Top 5 Usage Based Billing Software To Level Up Your SaaS Business’s Invoicing Process

Billing is an interesting aspect of any business. It’s an essential function, yet it’s a necessary sunk cost in terms of time. It’s not actually time spent on productivity. It’s merely an operating, administration cost.

But it’s a task every business faces that needs to get done. Hence why there’s a swath of automated, usage based billing software solutions out there that all try to promise the same thing: faster, better, stronger billing.
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But they can’t all be the best, can they? We think not.

That’s why we’ve taken it upon ourselves to scrutinize all of the primary billing softwares on the market and we boiled the options down to the five brands we think are the most competent. While we’ll highlight each of them separately, any of these are truly fair game but offer specific strengths you may care more or less about, depending on your situation.

So with that said, let’s get started.
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1) Received.ai
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When flexibility and precision in billing is a non-negotiable matter, Received.ai is the front-runner option.

It has an advanced kit of features tailored for B2B businesses that manage complex usage-based pricing models and demand meticulous tracking and invoicing based on actual customer usage. With Received, businesses can optimize their usage billing workflows and tighten up their usage metrics faster and cleaner.
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Here are the main advantages of springing for Received:

Adaptive real-time usage tracking, via API, CSV or manually.
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Automated invoice generation with precision.
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Automated dunning and payment reconciliation.
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Any usage scenario, cenarios, such as sub-activity, formula manipulation (running average, aggregation), and debits/credit relationship.
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Provide customers with a clear overview of their usage consumption for each invoice.
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Flexible pricing and invoicing options that can adjust to the criteria you decide on.
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Updates on billing in real time to guarantee correct invoicing.
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Integration of data collecting and analysis with cloud services.
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Billing cycles that are automated and need less user interaction.
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In-depth analytics to keep track of Usage product performance, analyze performance by product or cash flow over time.

2) Scoro

Scoro is an incredibly versatile platform that is rich with user-friendly features. It’s able to plug in with numerous other software on the market, and even features its own task management system within the platform. It’s a great starting place for any business starting off trying to optimize their billing tech stack with a solution that is practically all-encompassing.

Top Advantages of Scoro:

A unified platform for business management.
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Establish automatic late payment alerts to ensure timely payment.
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Streamlined process from project initiation to invoicing
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You can easily make and send custom sales, prepayment, and credit invoices and quotes.
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Reduce the time spent on monthly invoicing by setting up regular payments.
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Get a comprehensive summary of the profitability of each customer or project.
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See all the data in real-time on a dashboard. It includes submitted invoices and expected monthly income.
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Insightful financial reporting for better decision-making.

3) QuickBooks

Renowned for its intuitive cloud-based approach, QuickBooks has become synonymous with accessibility and user-friendliness in accounting. Its comprehensive suite of tools caters to a wide range of financial management needs, from invoicing and payroll to expense tracking and sales tax calculations.
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Key Highlights of QuickBooks:

Robust ecosystem for end-to-end accounting management.
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Make and deliver personalized sales receipts, estimates, and invoices.
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To save time, schedule recurring payments.
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Monitor revenue, costs, and earnings.
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Customization options for a personalized touch.
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Monitor and control your sales tax.
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Deal with several currencies
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Make purchase orders.
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Monitor the profitability of a project or job.
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Accessible invoicing from any device.

4) FreshBooks

FreshBooks, with its clean presentation and simple-to-use functionality, claims the mantle as the best solution for small businesses and freelancers. Its clean and simplistic interface makes it the go-to option for those who have minimal accounting knowledge.

Core Features of FreshBooks:

Intuitive time tracking aligned with billing.
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Create, change, and send endless invoices, which can include ones that renew on their own.
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Expense management for complete financial oversight.
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Track the receipt, viewing, and payment of an invoice by a client.
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Set up fines and automatic reminders for late payments.
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Accept credit card payments online with ease.
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Make and submit estimates that appear professional and clean.

5) Zoho Books

As businesses evolve, so do their billing requirements. Zoho Books is the companion for growth, providing a scalable accounting solution that caters to the expanding needs of growing businesses with its full suite of accounting tools.

Key Features of Zoho Books:

Scalable solutions for growing businesses.
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Comprehensive set of accounting tools.
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It's easy to send expert-made bills. You can also set up recurring invoices and take online payments.
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Organize and classify your spending, then bill your clients from one location.
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To receive a real-time cash flow update, link Zoho Books to your bank account.
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Keep an eye on transactions and quickly classify them.
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Strong accounting reports, like the P&L, balance sheet, and cash flow statement, help you watch your money.
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Activate inventory tracking and oversee the inflow and outflow of items.

Final Thoughts on the Top 5 Usage Based Billing Software

When it comes down to it, your SaaS business needs to choose the right usage based billing software that will help it scale to where it needs to be.

Whether that’s through the flexibility and precision of Received, the versatility of Scoro, the accessibility of QuickBooks, the simplicity of FreshBooks, or the interconnectivity of Zoho Books, each platform brings something potent and special to the table, deserving of your attention.

To that end, you’ll need to take into account details about your business, your existing tech stack, and how any of these options will help you streamline your billing process into something that is no longer an anchor weighing you down.

Ultimately, your billing management can’t afford to be handled haphazardly, which is why we strongly encourage all of our readers and clients to pursue an automated solution that is future-proof and immune to talent decay.
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Good luck in your search for the automated billing solution that will match with your brand the best.

And if you need any help choosing the one that’s perfect with you, we feel free to connect with one of our team members who can share with you the full capabilities and functionality that Received.ai has to offer.

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