Traditional invoicing is prone to errors and delays in every step of the invoicing process. But don’t worry – e-invoicing software solutions are here to tackle these issues and streamline your invoicing.
The best e-invoicing solutions make it fast and easy to create, send, receive and process invoices. They include automation features such as automated invoicing, payment processing integrations, real-time invoice tracking and much more, saving time and money for buyers and suppliers alike.
To unlock the full potential of e-invoicing software, however, it’s important to choose the right e-invoice solution for your business.
We’re here to help you do just that.
In this article, we’ll cover what an e-invoicing solution is. To help you choose the right software, we’ve also included an overview of 5 of the best e-invoice software solutions on the market in 2024.
What is an e-invoice software solution?
An e-invoice software solution is a digital system or platform that enables businesses to do their invoicing electronically. With an e-invoicing solution, businesses are able to replace traditional paper invoices with electronic versions that can be created, transmitted and processed more efficiently.
Key benefits of e-invoicing solutions include:
- Time savings: Automation enables you to generate invoices fast and easy, freeing up time for more important business activities.
- Faster payment processing: An e-invoicing solution enables you to link your invoices to online payment gateways, improving cash flow and speeding up payment processing.
- Improved financial management: With an e-invoicing solution, you can track the status of invoices – e.g. sent, viewed or paid – and receive notifications when an invoice is opened or paid.
- Enhanced client relationships: Swift e-invoice generation and delivery contribute to a positive customer experience, helping to strengthen client relationships.
- Regulatory compliance: E-invoicing solutions make it easier for companies to comply with local and international invoicing regulations.
- Reduced environmental impact: By replacing paper invoices, e-invoicing helps companies improve their sustainability efforts and reduce their environmental impact.
Some solutions cover everything from the creation and sending to the receiving, processing and managing of electronic invoices. Others offer a more specialised approach to either receiving and processing or creating and sending e-invoices.
5 top e-invoice software solutions 2024
Now that we’ve covered what an e-invoicing solution is, let’s take a look at 5 of the best e-invoicing software solutions on the market in 2024:
- Pleo
- Xero
- QuickBooks
- Invoice Ninja
- Square
1. Pleo
With more than 1,480 five star reviews, Pleo is Europe’s most loved and trusted spend management platform. Among its products, Pleo offers an end-to-end e-invoicing solution .
Pleo’s automated accounts payable solution allows you to easily capture, process, approve, pay and bookkeep your invoices – all in one place. The solution saves you time on tedious tasks, automates approval processes and tracks invoices in real time. This simplifies e-invoicing for everyone – finance teams, bookkeepers and employees alike.
|
Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Startups, small businesses and larger businesses |
User-friendly interface Real-time tracking and easy categorisation of expenses OCR technology for invoice scanning and automatic data population Seamless integration with business software |
Cost linked to number of users Invoicing less comprehensive than focused solutions |
Offers three pricing plans (Start, Growth and Scale) based on the number of users and the features included |
2. Xero
Xero is a cloud-based accounting solution that also offers invoicing software for small businesses . The solution is particularly known for its robust features and ease of use.
Xero includes features for creating, sending, receiving and posting e-invoices, and it notifies you when invoices have been opened.
|
Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Small businesses, particularly freelancers, consultants and small retail businesses |
Integrates with a wide range of third-party apps and services Cloud-based features for real-time communication and collaboration User-friendly interface |
More expensive than similar solutions Complexity for users who are new to accounting software Limited support for free users |
Offers a free trial period for new users, three different pricing plans and payroll services as an add-on |
3. QuickBooks
QuickBooks is a popular cloud-based accounting software with e-invoicing capabilities , among other features. The solution is often favoured by businesses with straightforward accounting needs, such as invoicing, expense tracking and basic financial reporting.
QuickBooks’ invoicing features include invoice posting, scheduled recurring invoices, and real-time invoice payment tracking.
|
Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Accountants and small businesses, including retail, services and construction |
Wide range of accounting and invoicing tools Versatile tool for managing finances Multi-currency support |
Costly add-ons; more expensive than similar solutions Complex pricing structure Inconsistent customer service quality and response times |
Offers four different pricing plans based on the level of features and the size of the business, as well as add-on services such as payroll |
4. Invoice Ninja
Invoice Ninja is an e-invoicing software for small businesses. The solution offers a Forever Free plan that allows users to send unlimited invoices and quotes.
Among its features, Invoice Ninja offers billable hour tracking, banking integrations and a variety of payment gateway integrations.
|
Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Freelancers, solo entrepreneurs and small businesses |
Free and open-source version available for download and self-hosting |
Self-hosting may be challenging for users who are not familiar server administration or software deployment |
Multiple pricing plans, including a free and open-source version as well as paid subscription plans with additional features and support |
5. Square
Square is an e-invoicing solution that is particularly popular with businesses that want a budget-friendly solution for streamlining their e-invoice processing.
Square offers a pay-as-you-use model that allows small businesses to dodge monthly fees. This means that if you don’t need to process a lot of e-invoices, Square could be a good option for you.
|
Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Small businesses that don’t need to process a lot of e-invoices |
User-friendly platform Mobile apps for sending and managing e-invoices on the go No monthly fees for invoices |
Transaction fees for each payment Limited accounting features, as the solution is primarily focused on e-invoicing and payment processing Getting timely and effective assistance from customer support can be challenging |
Free to use in terms of creating and sending invoices; costs come from transaction fees when invoices are paid online |
How to choose the right e-invoicing solution for your business
There are many e-invoicing software solutions on the market – but not all solutions are the right fit for your business.
Here are some key elements to consider when choosing your e-invoicing software:
- Business needs: Are you looking for basic invoicing, or do you need additional features like expense tracking or recurring billing? Determine your specific business needs before you make your choice.
- Ease of use: A user-friendly interface saves you time and reduces the learning curve. Look for a software that is easy to use, and preferably a solution that is accessible across different devices and platforms.
- Integration potential: Without the right integrations, you may not get the value from the e-invoicing software that you seek. Look for a solution that integrates with your existing tools – e.g. your CRM system and accounting software – for a seamless workflow.
- Security and support: Protecting sensitive data and financial information is important. Before committing to an e-invoicing solution, verify the software’s security measures.
- Budget and value: Make sure you get the value you seek for your investment. Compare the solution’s pricing model with the value and features offered, and evaluate the potential benefits against the cost.
