The Best Invoicing Software for Freelancers

The Best Invoicing Software for Freelancers

As a freelancer, getting paid for your hard work is crucial. However, chasing clients for payments or keeping track of who owes you what can take time and effort. That's why having a robust invoicing system tailored to freelancers' needs is essential.

But with so many invoicing tools, how do you determine which best suits your freelance business? Don't worry; I've done the homework for you and compiled this comprehensive guide on the best invoicing software for freelancers in 2024. Read on to find the perfect solution to get you paid faster!

What is Invoice Software?

Before diving into the specific tools, let's quickly go over what invoicing software is.

Invoicing software provides freelancers with an easy way to:

• Create, customise, send, and track professional invoices
• Get paid online through various payment options
• Generate reports on earnings, expenses, profits, etc.
• Automate payment reminders and late fees
• Integrate with other business apps via API

So, these platforms eliminate all the manual work associated with getting paid as a freelancer. No more spreadsheets or paper invoices!

Benefits of Using Invoicing Software

Is investing in invoicing software worthwhile for your freelance business? Consider these benefits:

1 – Get Paid Faster

The number one reason freelancers use invoicing software is to get paid faster. Invoicing tools make it easy for clients to pay you online, leading to much quicker payment timeframes.

2 – Avoid Payment Follow-Ups

Hounding clients for late payments is annoying and stressful. Invoicing software automates payment reminders through email, saving you this hassle. Some even charge late fees automatically beyond a set payment deadline.

3 – Look Professional

Professional invoices inspire client confidence in your business and services. DIY invoices made on Word or Google Docs don't cut it.

4 – Track Project Profitability

Understanding your actual earnings requires analysing invoicing and expense data. Reporting features in invoicing platforms uncover this insight quickly.

5 – Work From Anywhere

Invoicing software runs in the cloud. So, as long as you have internet access, you can manage all your billing operations remotely. No need to be chained to a desk!

Must-Have Features

Now that you know the main reasons for using invoicing tools, let's explore the core features freelancers should look for when choosing software:

Invoice Customisation

You'll likely have clients from different industries with unique invoicing needs. Customisable templates allow you to tailor invoices, estimates, and documents to every client. Useful custom fields include:

• Logo & branding
• Invoice numbering
• Line item descriptions
• Terms & conditions
• Late fees

Online Payments

Getting paid instantly with a click is hugely appealing to freelancers. Integration with payment gateways like Stripe and PayPal facilitates easy online payments from clients globally.

Time Tracking

Tracking billable hours across projects is vital yet challenging. Invoicing tools with built-in time tracking greatly simplify this critical task. Some even allow invoices to be generated directly from logged hours.

Expense Tracking

From software subscriptions to phone bills, freelancing involves many out-of-pocket expenses. Deducting these costs from your taxes requires diligent expense tracking. Invoicing software automates this process substantially.

Reports & Analytics

How much are you earning every month? What are your most profitable projects or clients? Invoicing software generates insightful reports through visual charts and graphs to answer such questions.

Multi-Currency Support

For freelancers serving international clients, support for sending invoices and accepting payments in different global currencies is essential. Exchange rates get updated automatically as well.

API & Integrations

Top invoicing platforms offer open API and an array of integrations with everyday business apps freelancers use. For instance, connecting to project management, accounting, and banking tools brings immense efficiency.

Now that you know what invoicing software offers and the must-have features to look for, let's examine the top solutions freelancers prefer in detail. I'll also share critical statistics, pros and cons, and pricing information to guide your buying decision.

1 – FreshBooks

Founded in 2003, FreshBooks is currently at the top of most lists for freelance invoicing software. It caters specifically to the needs of small service-based businesses and solopreneurs. Powerful features tailored to freelancers and an easy-to-use interface are critical reasons for FreshBooks's enduring popularity.

Key Stats

• 13+ million users across 160 countries
• Ranks #1 in 9 software review sites
• Highest user satisfaction score (98%) in the category
• Astounding 91 scores on Trust Radius

Pros

• Ideally suited for freelancers and solopreneurs
• Very user-friendly interface
• Robust feature set
• Top-notch support and helpful blog
• Discounts for non-profits and students

Cons

• More expensive than some competitors
• The steep learning curve for reports/analytics
• Lacks project management capabilities

Pricing

• Free 30-day trial
• Monthly plan – $15 for five clients
• Plus plan – $25 for 50 clients
• Premium plan – $50 for 500+ clients

Bottom Line: With unmatched ease of use, tailored capabilities, outstanding service, and stellar reputation, FreshBooks is the gold standard for freelance invoicing software.

