standout features & integrations:
Features include revenue recognition, which helps you comply with accounting standards. The platform also offers dunning management to reduce churn and recover lost revenue. Its comprehensive reporting tools also allow you to track key performance indicators and financial metrics.
Integrations include Salesforce, QuickBooks, NetSuite, Xero, Stripe, Marketo, Zendesk, and Slack.
Pros and cons
Pros:
- Advanced revenue recognition features
- Automates complex pricing schemes
- Tailored for SaaS business models
Cons:
- Steep learning curve initially
- Limited flexibility for non-SaaS businesses
Moon Invoice is an invoicing and estimate software tailored for small businesses. It allows users to create invoices, credit notes, receipts, and purchase orders while tracking expenses and time.
Why I picked Moon Invoice: Moon Invoice is suitable for small businesses. It lets you and your team create unlimited invoices and receipts, track expenses, and connect to over fifteen online payment gateways. With over fifty PDF templates, it’s easy to customize invoices to fit your needs.
Standout features & integrations:
Features include unlimited invoicing, credit note creation, and receipt generation. Expense tracking and project time management are also supported, making it easier to handle business operations. You can also access over fifteen auto-generated financial reports to aid in business management.
Integrations include Zapier, Basecamp, Asana, Dropbox, Evernote, Google Drive, Google Calendar, Microsoft Outlook, Slack, and Trello.
Pros and cons
Pros:
- Offers live customer support
- Supports multiple currencies
- Multi-platform accessibility
Cons:
- May require a learning curve
- Limited advanced features
BillingPlatform is a cloud-based billing solution designed for enterprises that need flexible billing automation. It helps businesses automate complex billing processes, manage subscriptions, and handle revenue recognition.
Why I picked BillingPlatform: BillingPlatform is made for teams with complex billing needs. You can set up custom billing cycles, automate invoicing, and manage pricing models. The platform’s workflows are easy to adjust, so you can adapt them to fit your business. It handles diverse billing setups to keep things accurate.
Standout features & integrations:
Features include customizable invoicing, which allows you to tailor invoices to fit your brand and customer needs. The platform also supports multiple pricing models, giving you flexibility in charging your clients. Additionally, it offers detailed reporting to track financial performance and trends.
Integrations include Salesforce, NetSuite, SAP, Oracle, QuickBooks, Xero, Avalara, Stripe, and Zuora.
Pros and cons
Pros:
- Adapts to various business needs
- Detailed financial reporting
- Highly configurable billing options
Cons:
- Limited out-of-the-box solutions
- May not suit small businesses
Softrax is financial management software for enterprises that require complex revenue recognition capabilities. It assists companies in automating revenue management, billing, and compliance.
Why I picked Softrax: Softrax is built for businesses needing accurate revenue recognition to stay compliant. You can automate revenue processes to meet standards like ASC 606 and IFRS 15. It handles complex billing, making it a good fit for teams with detailed financial operations. Focusing on automation helps reduce manual errors and keeps things efficient.
Standout features & integrations:
Features include automated revenue recognition, which supports compliance efforts and reduces errors. The platform also offers billing automation to streamline financial processes further. Additionally, its analytics tools provide insights into revenue trends and financial performance.
Integrations include Salesforce, Oracle, SAP, Microsoft Dynamics, NetSuite, QuickBooks, Xero, Sage, Workday, and ADP.
Pros and cons
Pros:
- Automation reduces manual tasks
- Compliance with accounting standards
- Advanced revenue recognition capabilities
Cons:
- Complex implementation process
- Limited customization options
Wave is a financial software platform designed for small businesses and freelancers. It offers free tools for invoicing, accounting, and receipt scanning.
Why I picked Wave: Wave is suitable for those seeking free invoicing capabilities without sacrificing essential features. You can create and send unlimited invoices, track payments, and manage your finances all from one place. The ease of use and zero cost appeal to startups and freelancers. Its intuitive dashboard provides a clear overview of your financial health.
Standout features & integrations:
Features include accounting that efficiently connects to your bank accounts, allowing easy transaction tracking. The platform also offers receipt scanning, which lets you digitize and organize your expenses. Additionally, Wave provides reporting tools to help you analyze financial data and make informed decisions.
Integrations include Shoeboxed, Etsy, Zapier, Stripe, Google Sheets, Shopify, Mailchimp, and Slack.
Pros and cons
Pros:
- Offers receipt scanning
- Suitable for freelancers and startups
- Integrates with bank accounts
Cons:
- Occasional syncing issues
- Limited advanced features
Invoicely is an online invoicing platform designed for freelancers and small businesses. It allows users to create professional invoices, track expenses, and manage billing processes.
I picked Invoicely: Invoicely is made for freelancers needing a simple invoicing solution. You can customize invoices, set up recurring billing, and track time spent on projects. The platform also supports multiple currencies, so it’s great if you work with clients around the world.
