Billing software has established its unique place and crucial role in enhancing modes of business today. The rapidly increasing local and international business is rendering billing software as indispensable in business, especially in view of the enlarging commerce and requirement of easy and speedy billing functions. You now have special software separately for almost all branches of business. Here are a few of the important ones.
Time and Billing Software: This software, used mainly in marketing, accounting and law firms, features three essential factors like tracking time, billing the hours of work, and categorizing, and integrating both separately for each project. The developers of these software packages normally include additional features like widgets Recurring Billing software for time tracking and bells and whistles for scheduling and management of documents. They have also ported an accounts receivable module, and are adept at integrating with ‘QuickBooks’ type of standard accounting packages.
Legal Billing: Software developers developed special programs for legal billing, by including several features like large bill grouping and trust accounting and reporting, besides other healthy billing and invoice capabilities. Larger law firms could demand a comprehensive software solution to include case scheduling, references to legal research and document management.
Medical Billing Software: Unlike one would normally expect, medical billing software does not resort to hourly based billing, but instead relies on Current Procedural Terminology (CPT) Codes, which are exclusive medical billing codes. When the doctor submits his bills for payment to the insurance company, they will pursue the CPT codes, approve, deny or downgrade them to adapt to their fee schedule.
Inventory Based Billing: This software has wide-ranging use mainly for wholesalers, manufacturers and retail companies who bill when selling inventory. The pricing of the inventories determines the quantum of bills generated by the software. This software has to deal with diverse types of prices like specific price, varying prices or the system will use a markup amount for its billing function. Sometimes, the system will use a markup price above the cost of the item.
Recurring Fees Billing Software: There is no specific software for this niche, which includes regular standard or monthly service billings to customers by home maintenance industries or monthly or annual maintenance IT firms who have recurring bills of the same amount for their customers during each billing cycle. Most such service companies use the time and billing software to do their billing with the help of a special module for recurring fees that they integrate into the software. These companies can also try Name-brand accounting systems software that is ideal for billing of recurring fees. Larger companies and multinationals may go for a third-party billing service that takes on the responsibility for generating the invoices for them.