2 – Wave

Founded in 2009, Wave is best known as an affordable yet comprehensive accounting platform for small businesses and entrepreneurs. Along with double-entry accounting features, Wave provides powerful invoicing, payments, and expense tracking capabilities – making it superb for freelancers.

With Wave's free basic plan, you can go a long way in managing your freelance finances. And hungry entrepreneurs will surely appreciate the software's transparent, fair pricing. Let's break down the vital details of using Wave for invoicing and payments:

Key Stats

• Six million+ registered users
• 400,000+ monthly active users
• Scored 4 out of 5 by PC Mag
• Rated Excellent (9.2) on Trustpilot

Pros

• Free and full-featured basic plan
• Unlimited Wave invoices
• Simple dashboard to manage clients
• Top-rated mobile apps for iOS/Android
• Automated expense tracking

Cons

• Interface slightly outdated
• Support the best effort (no SLAs)
• Lacks advanced customisation

Pricing

• Wave Basic – FREE forever
• Premium plan – $9 per month
• Plus plan – $18 per month

Bottom Line: With an unbeatable free plan packing unlimited invoicing, freelancers seeking budget-friendly billing software should shortlist Wave. Reasonably priced Premium and plans provide more prosperous payments, accounting, and customisation capabilities.

3 – InvoiceSimple

As the name suggests, InvoiceSimple focuses on crafting unique, tailored invoicing experiences for freelancers through simplicity and automation. Its beautifully designed interface and powerful integrations also earn its rave reviews among users. Let's peek under the hood to see the magic!

Key Stats

• 15,000+ happy customers
• 4.8 stars on Capterra (430+ reviews)
• 4.7 rating on G2 (170+ reviews)
• Featured on Forbes, Business Insider

Pros

• Sleek, intuitive interface
• Packed with automation features
• Generous free plan available
• Tight integration ecosystem
• Fantastic mobile experience

Cons

• Payments via Stripe only
• Support seems stretched thin
• Steep learning curve initially

Pricing

• Free plan – 1 user, five clients, 50 invoices/month
• Pro plan – $12 per month
• Max plan – $18 per month

Bottom Line: InvoiceSimple hits the sweet spot between simplicity and customisation for solopreneurs. And with productivity-boosting automation, delightful design, and surprisingly generous free offering, it warrants serious evaluation.

4 – QuickBooks Invoicing

No discussion of small business fintech is complete without Intuit's QuickBooks. And with its online invoicing tool tailored to freelancers, QuickBooks is undoubtedly a compelling option. Let's analyse how it stacks up.

Key Stats

• 8 million global subscribers
• #1 small business accounting software
• 160,000 5-star reviews
• Scored 4.5/5 on Capterra

Pros

• Smooth integration with the broader QuickBooks ecosystem
• Access to QuickBooks' renowned payroll features
• Best-in-class bank reconciliation
• Generous discounts for early signup

Cons

• Expensive compared to the competition
• Steep learning curve
• Occasional sync failures

Pricing

• Simple Start – $25/month (1 user, five clients)
• Essentials – $35/month (up to 3 users)
• Plus – $70/month (up to 5 users)

Bottom Line: Intuit's offering hits the mark with smooth integrations and stellar tools for freelancers already bought into the QuickBooks ecosystem seeking a seamless invoicing extension. But the relatively high pricing demands serious thought.

5 – Zoho Invoice

Last but not least on our list of top invoicing systems for freelancers is Zoho Invoice. Part of Zoho's expansive business software empire, Zoho Invoice impresses with deep customisation suitable for freelancers with diverse clientele and complex needs.

Key Stats

• 60+ million users across Zoho tools
• Available in 10 languages
• #1 in customizability (G2 rating)
• Named a strong performer by Forrester

Pros

• Unparalleled template customisation
• Supports 50+ global currencies
• Deep third-party integrations
• Generous free plan

Cons

• Steep learning curve
• No native Chron integration
• Underwhelming mobile experience

Pricing

• Free – 5 invoices per month
• Standard – $20 per organisation per month
• Professional – $35 per organisation per month

Bottom Line: Zoho Invoice warrants consideration with its unmatched invoice customisation muscle and deep compatibility spanning apps freelancers frequently use. Just be ready for a trickier initial ramp-up.

Bonus: Billdu

Billdu is easy to use but a feature-packed invoicing app for small businesses. It allows you to quickly create professional-looking invoices, estimates, purchase orders, delivery notes, and other documents your business needs. 

