Last editedMar 20233 min read
There are more invoicing and billing apps than ever before, allowing businesses to digitize the payments process all from the cloud. In this guide, we’ll break down the key features to look for in cloud billing solutions. We’ll also list a few of the best billing software for small businesses to help you get started.
How important is it to have a cloud billing solution?
Generating invoices is a tedious process. With online or cloud-based billing solutions, you can automate this workflow to send invoices out to clients in a timely manner. Using an online invoice generator, you’ll be able to issue professional templates containing all the details necessary to get paid on time, every time. This not only improves your cash flow, but strengthens client relationships and makes it easier to generate accurate financial reports.
What to look for in a cloud billing solution
There’s a multitude of reasons why you should consider moving your billing to the cloud, but not all software is created alike. Whether you’re running a start-up or you’re looking for billing solutions for managed service providers, as you start to compare your options, consider the following factors.
Total cost
Some solutions charge you by the month, while others incur annual costs. In addition to subscription costs or up-front purchase prices, you should also factor in hidden costs like maintenance and support. Make sure you know what you’re paying for.
Implementation
How long will the solution take to get up and running? Look at the time to value to determine how quickly you’ll start to see a return on investment.
Security
How will the software protect sensitive financial data, both for you and your customers? Is it PCI compliant? Does it include active fraud monitoring tools to reduce the risk of a data breach?
Scalability
You should only pay for the features you need. When you’re just starting out, you may only need basic features. Yet as a company grows, so do its billing requirements. Make sure your solution is scalable.
Innovation
How well does the software keep pace with the latest technological developments? Are there consistent upgrades? These should be automatic, so you don’t have to continually monitor and install any updates yourself.
What are the benefits of cloud billing solutions?
The primary benefits of using cloud based billing solutions are to save time and money. Rather than keeping detailed spreadsheets and manually issuing invoices, you can simply store everything in the cloud. Schedule automated payment reminders, track payments, and manage cash flow more effectively from a central dashboard. Additional benefits of cloud billing solutions include:
A choice of professional templates
Customizable embedded payment links
Security features to reduce fraud
Automated billing for subscription businesses
Ability to track late and missing payments
Flexible pricing models
Dunning features to automatically handle chargebacks
Financial reporting features
The best cloud billing solutions
There are cloud-based billing solutions for every business size and type. Here are our top 5 recurring billing platforms on the market today.
GoCardless
One of the best cloud based billing solutions out there, GoCardless takes all the guesswork out of payment collection. Businesses can collect both one-off and recurring invoice payments directly from customer bank accounts. This significantly reduces both processing costs and late payments, with the business retaining control over bill collection. There aren’t any set up fees, and it integrates with major invoicing software including many of the names mentioned below.
Xero
Although Xero is associated with small business accounting, it also includes an invoicing feature for easy billing. This cloud-based software lets you generate fully customizable invoices from your desktop or a corresponding app. Set up automated payment reminders and accept a multitude of payment methods. Pricing starts at $22 per month with a selection of tiered plans to choose from.
Zoho
Zoho offers a selection of complementary software products for businesses. Zoho Books is its full-service invoicing and accounting software. Key features include automated payment reminders, multi-currency pricing, recurring payments, and full integration with other Zoho products. While you will pay a subscription fee for full-service packages, you can also opt to use Zoho Invoice as a standalone product on its own.
Salesforce
A trusted name in subscription billing, Salesforce CPQ is the sales app that you can integrate with Salesforce Billing for full cloud-based support. With Salesforce CPQ, you can issue invoices, automate payments, and record transactions for accounting books. It’s particularly beneficial for businesses already using Salesforce CRM, integrating with existing sales, marketing, and analytics. Pricing begins at $25 for small business packages.
Sage
Sage’s suite of products includes several cloud billing solutions. This starts with Sage 50cloud, which starts at a basic rate of $340 per year to access its comprehensive accounting features. These include payroll and inventory management alongside the billing tools. Embed payment links from processors like PayPal and Stripe directly into invoices for swift, easy payment.
How can GoCardless help?
GoCardless integrates with Xero, Salesforce, and many other cloud based billing solutions. It’s ideal for taking one-off or recurring payments directly from customer accounts. Automate payment collection and bring an end to arduous manual processing. Businesses using GoCardless can collect up to 97.5% of payments successfully the first time around, reducing failed payments. Our Success+ intelligent retry feature collects the majority of those that do fail. By adding GoCardless to your online invoices, you can get paid up to twice as fast – improving cash flow.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.