Standout features & integrations:
Features include expense tracking, which helps you monitor costs, and time tracking for project management. You can also automate recurring invoices to save time on repetitive tasks. The platform's reporting tools give you insights into your financial performance.
Integrations include PayPal, Stripe, Authorize.Net, WePay, 2Checkout, Square, Google Drive, Dropbox, QuickBooks, and Xero.
Pros and cons
Pros:
- Automated billing options
- Simple invoice customization
- Multi-currency support
Cons:
- Limited offline access
- Some customization limitations
Invoice2go is a mobile-focused invoicing software designed for freelancers and small businesses. It enables users to create, send, and manage invoices directly from their mobile devices.
Why I picked Invoice2go: Invoice2go is built for those of you who are always on the go. You can create invoices, track expenses, and accept payments with a few taps. The dashboard gives you a clear view of your finances to keep things organized, and its straightforward mobile app makes it easy to handle tasks without any fuss.
Standout features & integrations:
Features include expense tracking, which helps you manage your finances effortlessly. The app also allows you to accept payments directly from invoices, simplifying transactions. Additionally, its reporting features offer insights into your business performance.
Integrations include PayPal, Stripe, Square, QuickBooks, Xero, G Suite, Dropbox, Slack, and Zapier.
Pros and cons
Pros:
- Simple financial tracking
- Easy payment processing
- Strong mobile focus
Cons:
- Some customization limits
- Limited advanced features
Stax is a payment processing platform primarily used by small to medium-sized businesses to manage transactions and billing. It offers tools for handling payments, invoicing, and financial reporting.
Why I picked Stax: Stax is built for businesses needing straightforward payment processing with transparent pricing. You can handle transactions quickly, minimizing delays in receiving payments. The platform offers detailed analytics to give insight into your financial health, making it a solid choice for improving cash flow.
Standout features & integrations:
Features include real-time analytics that provides insights into transaction data and financial performance. The platform also supports recurring billing, allowing you to set up automated payments easily. Additionally, it offers invoicing tools that help simplify your team's billing process.
Integrations include Xero, Salesforce, Shopify, WooCommerce, BigCommerce, Magento, Zapier, and FreshBooks.
Pros and cons
Pros:
- Strong focus on cash flow
- Supports multiple billing methods
- Real-time financial analytics
Cons:
- Occasional technical issues
- Not ideal for very small businesses
Other Billing Management Software
Here are some additional billing management software options that didn’t make it onto my shortlist but are still worth checking out.
- Cloudmore
Best for cloud service providers
- HoneyBook
Best for creative professionals
- Zoho Invoice
Best for small teams
- Xero
Best for accounting integration
- Sage Intacct
Best for financial management
- FreshBooks
Best for freelancers
- Intuit QuickBooks Online
Best for small businesses
- PayPal
Best for online transactions
- Square Invoices
Best for retail businesses
- Bill.com
Best for accounts payable
Billing Management Software Selection Criteria
When selecting the best billing management software for this list, I considered common buyer needs and pain points like managing recurring billing and ensuring compliance with financial regulations. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Create and send invoices
- Manage recurring billing
- Process payments
- Track expenses
- Generate financial reports
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Automated payment reminders
- Customizable invoice templates
- Multi-currency support
- Integration with accounting software
- Advanced analytics and reporting
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive interface design
- Easy navigation
- Minimal learning curve
- Customizable dashboards
- Accessibility on mobile devices
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Accessible help documentation
- User-friendly setup process
- Supportive customer onboarding team
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- Availability of 24/7 support
- Multiple support channels
- Responsiveness to inquiries
- Access to a knowledge base
- Quality of support documentation
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Availability of a free trial
- Range of features offered
- Cost transparency
- Flexibility in pricing plans
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Consistency in positive feedback
- Frequency of updates and improvements
- Feedback on ease of use
- Satisfaction with customer support
- Overall reliability and performance
Trends In Billing Management Software
In my research, I sourced countless product updates, press releases, and release logs from different billing management software vendors. Here are some of the emerging trends I’m keeping an eye on.
- Subscription economy growth: More businesses are adopting subscription models, leading software to focus on flexible billing cycles and tiered pricing features. This helps users manage complex subscription services effectively. Companies like ChargeOver are enhancing their platforms to support this trend.
- AI-driven insights: AI is being used to provide predictive analytics and financial insights. These insights help businesses make data-driven decisions about billing strategies. Vendors like Maxio are incorporating AI to offer advanced analytics and forecasting tools.
- Blockchain integration: Some billing systems explore blockchain for secure and transparent transactions. This trend interests users who are concerned with transaction integrity and fraud prevention. It's still early, but a few innovators are testing this technology.
- Sustainability features: There's a growing demand for features that support sustainability, like paperless invoicing and carbon footprint tracking. These features align with the values of environmentally conscious businesses, and companies are responding by offering digital-only billing options.
