Best Invoice Software for 2024

May 21, 2024
7
minutes to read
by
Ben Mensah
Table of Contents

Leveraging the best invoice software is crucial for handling your payment processes and ensuring that you can get paid without delay; making the right choice will be one of the most important decisions you make for your business this year. In this comprehensive guide, we'll explore the landscape of the top invoicing software options for 2024, focusing on their key features, usability, and how they can enhance your business operations, with a special look at how Thriday stands out as a comprehensive, all-in-one solution for modern financial management. Whether you're freelancing, managing an e-commerce empire, or running a bustling small business, the importance of a reliable invoicing system cannot be overstated. 

Receiving payments for your small business is always fun, but without the right software, the invoicing process to get there can quickly become a tedious dance of itemising charges and services, calculating taxes, and chasing down late payments - especially if you're still stuck burning time and money in the manual invoicing maze.

In the fast-paced business world of 2024, adopting proper invoicing software is not just a trend—it's a critical strategic move towards business efficiency and financial clarity. The right invoicing software for your small business can do much more than just send invoices; it streamlines your entire billing process, easily tracking projects from quote to completion, helping manage clients and ensuring timely payments through automated reminders.

And with next-generation platforms that easily integrate invoicing with banking and AI-driven accounting features, like Thriday, tedious tasks such as transaction reconciliation and financial reporting can be automated to eliminate financial admin and level up your operational efficiency, improving your precious cash flow and, most importantly, helping you reclaim your time.

Thriday Invoicing Suite
Thriday automatically tracks the status of your quotes and invoices in a simple dashboard integrated with the rest of your financial data to provide a holistic picture of your business' finances in real-time

How to Choose The Best Invoice Software?

Choosing the right invoice software for your business in 2024 is more than just about sending bills; it's about finding a simple yet comprehensive solution that aligns with your business's operational needs, financial management strategies, and future plans.

With comprehensive features allowing your business to easily track billable items with precision, effortlessly generate and send professional custom quotes invoices, handle payments and much more with just a few clicks - innovative invoicing solutions like Thriday are transforming the way you manage your finances as a small business owner and have set a new standard for accurate, streamlined, and time-efficient financial management in the digital era.

Today, we’ll explore various options - from Thriday's all-encompassing platform to specialised tools like Xero, MYOB, Square Invoices & PayPal- to assess what each service offers in terms of features, benefits, and limitations.

Key Considerations for Your Small Business

When it comes to choosing the software that's right for you and your business, here are some of the key considerations to keep in mind:

  • Ease of Use: The right software should be intuitive, making it easy to generate invoices, track payments, and manage finances without a steep learning curve.
  • Customisation and Scalability: Your chosen platform should offer customisable invoice templates and the ability to scale with your business as it grows, adapting to your changing needs.
  • Cost-Effectiveness: Consider the overall cost, including hidden transaction fees from payment gateways or monthly charges. Many solutions come with free options to get started with a full suite of features that provide value beyond just invoicing, such as Thriday's $0 Access Fee Plan.
  • Integration with Banking and Accounting: For stress-free total financial management, look for software that integrates invoicing directly with your banking and accounting in the same platform. Thriday excels here, seamlessly combining invoicing, banking*, and accounting into one simple app to automate the financial management process from invoicing and transaction reconciliation all the way to financial reporting!
  • Support and Resources: Adequate customer support and resources to help you maximise the use of the software are crucial, especially for businesses that are new to invoicing. Take advantage of comprehensive customer support and join a free demo to kickstart your journey with Thriday today!
Invoice software by Thriday
Eliminate financial admin with Thriday

For small businesses, freelancers, and growing enterprises in Australia alike, the ideal invoicing software should offer a seamless blend of usability, efficiency, and integration capabilities. It should not only facilitate the quick creation and management of invoices but also provide insights into your financial health, automate tedious tasks, and support your tax and compliance efforts.

The Benefits of Great Invoice Software

Before diving into our 2024 comparison, let's first take a look at some of the most crucial benefits of embracing invoicing software in your business to streamline financial operations and enhance efficiency:

Efficient Billing and Payment Processes

Invoicing software enables the quick and easy creation, sending, and tracking of digital invoices from quote to completion in one simple-to-use app on web and mobile, significantly reducing manual effort and errors to help you get paid fast! 

With Thriday, you can create and send professional invoices to clients from your phone or web app in seconds with integrated payment solutions to expedite the payment process, cutting down the time between services rendered and payment receipt to improve cash flow and make life easier for you and your clients!

Learn more about Instant Invoicing with Thriday here.

Simplifying Tax Reporting and Compliance Management

The right invoicing software makes navigating the maze of tax compliance and financial management a breeze. By merging invoicing, banking*, and accounting effortlessly in a simple all-in-one platform, Thriday makes tax time, relax time!

By neatly categorising and logging every invoice and transaction with the rest of your financial data, Thriday then harnesses the power of AI-driven accounting to automatically reconcile your income, calculate and forecast tax and update your cash flow, profit & loss and other vital reports for your business - providing a real-time view of the business's financial health at all times without having to lift a finger!

