Top 5 Invoice Management Software Solutions in 2024: Simplify Your Finances
Invoices are the lifeline of the business. A steady inflow of invoices is desirable, but inefficient invoice processes can quickly become a headache.
An efficient invoice software can streamline invoice processing, manage global payments and reduce costs by reducing late payments, duplicates, and fraud invoices. It is a great investment for any business. If you’re looking for invoice management software, I recommend going through our list of top 5 invoice management software to find the best software for your requirements.
What is Invoice Management Software?
Invoice management software automates and manages every part of invoicing and payment process, like creating and sending invoices, tracking payments, and generating reports.
An invoice management platform is centralized for managing the invoicing process, including invoice creation, delivery, payment tracking, and reporting. It aims to help businesses optimize their invoicing spending by automating invoice approvals using workflow automation, reducing late payments, and getting early discounts.
Best 5 Invoice Management Software for businesses in 2023
#1. Nanonets
Nanonets is an all-in-one invoice management solution that streamlines invoice processing with intelligent automation. Nanonets has in-built OCR software, no-code workflows, a global payment platform, and 5000+ integrations that can automate data extraction, PO matching, invoice payments, reminders, invoice approvals, and more, with little to no effort.
Free Trial Available
Pricing starts from $499/month (Pay as you go plans available)
Top Features:
- The invoice OCR template extracts data from invoices with 98%+ accuracy.
- Reconcile invoices with 2, 3, and 4-way matching.
- Upload invoices from email, desktop, drive, or any other source automatically.
- Automatically update financial records in the balance sheet, general ledger, PnL, and more.
- Automate invoice approvals, invoice review, invoice payment reconciliation, and invoice payments with automated workflows.
- Classify all your invoices into different categories using a document classifier.
- Automate manual data entry processes using a workflow management system.
- Integrates with popular gateways for easy global payments
Pros:
- Easy to use.
- 1-Day Setup
- 24x7 Support
- Free Migration Assistance
- Dedicated Customer Manager
- No-code workflow platform
- Free Trial and a Forever Free plan
Cons:
- Can’t generate invoices.
Here’s what customers say about Nanonets.
Rated 4.9 on Capterra and G2. Try Nanonets today. Start your free trial without any credit card details.
#2. QuickBooks
Quickbooks is a small business cloud accounting software that streamlines invoicing processes and tracks business transactions in real-time. The QuickBooks mobile application lets you monitor your account on the go.
Top Features
- Generate professional-looking invoices using custom templates
- Send payment reminders for overdue invoices to customers
- Integrates with payment gateways for online payments
- Real-time financial reports.
Pros:
- Easy to use and intuitive interface
- Streamlines and simplifies invoice management processes
- Can provide valuable insights and data for decision making
Cons:
- Need a full subscription to use full features
- Customer support can be slow
- The subscription price is high and not flexible (Downgrading a plan is not possible)
- Data export is an issue
- The learning curve is steep, and need a lot of training to use the platform to its full potential.
#3. FreshBooks
Freshbooks help small businesses organize their invoice and accounting processes from a single platform. FreshBooks allows users to create, send, track and pay invoices.
Top features:
- Automatically capture and tag expenses
- Easily create professional invoices (Removing branding is paid add-on)
- Easy to time track individuals
- Automatic invoicing
Pros:
- Reduces time spent on administrative tasks
- Easy to set up
Cons:
- Complicated for first-time users
- Integrations can be tricky
- Expensive as compared to other platforms
- Login page glitches frequently
- Reaching customer support is difficult
- No invoice processing automation
#4. Xero
Xero is a small business accounting software that handles all financial processes for accountants and bookkeepers.
Top features:
- Easy expense claims and reimbursement processes.
- Provides advanced financial analytics to track business progress.
- Easy invoice tracking features
- Secure platform
Pros:
- Good customer service
- Easy integrations
Cons:
- The workflow automation features are very basic
- Not very user-friendly for nonfinancial professionals
- Bank reconciliation is difficult
- Editing line items is difficult.
- Not best suited for complex financial processes
#5. Sage
Sage accounting automation software is designed to help small to medium-sized businesses track payments and expenses, send invoices, and calculate what they owe during tax season.
