To keep up with a fast-paced industry while increasing productivity, your business needs the right collections platform. But how do you choose? Supercharge your small business with these essential billing tool features.

Does your business accept payments from e-wallets or bank transfers? Then you’re part of the growing number of brands and retailers adopting digital transactions. And while it’s convenient for you and your clients, it can also be stressful, overwhelming, and sometimes confusing. 

The solution: a customizable billing tool. It’s accessible pretty much anywhere and on most devices you’re already using. But with tons of apps on the market, how do you know what to look for? Here are the top six essential features a billing tool should have:

Must-Have Billing Tool Features for Small Businesses

1. Invoice Creation and Customization

Any accounting and payment processing platform must include this vital feature. Find one where you can create a professional invoice that includes your company’s branding. Ensure that you can input all necessary information about your business such as addresses, due dates, and personalized messages. This not only reinforces the brand, but also minimizes delay.

The platform must be user-friendly, too. There should be little to no learning curve when it comes to familiarizing yourself with how the menu or help links work.

2. Payment Processing

Nowadays, offering multiple payment options is non-negotiable. Customers may not always use the same payment method for different reasons. In times of economic challenges for instance, some people may prefer credit card transactions as opposed to debit cards. By presenting more payment options, we can encourage faster payments and boost cash flow!

A good billing system should support various payment methods (e.g., credit cards, bank transfers, and even popular digital wallets) and integrate payment processing to save time and reduce errors. With this, you can instantly see an overview of paid and unpaid invoices as well. 

3. Recurring Billing

For businesses that offer subscription services (e.g., personal coaching or training; meal kits; online tutoring) or have customers on regular payment schedules, recurring billing is a game-changer. It works by automatically creating invoices, then sending them on time every billing cycle. 

Say goodbye to missed payments and the drudgery of manual invoicing. Look for a platform that provides subscription plan management. This will allow you to set up automatic renewals, discounts, and even prorated fees if needed.

4. Customer Management

Even with a lot on your plate, you want to maintain strong client relationships and deliver excellent customer service. Often, this is what sets great businesses apart from their competitors. So seek out a payment processing tool with integrated customer management features that can track buyer information, payment history, and communication records.

This centralized data makes it effortless to manage accounts, follow up on overdue payments, and address client inquiries. Additionally, having a comprehensive view of each customer's interactions with your business can give valuable insights into their behavior and preferences. This should give you ideas on how to tailor your services and communications.

‍

‍

5. Expense Tracking

Always know where your money goes. Tracking expenses is crucial if you want to maximize your profits.

A good invoicing system that includes expense tracking capabilities can monitor and categorize spending for small businesses. This feature allows you to input expenses, assign them to specific projects or clients, and create reports that show where cash is going. By keeping a close eye on expenses, businesses can identify areas for cost savings and feel confident that they are staying within budget.

6. Reporting and Analytics

When selecting an invoicing software, don’t forget advanced analytics and reporting capabilities. By analyzing sales, revenue, and customer data, you can uncover trends, measure accomplishments, and make informed decisions. While it’s fun to see profits go up, you need to keep identifying areas for improvement to optimize your current procedures and eventually grow your venture.

Explore features that will generate reports on sales, revenue, outstanding invoices, and customer payment trends. Some advanced tools may also provide predictive analytics to assist you with forecasting future revenue and recognizing potential cash flow issues before they become critical.

Choosing the right billing software can upgrade your workflow and significantly reduce repetitive administrative tasks. By focusing on these features, you can enhance financial performance and gain a clearer picture of your operations. So don’t be afraid to invest in a robust tool that will help you build a strong financial foundation.

‍

Still hesitant to sign up for a billing tool for your business?

Mochi Solutions offers a 60-day FREE trial to help small and medium enterprises get a sense of its functions and benefits. Sign up today and get access to time-saving features such as invoice management, workflow automation, and collections reports. See the difference when you begin billing smarter.

‍