Invoice management Software Market Size in India and Global
From 2022 to 2027, the India e-invoicing and Invoice Management Software market is anticipated to grow at a CAGR of 24.97%.
In 2023, the global Invoice Management Software market size will be USD Million and it is expected to reach USD Million by the end of 2028, with a Growing CAGR during 2023-2028.
Due to COVID-19 Pandemic and the influence of Russian-Ukrainian War, the Global Invoice Management Software Market valued at USD Million in 2023 is expected to reach a revised size of USD Million by 2028, growing at a CAGR during projected growth period 2023-2028.
The US Invoice Management Software market is estimated to grow from Million USD in 2023 to Million USD by 2028, at a CAGR over the forecast period 2023-2028.
China Invoice Management Software Market is estimated to grow from Million USD in 2023 to Million USD by 2028, at a CAGR over the forecast period 2023-2028.
Europe Invoice Management Software Market is estimated to grow from Millions of USD in 2023 to Millions of USD by 2028, at a CAGR over the forecast period 2023-2028.
Source:Â Marketwatch
Table of Contents
What is Invoice management Software?
The invoice is a crucial financial document that all businesses receive and handle.
A business requires an increasing number of goods and services to function, including office supplies, merchandise, home services, outsourced services, etc., as well as an increasing number of invoices over the course of business operations.
A crucial internal business function included in a company’s procurement procedure is invoice management includes processing and managing vendor/vendor invoices.
The process by which businesses receive an invoice from a vendor, check its validity, pay the vendor, and record the payment is known as invoice management, also known as invoice processing.
The profitability and sales of a company can be affected by effective management of supplier invoices and payments.
Many of the constraints connected with conventional manual invoice management methods are eliminated by automated invoice management software.
Streamline the purchasing process, enhance the transparency of the invoice journey, save time and money, boost employee output, and strengthen supplier relationships.
Automated invoice management software helps boost revenue and keep your company competitive.
By facilitating automation, digital technologies like Nanonets may free your staff from the tedious, repetitive activities connected with managing invoices and allow them to focus on their main strengths.
Benefits of Invoice Management Software
Making the switch from a manual invoicing system to an online invoice management system will save your small company’ bookkeeping.
If you’re not convinced your business is ready for change, consider these benefits of using an invoice management system:
1. Careful Data Processing
The more invoices you have to process and create, the greater the chance for errors. And when everything is done by hand, these possibilities double.
Typos, repetitions, conversions of digits or other inaccuracies can easily occur.
Electronic invoice management software is your keeper from these errors.
Accounts Receivable and Accounts Payable are both entirely automated for you, so you don’t have to manually enter billing data into spreadsheets.
This completely eliminates the possibility of duplicate payments, loss or other data entry errors.Â
2. Faster invoice processing
With invoice management systems, you double the speed with which you process invoices, reduce accounts payable and minimize human error.
Ultimately, these benefits will lead to lower costs per invoice, better supplier relationships, and almost no hassle with supplier payments.
3. Faster payment approval
Have you ever had to wait several days for a manager in another department to approve a bill payment? Not anymore.
Invoice management software can help you avoid invoice approval bottlenecks.
With built-in authorization logic, the billing software automatically allows users with the appropriate authorization level to approve invoices without wasting time.
4. Save time and money
Research shows that the cost of manually processing an invoice can be as high as $15 per invoice.
The cost of issuing an invoice to your customers is even higher and can be as high as $40 per invoice.
And that’s if you don’t factor in additional labor costs and potential data errors.
For example, locating a misplaced or lost invoice can cost your business up to $200.
You may end up spending more on invoice processing than the actual total invoice amount.
With invoice management systems, on the other hand, you can skip this lengthy process altogether and save your business a lot of money.
Invoice management software automate almost every part of your accounts payable and accounts receivable.
The invoice is instantly recorded as a transaction in the correct general account, you receive automatic notifications of deadlines and you can send or receive payments instantly directly from the platform, directly integrating your credit cards and bank account.
What would take hours or even days to prepare manually can be done in seconds with invoicing software.
5. Real-time information
Billing management systems have dedicated dashboards that you can use to monitor all of your billing information.
This way you don’t have to chase paperwork to find out what your total debts are or which sales invoices are overdue.