With features like automatic payment reminders, recurring invoices, online payments, expense management, and invoice status tracking, Billdu has everything you need to run and scale your business smoothly. 

Furthermore, Billdu's affordable subscriptions and great reviews (4.8 out of 5 on the App Store, 4.7 out of 5 on TrustPilot) secure its place as one of the best options on the market. 

Try Billdu for 30 days free (no credit card required), and then get it for as little as $3.99 on the Lite plan. Or, go one step further and enjoy the extensive possibilities with the Standard plan for $8.99 or Premium for $16.99.

Bonus: FormPros

While not strictly an invoicing software, FormPros reveals a robust platform to simplify official document creation. For business people and freelancers alike, the ability to create a pay stub online is invaluable, providing professional results with minimal hassle. 

FormPros offers extensive templates tailored to suit various business needs, ensuring your documentation is accurate and compliant. 

Their easy-to-use interface is exceptionally user-friendly, and you’ll be happy to know that FormPros is trustworthy, sporting a 4.8 out of 5 on Shopper Approved (with over 13k reviews) and 4.4 out of 5 on Trustpilot. That’s because FormPros has established secure data protocols to protect user information, giving peace of mind when creating confidential documents online.  

FormPros costs depend on what form you want and how many you need. For example, a Form W-2 is $14.99, whereas a single paystub is $8.99 (or $96 for unlimited).

Bonus: Refrens 

Refrens is a comprehensive invoicing software and an all-in-one platform to manage your firm's operations. It is specially designed to manage the fundamental invoicing process, from drafting personalised invoices to sharing via assorted platforms, getting timely payment, and more.

Key Stats

• 150k + users across 170 countries 
• Rated 4.8 based on 11700+ rating
• Rated five stars (Excellent) by Software Advice in 2024 
• Recognise with “Best Ease Of Use” and “ Best Value” badges by Capterra

Pros

• User-friendly and streamlined automation for effortless invoicing.
• Highly customisable to suit unique business needs.
• Facilitates automated payment reminders to get paid on time.
• Simplified recurring invoicing facilitates easy sharing via link, WhatsApp, and email.
• Generate a QR code and get paid quicker.
• Convert documents from invoice to e-invoice, e-waybills, debit notes, credit notes, etc.
• Seamlessly manage multiple business and team members
• Get 24×7 live support.
• Create automated invoices instantly without accessing the system using the Refrens Invoice API.

Cons

• Limited trial period.
• Advanced features might be available only in paid plans.

Pricing

• Free Plan: Free plan for small businesses to create up to 50 documents/year
• Premium Plan: Pricing starts from as low as ₹100/month or $2.5/month, depending on the number of users & features

Key Buying Considerations

Now that you're familiar with the five best invoicing systems for freelancers, let's recap some key factors to weigh as you evaluate options:

Client Volume

The pricing models, capabilities, and scalability vary widely across solutions. So carefully project your foreseeable client and invoice volumes before committing.

Desired Customisation

Do you serve clients from diverse industries or plan to expand your services? If heavy customisation is desired, narrow-down choices offer more excellent tailoring.

Integration Needs

Determine what other apps, like payment systems, banks, accounting software, project tools, etc., you want seamless connectivity and give preference accordingly.

Available Budget

As outlined in pricing sections, these tools range from free to ~$100+ in monthly costs based on features and usage. Set realistic budgets you can afford long-term.

Learning Curve

While all platforms emphasise simplicity, some require more patient ramp-up than others. So consider your team's tech comfort levels as well before deciding.

Do you still need help evaluating options against so many criteria? Don't worry – sign up for 1-2 free trials first rather than over-analysing prematurely!

Conclusion

Juggling the financial complexities – invoicing, expenses, payments, accounting – makes effective freelancing tremendously challenging. Thankfully, as elaborated in this guide, purpose-built invoicing software tailored to solopreneurs' needs alleviates your billing and payment headaches.

From delightful design exceeding client expectations to automation liberating you from manual processes, today's tools pack immense power. After comparing the pros and cons, capabilities, and economics of 5 top platforms, I hope you are better positioned to determine the best fit for your freelance venture.

Remember key buying factors around client size, customisation needs, integration capabilities, and learning ramp-up as you evaluate options for streamlining invoicing. But don't obsess endlessly either – sign up for 1-2 free trials firsthand rather than overanalysing prematurely.

I wish you the best as you leverage modern fintech to flourish as a freelancer. Feel free to reach out with any other questions!

Best Invoicing Software FAQs