What is the best Invoicing Software in UK for 2024?

What is invoice management software?

Invoicing software is a modern way to process invoices which uses automation to increase efficiency. Typically invoices are sent from or received into the accounts team and require approval before payment can be made.

The process also usually involves matching each invoice with a purchase order or sales order and can be time consuming when done manually.

Business invoicing systems can make the process smoother in various ways including:

• Using scanning software or data entry tools to digitise invoice information
• Transferring data directly into the invoicing software
• Allocating accounts
• Enabling online approval
• Overseeing transactions with payment options
• Making or receiving electronic payments

Invoicing information is also stored digitally so that it can always be referenced later as required. You can seamlessly integrate your bank account with an invoicing tool or invoice software to enable smooth transaction tracking and simplified financial management.

Why does your business need invoice management software?

One of the most compelling reasons to introduce invoice management software is that it significantly reduces the time needed to process incoming and outgoing invoices.

Whether you want to speed up your sales-to-cash timeline or improve credit control and collections, invoice management software can make a real difference.

But smart invoice processing is not just about significantly improving speed and efficiency by removing the bulk of manual intervention. It also offers a host of other business benefits including:

• Saving time and money for your business by removing time-consuming admin
• Improved accuracy with streamlined end-to-end workflows
• Faster problem spotting tools such as alerts for late payments
• Improved cash flow thanks to prompt invoicing, clear payment terms and payment tracking
• Greater insight into payment trends and balances plus real time reporting

Additionally, you can enhance financial visibility by incorporating expense tracking features into your invoicing software, allowing for a thorough financial analysis.

What is the best invoicing software for your business?

It’s a big decision. So before deciding on the best invoicing software for your business, it’s important to consider a few of the market-leading options available.

The right choice for you can depend on a multitude of factors including the size of your business; the volume of invoices you process; and the level of integration required with other internal systems such as CRM for example.

A good invoicing software may provide basic functionality like customising and creating invoices. On the other hand, a great invoicing system also covers areas such as:

• Automatic payment reminders
• Recurring invoices
• Invoice reporting
• Payment tracking

There are also other specific elements to consider such as whether you need to accommodate single or multi-currency and single or multiple payment terms.

The Access Group

The Access Group is a market leader in cloud-based business solutions for businesses of all sizes from the smallest to the larger and more complex. Its invoice management software is designed with the day to day challenges of today’s businesses in mind.

So, for example, as well as providing effective, streamlined invoice management software, the Access invoice management solution also includes the added benefit of integrated credit data from Experian for improved peace of mind.

For growing businesses, Access invoicing software is also easily integrated with other Access cloud services including full financial management software as well as other compatible services for everything from expenses management to project budgeting – all of which builds even further opportunities for streamlining and improved efficiency.

Sage Intacct

This Sage invoice processing solution aims to deliver smart benefits for small businesses. It makes it easy for you to track, create and send one off or recurring invoices by automating some of the process and removing the reliance on paper and manual tracking. It also includes the option to create quotes, convert currencies, set up recurring bills and track payments.

Xero

For small businesses that want to create and send invoices from their mobile or tablet, the Xero mobile app for invoices is an ideal solution. New customers can be added and invoiced instantly – and payments – including cards or direct debits – can be accepted via the app.  

Quickbooks

Quickbooks Online offers invoicing software for small businesses which includes customisable templates, streamlined processing and the option to convert quotes and estimates into invoices once a customer has come on board. Multiple currency options are also included.

How to choose the best invoicing software for your business

It’s useful to spend a bit of time thinking about the specifics of your business and comparing your needs against what is offered by each of the off-the-shelf invoice software providers. They don’t offer exactly the same functionality so it is important to check.

Key points to consider initially include:

1. Your invoice volume requirements

If you run a large business, you might process large volumes of invoices so will need a solution that can cope.

Equally, you may have a lower overall turnover but process huge volumes of lower value invoices – so again, you will need a solution that can cope.

Lastly, you might have significant turnover but simply produce smaller numbers of high value invoices. If these relate to complex projects with data required from multiple parts of your business, again – you’ll need to ensure the invoice software can cope.

2. Speed of invoice response

Some companies have a super-quick invoicing process and might need the option for employees to complete a job or delivery and invoice on the spot with a customer.

Others might want to pull together chargeable elements at the end of the month and therefore need to collate data over a time period. Think about how long your business takes to compile each invoice.

3. Functionality needed

How many staff will need access to invoicing software to complete their role? Do you need them to produce different invoice formats? Will templates be useful or would most invoices be simple and quick to issue?

Consider the functionality available alongside the tasks your staff are currently completing. After all, choosing the right invoicing system or accounting software is a long-term investment.

4. Your budget

While many invoicing systems come with both free and paid plans, some invoice processing software is more complex and includes rather more features and flexibility than others — as a result, the cost may differ.

If you need to keep a close eye on your budget it might be useful to separate the features you like into ‘must haves’ and ‘nice to haves’ and carefully consider the impact of opting for the free plans or the cheaper solution.

Is our invoice management software best for you?

Every day, hundreds of businesses rely on Access invoice management software to streamline their invoicing management and payment processes. They benefit from improved efficiency as well as the added reassurance that comes from having instant access to Experian payment data included too.

Access solutions are designed and updated to keep pace with the evolving needs of businesses of all sizes, making life easier, reducing manual processes and admin, and enabling employees to focus on the tasks that most need their attention.

With our intuitive invoicing software, you can generate professional invoices tailored to your business needs. Streamline your financial processes with advanced our invoicing and billing software designed for scaling businesses.

Why not take a look at how Access can streamline your invoice management processes and exactly what features could really benefit your business? You can find out more about our invoice management software below:

• Watch a short demo video on how our invoice management software works.
• Download our latest brochure.
• Book a demo of the invoicing software with our finance experts.
• See how our customers are using invoicing software below.

Hear from our customers using invoice management software