At the same time, invoice management systems automatically generate invoice reports, which you can use to monitor the overall financial health of your business in real time.
6. Secure cloud encryption
You are probably wondering: how safe is my data online? Well, invoice management software must meet security standards with regards to data storage and payment processing.
Once an invoice is entered into the system, it is stored securely with the gold standard security of 256-bit SSL encryption.
This is the industry standard for secure data transmission over the Internet.
Features of Invoice Management system
While billing solutions differ widely in feature sets, target usage, and pricing, they share standard features. A reputable app should have the following features:
- SMS/Whatsapp integration:Â These days, clients receive invoices by email or WhatsApp. The ability to send invoices to customers’ email addresses or WhatsApp numbers straight from your software is a need. They can save time and get things delivered swiftly. For future reference, the software should also display the history of bills delivered by email or postal mail. Better customer management will result, and delays in issuing invoices and receiving supplies can be avoided. Even payment reminders can be sent to their numbers straight through the software.
- Backing up the data online: Your software must include a function that will automatically upload data backups to the internet. You won’t have to worry about data loss because it will keep the data secure. By purchasing offline software, some businessmen want to save money, but losing corporate data unexpectedly is a nightmare. Online-accessible software is preferable.
- Reporting of Stocks:Â In the manufacturing industry, stock is crucial. The production could suffer if it turns out poorly. A tool that alerts you when the stock level has reached the point of reorder is of the vital requirements for billing software. The reordering level function will assist in timely orders and smooth production when it is necessary to place advance orders for raw materials. Software will also enable stock status checks at any moment. Additionally, stock reporting will assist in monitoring both moving and non-moving products. If your software permits it, Automatic stock calculations can also be conducted.
- Predefined templates:Â The appearance of your statements and invoices is just as important as their accuracy, which is why a system must guarantee professional and predefined communication templates. This not only saves you time, but also allows you to personalize your accounting and carry your brand.
- Multiple currency settings:Â This feature allows you to seamlessly connect your invoicing and invoicing system to the rest of your software architecture, similar to your core financial operations. Multiple currency settings can be useful for issuing receipts, accepting payments, and managing taxes, and are essential for businesses with global operations. Receive/send information. This feature allows you to quickly send quotes to your customers as there is a centralized database where all their information is stored and readily available.
- Invoice, payment and tax return:Â A good online billing system should eliminate the need to use external systems for your tax return and allow you to do it within the same system, without spending hours summarizing information.
Electronic Invoicing Market Growth in Last 3 years
Electronic invoicing, or e-invoicing, refers to the generation of electronic invoices through a digital platform during an exchange of goods and services.
It is usually made through various smart devices such as mobile phones, laptops and tablets and includes purchase orders, debit and credit notes and remittance vouchers which specify the terms of payment.
The global e-Invoicing market was valued at $8.74 billion in 2021. Looking ahead, IMARC Group expects the market to reach $29.68 billion in 2027, with a CAGR growth of 21.5 % in the period 2022-2027.
Taking into account the uncertainties of the COVID-19, we constantly monitor and evaluate the direct and indirect impact of the pandemic on various end-user sectors.
This information is included in the report as a key market input.
Souce: ImarcGroup
e-Invoicing Software Market Growth in Next 3 years
The Invoice Automation Software Market size was estimated at USD 2.26 Billion in 2022 and is projected to reach USD 5.66 Billion by 2030, growing at a CAGR of 10.7% from 2023 to 2030.
Growing demand for automated invoicing software to improve accuracy and reduce operational costs is the major growth driver for the invoice automation software market.
Growing adoption of cloud-based services and increasing need for secure invoicing software to reduce payment fraud are the major factors driving the growth of the invoice automation software market.
The Global Invoice Automation Software Market report offers a holistic assessment of the market.
The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape and factors playing a vital role in the market.
Invoice Management Usage Statistics
- Over the next several years, it is estimated that business card usage would increase by over 90%, reaching $1.6 trillion in usage by 2022.Â
- More than 30% of corporate leaders anticipate using fewer checks, while 37% forecast the biggest increases in ePayables using virtual cards.
Source: WebinarCare
Top 5 Invoice Management Software applications in the market
FreshBooks offers a scalable billing option with polished templates, convenient payment processing solutions, inventory tracking, and a host of other accounting tools and services.