- Enhanced compliance tools: With evolving regulations, features are pushed to ensure compliance with financial standards like ASC 606 and IFRS 15. These tools help businesses avoid penalties and stay up-to-date with legal requirements. Softrax is known for prioritizing compliance in its offerings.
What Is Billing Management Software?
Billing management software is designed to automate and efficiently manage business billing tasks, making it an indispensable tool for accountants, finance teams, and business owners. This software simplifies invoicing, payment processing, and financial reporting processes. It offers features like automated billing, recurring payments, and compliance support, which collectively enhance accuracy and efficiency in financial operations.
By simplifying these tasks, the software saves valuable time and significantly reduces errors in billing operations. This leads to a more seamless financial management experience, allowing businesses to focus on growth and customer satisfaction without the constant worry of billing errors or compliance issues.
Features Of Billing Management Software
When selecting billing management software, look for the following key features.
- Automated invoicing: Automatically generates and sends invoices, saving time and reducing manual errors.
- Recurring billing: Manages subscriptions and recurring payments, ensuring timely billing and consistent cash flow.
- Payment processing: Facilitates various payment methods, streamlining the collection of payments from customers.
- Expense tracking: Monitors and categorizes expenses, helping businesses keep accurate financial records.
- Compliance management: Ensures adherence to financial regulations and standards, reducing the risk of penalties.
- Analytics and reporting: Provides insights into financial data, aiding in decision-making and performance tracking.
- Customizable templates: Offers branded invoice templates, enhancing professionalism and brand consistency.
- Multi-currency support: Allows transactions in different currencies, which is ideal for businesses with international clients.
- Dunning management: Automates follow-ups on overdue invoices, helping recover lost revenue and reduce churn.
Benefits Of Billing Management Software
Implementing billing management software provides several benefits for your team and your business. Here are a few you can look forward to:
- Time savings: Automated invoicing and payment processing reduce manual tasks, freeing up time for other business activities.
- Improved accuracy: Features like expense tracking and compliance management help minimize errors and ensure accurate financial records.
- Better cash flow: Recurring billing and dunning management ensure timely payments and reduce outstanding invoices.
- Enhanced decision-making: Analytics and reporting provide valuable insights into financial performance, supporting strategic business decisions.
- Professional branding: Customizable templates allow for branded communications, projecting a professional image to clients.
- Global reach: Multi-currency support enables international transactions, expanding your business's market potential.
- Increased revenue recovery: Automated follow-ups on overdue payments help recover lost revenue and improve financial stability.
Costs & Pricing Of Billing Management Software
Selecting billing management software requires understanding the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in billing management software solutions:
Plan Comparison Table for Billing Management Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Create invoices, track expenses, and basic reporting. |
| Personal Plan | $5-$25/user/month | Automated invoicing, payment processing, and multi-currency support. |
| Business Plan | $30-$75/user/month | Recurring billing, advanced analytics, and customizable templates. |
| Enterprise Plan | $100+/user/month | Compliance management, detailed financial reporting, and custom integrations. |
Billing Management Software FAQs
Here are some answers to common questions about billing management software.
How can billing management software improve cash flow?
Billing and invoice management software can optimize cash flow by automating invoicing and payment collections, ensuring timely client payments. Features like recurring billing and automated credit card payment reminders help reduce late fees, making your revenue stream more centralized and predictable. Using analytics and reporting tools, you can also gain insights into outstanding invoices and identify potential cash flow issues early.
What should I consider when choosing billing management software?
Consider your specific business needs, such as the volume of billable transactions and the complexity of your billing processes. Evaluate if the software can handle multiple pricing models and supports compliance with financial regulations. Additionally, look for features like integration capabilities, user-friendly interfaces, and reliable customer support to ensure the software fits well with your existing systems and team.
How does billing management software handle different currencies?
Most billing management software solutions offer multi-currency support, allowing you to offer customized invoices to clients in their local currencies. This feature is essential for international businesses, as it helps avoid conversion errors and simplifies the billing process. The software usually updates exchange rates automatically, ensuring accurate billing and reporting.
Can billing management software integrate with other business tools?
Yes, many billing management software solutions offer integrations with other business tools, such as accounting software, CRM systems, and payment gateways. These integrations streamline operations by synchronizing data across platforms, reducing manual data entry and the risk of errors. Before choosing a solution, check if it integrates with your team’s tools.
What kind of customer support should I expect from billing management software providers?
Look for providers that offer multiple support channels, such as phone, email, and live chat, to ensure you can get help when needed. It’s also beneficial if the provider has a knowledge base or online documentation. Some providers offer onboarding assistance, including training sessions and tutorials, to help your team get up to speed quickly.
How secure is billing management software?
Security is a crucial aspect of billing management software. Reputable providers implement measures like data encryption, secure payment processing, and compliance with standards such as PCI-DSS. When evaluating software options, ensure they offer security features to protect sensitive financial data and maintain customer trust.
What’s Next?
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