Top Features
- Create professional invoices
- VAT calculations are easy
- Easy invoice tracking features
- Supports multi-currency invoices
Pros
- Easy to use and setup
- 24x7 support (Paid customer support)
- Easy for non-accountants to use the platform
- Great user community
Cons
- Payroll is a separate product
- No time-tracking or collaboration tools
- fewer integrations
- Adding users is costly
- Outdated UI
- A downgrade is not possible
Nanonets - The Best Invoice Management Platform
Nanonets is the perfect choice for businesses of all sizes looking to gain complete control over the invoice processing lifecycle.
Nanonets is an invoice management system that everyone can use, not just the finance team. Nanonets’ customizable platform allows organizations to use the platform for various use cases, including and not limited to
- Automatic invoice upload
- Invoice approval workflow automation
- Automatic GL coding, invoice de-duplication, notification & data extraction
- Employee reimbursement & expense reports automation
- PO matching
- Invoice reconciliation
- Touchless invoice processing
- Automate data entry into ERPs
- Invoice Payments
- Vendor verification & notifications
And more.
Nanonets allow organizations to get a complete overview of their financial processes and automate them to increase the efficiency and productivity of teams. Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. Nanonets also integrate with popular ERPs like Oracle, Sage Intacct, QuickBooks, and more for efficient data transfer.
What makes Nanonets stand out ?
Best-in-class OCR
Nanonets OCR software can extract data from invoices with 98%+ accuracy. With the pre-built invoice OCR model, you can start extracting invoice data as soon as you sign into the platform.
No-code workflow automation
Nanonets’ no-code workflow can automate manual data entry, transformation, enhancement, or transfer tasks.
Excellent Customer Support
Nanonets provides complete support at every step of the journey. Be it a technical or non-technical query, our team is here to help you to use Nanonets to their full potential for your organization. Nanonets provides 24x7 live customer support and free migration and training support.
Fully customizable platform
Have complex financial processes? Nanonets’ platform is entirely customizable to your needs.
Get started with Nanonets' pre-trained invoice workflows or build your custom invoicing workflow. You can also schedule a demo to learn more about your use cases!
Here’s what customers say about Nanonets.
Rated 4.9 on Capterra and G2. Try Nanonets today. Start your free trial without any credit card details.
Why use Invoice Management Software?
What are some of the features of Invoice Management Software?
While looking for the following invoice management software, you should keep these features in mind. An efficient invoice management software has the following features:
Invoice Processing
Invoice management software should allow you to process invoices easily. It should have OCR software that can perform invoice ocr in seconds and extract information accurately. It should also allow document data matching (PO matching) using the extracted data.
Payment Tracking
The software should allow users to track the status of invoices, including whether they have been paid or are overdue.
An invoice management system's major benefit is automating manual aspects of invoice processes. The software should have workflow automation to automate data entry into ERPs, and accounting software, automate invoice approvals, invoice matching, GL coding, and data enhancements like updating currency fields or more.
Reporting and Analytics
The software should provide tools for generating reports and analyzing data. Visual reports to track invoice stages would help businesses get a correct idea about their cashflows.
Integrations
Any software you use should integrate with your existing business software. The software should be able to integrate with other business systems, such as accounting software, to streamline the invoicing process and avoid duplication of data entry.
Payment Processing
The software should have global payment gateways to allow global payments without leaving the platform.
Efficient Document Management
Invoices are essential documents that need to be handled with care. The invoice management system should have all features of a document management system to allow for secure storage of your document in case of an audit.
How to Choose Your Invoice Management Software?
When choosing Invoice Management Software, there are a few key factors that businesses should consider. These include
- Ease of use: The invoice management software should be easy to use, intuitive, and mostly, a no-code platform so everyone can use it efficiently.
- Features: Check your requirements and map your requirements with the features of the platform. The invoice management platform should allow invoice automation, invoice matching, delivery, payment tracking, and reporting.
- Integration: The software should be able to integrate with the business's existing systems, such as accounting software, to avoid the need for manual data entry.
- Cost: The cost of the software should be reasonable, and the business should consider the long-term benefits of using the software versus the upfront cost.
