What is billing software?
You may be used to creating paper invoices to request payment or paying invoices by cheques in the mail. Online billing software does the receiving and payment work for you. It replaces the need for paper invoicing and accounting or Excel-based invoicing and accounting.
How does billing software work?
Once you register for online billing software, you are able to access all your data through the web. Sometimes it can be downloaded right on to your computer and you can access your data only from your device. However, more and more, it is operating “in the cloud”. This means that all data and user accounts live online, not on your desktop. Standard features of billing software include automated payments, generated invoices and a space for business accounting.
Online billing software in today’s business
Online billing software is one of the most powerful tools for small businesses today. Their robust and “smart” features means that much of the work of creating invoices, following up with payments, making payments to vendors and actually keeping the business books can be streamlined or automated. It cuts down on the time required for following up with payments or even simple data entry. Reporting is often a big part of truly powerful business software because companies need to be able to see compare their numbers over time.
MoneyPenny has all these basic features but takes business accounting to the next level by providing an all-in-one solution for small businesses. Besides simple invoice generation and bookkeeping functions, MoneyPenny makes your financial life easier by providing employee time sheets, live time tracking, project management and business reporting. This is what a fullservice online billing software suite should provide for businesses looking to grow rapidly.