After choosing the best automated billing software, companies sometimes find themselves asking how to integrate it. Thankfully, it normally only takes a few steps to get a billing program up and running.
- Customer Data Migration – The first step after choosing a billing system is to migrate all customer data into it. A great integration is a crucial feature when it comes to facilitating this process.
- Payment Portal Setup – Creating an online payment portal is another important step. It allows customers to pay for products or services, access their invoices, and review their transactions.
- Invoice Customization – Business owners should make their business look as legitimate as possible by customizing their invoices. Adding their company name, logo, and detailed information helps the customers know exactly who’s billing them.
- Regular Revision – Although automated billing software needs little human interaction, owners should try to regularly revise it and make sure it’s working properly. They do so by selecting a few random transactions every month to see if they’re being accurately processed.
A few other tips for a smooth transition to an automated billing system include giving the customers notice, explaining the software switch and why their invoices might look different, exploring new online payment methods, and adjusting payment terms for added convenience.
What Should Automated Billing Software Do
Automated billing software generates and sends invoices, processes payments, and even handles approvals and provisioning. It’s a great asset that streamlines a company’s billing processes and increases its overall efficiency.
This automation is particularly helpful for businesses with large customer bases, a wide variety of services or products, or those that use subscription or retainer-based billing models.
These types of software rely on some essential features, including:
- Accessible customer data
- Estimate invoicing
- Easy payment collection
- Customizable templates
- Payment reminders
- Customer tracking
How to Choose the Best Automated Billing Software for a Company
Choosing the best billing automation software for a company depends on many factors including business requirements, available budget, customization options, and security level. By adopting such automation tools, business owners help make their company much more “future-proof.” Here’s how these factors should impact the business owner’s choice:
Defining the Requirements
The type of business and the type of billing a company requires are the first things to consider when choosing an automated billing software. They might need subscription management, multi-lingual support, or a program that can work with several different currencies. The right software for any company should adjust to their business needs.
Specifying a Budget
Good, automated billing software is sometimes expensive but is definitely a worthy investment. However, there’s probably no need to acquire the most lavish program if only a few of its features are the main selling points. Company owners should establish a budget for this type of software and find one that fits their overall needs and finances.
Evaluating Integrations
The best automated billing software should seamlessly integrate with other apps while still getting value from these older systems. Business owners typically rely on accounting systems, customer management programs, and business planning software. With billing software that integrates with all of these other programs, they have the ability to centralize and streamline their business operations in one spot.
Checking for Customization Options
Businesses are ever-evolving, and new ideas keep them moving forward. The right automated billing software should keep up with a developing business, allowing the owner to customize their invoices, add new subscription models, and incorporate new payment methods.
Prioritizing Security
Automated billing systems hold sensitive customer information and financial transactions so security should always be a priority. When choosing the right software, company owners should look for the ones that meet standard security protocols.
Considering Global Standards
In the case of a global business, or one in the process of expansion, the automated billing software should accommodate new features for foreign customers. Some of these might include handling multi-currency, supporting several different languages, and even adjusting pricing according to taxes from different countries.
Types of Automated Billing Software
Different types of businesses require different types of automated billing software. How a business owner chooses the right software directly depends on the kind of billing they use in their business model. Some examples include:
- Order/delivery-based billing: Used by businesses who sell products and must create invoices regarding deliveries.
- Subscription billing: Automatic charging method on a fixed schedule (monthly, quarterly, or other) for a company’s specific product or service.
- Progress billing: Invoicing method that involves regular payments based on the completion of milestones. Usually associated with large-scale, long-term projects.
- Collective billing: Method that combines different orders or deliveries into a single invoice document, all carrying the same date.
- Metered billing: Associated with products or services that have a usage limit. This invoicing method automatically charges customers based on their product consumption levels.
Automate Your Entire Billing Workflow with BairesDev
Billing and invoicing are sometimes grueling tasks, especially for growing businesses. Automated billing systems take care of those tasks, making the business owner’s job easier, allowing them to focus on other tasks, and increasing the business’ efficiency.
The right billing system should fit the company’s needs, stay within the set budget, and integrate perfectly with any other programs used to manage the business. Prioritizing security, having customization options, and meeting global standards are also important factors to keep in mind. At BairesDev, we strive to ensure that our teams develop custom software that meets our clients’ exact needs.