- Integrates with over 100 apps
- Recurring bill and automatic payment
- Robust reports
- Limited mobile app functionality
- Limited template customization
- More expensive than basic invoicing software
FreshBooks is one of the best overall invoicing software for its value, accessibility, and scalability for business owners, regardless of the size or type of their business.
This Invoice management software also has a range of accounting tools and award-winning customer service.
FreshBooks offers users customizable invoices with recurring billing and automatic payment options.
Customers can make payments by credit card or ACH, making it a winning combination for business owners and customers.
Billing and other services can be accessed via desktop, tablet or mobile, although some users report that the mobile app lacks some features offered by the desktop version.
Luckily, you can still send and view invoices with the FreshBooks mobile app.
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Online accounting service Sage Accounting is well-liked and well-known. It is appropriate for companies of all sizes and types.
Invoice management software helps business owners manage customer payments. The best properties of the Sage accounting software are:
- Turn quotes and estimates into invoices. This helps encourage faster payouts and makes for a more streamlined service. Customizable invoice templates with possibility to attach documents if necessary
- Work with many currencies for international transactions
- Send multiple invoices in bulk to save time and avoid duplicates
- For recurring clients, create and send bills automatically.
- Accept card payments with Stripe
- Integrates with Google Drive. The system creates a copy of an invoice each time it is updated. This makes it easier for your finance team to collaborate.
- With the mobile app, you can keep an eye on your bills wherever you are
- Run advanced reports and forecast cash flow with select packages
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Scoro is a business management and invoicing software that can help you streamline your entire invoicing process. You can create beautiful invoices, send automatic payment reminders, and get paid faster.
Features:-
- Easily create and send personalized sales, prepayment and credit invoices and quotes.
- Set up repeating payments and spend less time on monthly billing.
- Set up automatic reminders for late payments and get paid on time. Get a complete view of the profitability of each client or project.
- View all important information on a dashboard in real time: invoices sent, estimated monthly income, etc.
What’s great about this tool is that Scoro gives you the tools to manage all aspects of your business – projects, clients, and billing.
Instead of switching between spreadsheets and emails, save countless hours by managing everything in one solution.
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QuickBooks is simple cloud accounting software that helps you organize your finances in one place. You can create and send customized invoices online from any device.
Most important features:
- Create and send customized invoices, receipts and quotes
- Schedule recurring payments to save time
- Track sales, costs and profits
- Track and manage your sales tax
- Trade in multiple currencies
- Create purchase orders
- Track the profitability of projects or assignments
- The cool thing about this tool: The QuickBooks Online Mobile app automatically stores your data in the cloud and syncs across all your devices, making it easy to manage your business on the go.
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Zoho Books is simple online accounting software that covers all the basics: creating and sending invoices, tracking expenses, syncing bank accounts, creating reports, and booking on the go across devices. But it also offers a complete set of accounting tools that will grow with your business.
Most important features in Zoho books are:
- Sending expert bills, setting up repeating invoices automatically, and accepting payments online are all done in an easy, quick, and comfortable manner.
- Track, classify, and invoice your clients’ spending all in one location.
- Get a real-time report on your cash flow by integrating Zoho Books with your bank account.
- Stay in control of your finances with powerful accounting reports such as income statement, balance sheet, and cash flow statement.
- Enable inventory management and manage goods as they come in and out.
What’s cool about this tool? Most accounting solutions require an accountant or accounting knowledge to measure and analyze financial statistics.
But not in the case of Zoho invoices. For a quick, real-time overview of the health of your business, a glance at the dashboard would suffice.
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Xero is an accounting software with all the time-saving tools you need to grow your business with unlimited users and providing 24/7 support. This invoicing software also prides itself on its security and reliability.
Main characteristics:
- Easy invoicing: Create professional, individually designed invoices. Set up recurring invoices.
- Automate bill payment reminders and get faster payments with personalized emails to your customers.
- Accept payments online with a debit or credit card, or with PayPal, directly from the invoice to keep payments seamless.
- Invoice on your phone: Create and send invoices directly from your phone or tablet once you complete an order.
- Let your customers pay online with a debit or credit card. Or with your PayPal account.
The interesting thing about this tool: with Xero you can also send collective invoices to customers – it saves a lot of time. Additionally, you will be notified when the invoices are open!
How to develop an Invoice Management Software?