- Security: The software should provide robust security measures to protect sensitive financial data and prevent unauthorized access.
- Customer support: The software provider should offer timely and helpful customer support to assist users with any questions or issues that may arise.
- Automation capabilities: To use automation to it’s full potential, your invoice management software should have advanced workflow management capabilities which can automate manual processes.
Conclusion
In conclusion, invoice management software is valuable for businesses of all sizes to help streamline their invoicing processes and improve efficiency. There are many different options, each with unique features and benefits. Some of the best invoice management software today include Nanonets, Quickbooks, and FreshBooks. These solutions offer a range of features, including customizable invoices, payment tracking, automation, and integration with other business systems. By carefully evaluating the various options and choosing the software that best meets your needs, you can improve your invoice management process and save time and effort.
Automate every aspect of invoice management with automated workflows, OCR, and a global payment platform at fraction of the cost!
FAQs
Who uses Invoice Management Software?
Many different types of businesses use Invoice Management Software. This includes small businesses, large enterprises, and everything in between. Almost any business that deals with invoicing can benefit from using this software. Some examples of businesses that may use Invoice Management Software include:
- Retail stores: Retail stores can use Invoice Management Software to create and send invoices to their customers for goods and services purchased.
- Service-based businesses: Service-based businesses, such as law firms, accounting firms, and consulting firms, can use Invoice Management Software to create and send invoices to their clients for their services.
- Freelancers and independent contractors: Freelancers and independent contractors can use Invoice Management Software to create and send invoices to their clients for the work they do.
- E-commerce businesses: E-commerce businesses can use Invoice Management Software to create and send invoices to their customers for goods and services purchased online.
Overall, Invoice Management Software can be helpful for a wide range of businesses that need to manage their invoicing process efficiently and efficiently.
What are the different kinds of Invoice Management Software?
Many kinds of Invoice Management Software are available on the market, each with its unique features and capabilities. Some of the most common types of Invoice Management Software include:
- Cloud-based software: This type of software is accessed over the internet, which means it can be used from anywhere with an internet connection. This is a popular option for businesses that have employees who work remotely or travel frequently.
- On-premises software: This type of software is installed on a local server, which can only be accessed from within the business's network. This is a good option for businesses that prefer to keep their data on-site or that have strict security requirements.
- Customizable software: This type of software is designed to be customized to meet the specific needs of a business. This means that businesses can add or remove features or even create their own to fit their unique needs better.
Which is the best invoice management software?
Nanonets is the best invoice management software for businesses of all sizes. With advanced features like OCR software, workflow automation, document management, and seamless integrations. With a free trial, excellent customer support and transparent pricing options, Nanonets is the best bet for organizations looking to optimize their invoice processes.
Why use invoice management software?
Invoice Management software can be beneficial for businesses in many ways.
Improves Cash Flows
The invoice management platform automates invoicing processes and ensures that invoices are sent out on time and that payments are tracked and followed up on promptly. This reduces the costly and time-consuming process of chasing after unpaid invoices. With added transparency, businesses can improve cash flow by periodically following up on overdue invoices.
Reduce lost or overdue invoices.
Businesses can track the status of their invoices and follow up on overdue payments with reminders. This can help prevent the risk of lost or forgotten invoices and ensure that the business receives payment for all the goods and services it provides.
Improves visibility into financial processes.
Invoice Management Software provides businesses with an overview of their cashflows, pending invoices, and overall progress. This gives them visibility into how the company is performing at all times. With this information, businesses can work to identify and address bottlenecks in their invoice processing processes.
Enhances productivity and efficiency
By automating many invoice processes, Invoice management software can help businesses save time and effort compared to manually creating and sending invoices. This can increase efficiency and productivity, allowing companies to focus on other essential tasks and activities.
Improved accuracy and compliance
The Invoice Management platform ensures that invoice processes are accurate and compliant with relevant laws and regulations. This can reduce the risk of errors and mistakes and protect the business from potential legal liabilities.
Almost any business that deals with invoicing can benefit from using an invoice management platform.
Update: The blog was updated on May 1, 2023 and was originally published on 13 December 2022.
