– Imagine Dragons, 2012
Cloud-based tools are all the rage in the accounting scene and have made individuals and small businesses everywhere say it’s time to make the switch from old to new. Establishing a process to streamline your invoicing will save you time on mindless paperwork. However, it is important to determine which software is the best fit for you and your business.
Let’s take a look at the top 5 cloud-based invoicing tools that can help individuals and businesses alike get a better handle on their finances by making the invoicing process simpler, smoother, and more beneficial for everyone else involved.
One of the first SaaS accounting software applications for small business, QuickBooks Online offers a wide array of online options. According to reviews, it has an exceptional dashboard and easy navigational tools. You get a payroll option too, along with time tracking. It comes with add-ons in the App Centre and more time-saving tools like batch processes and an Income List. All of this with a price starting at $39.95.
One knock against the software company appears in forum/blog complaints in regards to poor customer service, according to author and financial expert Sarita Harbour.
Xero is considered a game changer for accounting software and a strong competitor for Quickbooks. It saves a lot of time for small business and accountants with its unique Partner program – which means you can double-check your numbers by inviting your accountant to view your statements. It boasts a beautifully designed dashboard with features that are simple and intuitive.
You can access financial figures and reconcile your bank statements from anywhere – work, home, or on-the-go with your Windows, iPhone, or Android device. Xero also offers dozens of powerful add-ons for users. The starting price of $19 per month is ideal for small business accounting or sole proprietors.
According to a late 2012 PC Magazine review, Kashoo could be a strong competitor for QuickBooks online a few years down the line. While it’s not quite there currently, it does offer a true global appeal, plus:
- Easy-to-use interface and navigational components;
- Canadian-only payroll;
- Double-entry bookkeeping which allows small business to quickly and easily prepare their financial reports before sending them off to their accountant; and
- Support for over 100 currencies;
Kashoo is a pay as you go endeavor with no long-term contracts or per-user fees. The small business plan starts at $15 per month. Since it’s still in its infancy there are a few drawbacks as it doesn’t offer any time- or item-tracking, currently provides no U.S. payroll, and doesn’t include many add-ons.
Previously known as Wave Accounting, the newly rebranded Wave Apps provides free online invoicing, accounting, payroll and receipt options for individuals, freelancers, and small businesses. This Toronto-based firm offers:
- Unlimited invoicing
- Double-entry bookkeeping account features (balance sheets, general ledger, income statements, journal entries, and more);
- Syncing with bank accounts and credit cards easily; and
- Frequent upgrades and improvements.
You can integrate it with your business regardless of what industry you’re in. While it has a freemium pricing model, payroll starts at $5 per employee per month. You can find us listed as a Wave Pro Advisor here. If you’re already using Wave, or looking to create a Wave account, sync with your CA4IT accountant.
Canadian-based FreshBooks provides small businesses with one of the best online invoice management tools around. With a simple interface and a detailed focus on invoices, FreshBooks:
- Provides an invoice audit trail – an invoice autobiography – to assist users to keep track of the money going in and out
- Offers customizable invoice templates, personalization options, and the ability to view the status of every invoice (if it’s a draft, partial, sent, paid, etc.)
- Allows users to manage estimates and expenses, and track time
Using online software to keep track of your expenses year-round is a great way to prepare you for the next tax year. You will no longer find yourself scrambling to find missing receipts at the last minute.
Have a favourite tool for invoicing? Tell us about it in the comments section below.