With Thriday, you're not just managing invoices; you're overseeing your entire financial landscape in one place with minimal effort, making tax reporting and compliance as simple as a few clicks.

Thriday tax summary
Thriday leverages the power of AI to automatically reconcile your invoices, income and expenses to generate key financial reports such tax estimates and cash flow statements

Streamlining Cash Flow with Recurring Billing and Automated Reminders

Timely payments are crucial for maintaining healthy cash flow, making the ability to automate recurring billing and send out payment reminders invaluable to any small business.

These features save significant time by eliminating the manual creation of invoices for regular services while also helping to ensure timely client payments by nudging them towards prompt payment. With Thriday, these features are automated to reduce the need for follow-up calls or emails, meaning you can spend less time chasing down payments and more time focusing on what's important, running your business.

Enhancing Credibility with Clients and Vendors Using Customisable Invoice Templates

Professional invoices combined with the ease of integrated payment options work to enhance your business's professionalism, brand image and credibility in the eyes of partners.

With Thriday's customisable templates, you can easily create custom invoices to showcase your brand. Take advantage of Thriday's platform with quick, professional invoicing and payment tracking to solidify your reputation as a reliable and modern business.

Thriday custom invoice templates
Easily create custom invoices in the mobile and web app to professionally showcase your business' brand in client and vendor communications

The transition to new invoicing software like Thriday not only streamlines your billing and payment processes but also boosts your business's professionalism, ensures faster payments, and simplifies tax compliance. 

While Thriday offers a comprehensive financial management solution, the benefits of moving to any modern digital invoicing platform can significantly impact any small business's operational efficiency and financial health.

Top Invoice Software in Australia for 2024

As we explore the landscape of invoicing software in Australia for 2024, it's clear that these tools are crucial for small businesses aiming to stay competitive and financially healthy in the digital age.When it comes to streamlining your billing process, tracking your expenses, and improving your cash flow - here are our top picks for the year:

Thriday: The Best Overall Invoice Solution for Australian Businesses

For 2024, Thriday stands out as the premier invoicing solution - offering a comprehensive suite of features tailored to streamline the invoicing and payment process for Australian businesses of all sizes.

Professional, quick and easy invoicing becomes a seamless part of your total financial management within Thriday's integrated platform, merged harmoniously with business banking* and automated accounting. With Thriday, businesses can effortlessly generate and send invoices, track payments, and manage their cash flow within a single, user-friendly environment.

More than just an invoicing tool, Thriday is a holistic business banking* solution that brings together built-in business transaction accounts*, quoting, invoicing, tax forecasting, financial reporting and more under one roof with industry-leading AI-driven automated accounting - seamlessly integrating billing into your daily operations, allowing you to dedicate more time to the aspects of your business that truly matter to you.

Thriday all-in-one
With all your financial data managed securely in one integrated environment - every invoice, payment, and financial interaction is automatically organised and reconciled to eliminate financial admin all the way from invoicing to detailed financial reporting and provide you with a constant real-time overview of your business's financial health

Instant Invoicing with Thriday

Thriday comes equipped with simple yet powerful invoicing functionality carefully designed to make the billing process as efficient and straightforward as possible, allowing you to focus more on your business and less on financial admin. By automating and simplifying invoicing tasks, Thriday provides a robust solution that supports your business's growth and financial health. Get started today to enjoy the benefits of:

  • Invoicing Made Easy and Professional: Thriday allows you to quickly create quotes and invoices directly from your phone or computer, whether you're on the job site or in the office. This flexibility ensures that you can bill clients without delay, improving cash flow and reducing administrative overhead.
  • Automated Payment Reminders: To help you get paid faster, Thriday sends automated email payment reminders to your clients, reducing the need for manual follow-ups and helping maintain a steady cash flow.
  • Organised and On-Brand Invoicing: With Thriday, you can tag your quotes and invoices to group them by job, project, or theme, keeping your admin tidy and manageable. Customise your invoices with your logo and colour scheme to keep your branding consistent across all client communications.
  • Personalised Communication: Personalise the client's email and preview it before sending, ensuring your message is clear and professional. You can also attach files or photos of completed work directly to your invoices, providing proof of job completion and justifying the charges.
  • Efficiency Features: Duplicate existing invoices and quotes to save time on repetitive tasks. Thriday's dashboard and calendar give you a comprehensive view of all your invoices and their due dates, helping you stay on top of your billing cycle.
Thriday invoicing dashboard
Easily manage your invoices from quote to payment in the dashboard of Thriday's Instant Invoicing suite

Features and Benefits

  • Visa Debit Card*: Easily make payments anywhere Visa is accepted, deposit funds at any Australia Post branch, and withdraw cash at ATMs across the country.
  • Profit First Budgeting: Implement the Profit First methodology effortlessly with Thriday by setting up to 9 business transaction accounts* designated for specific expenses like taxes, wages, and salaries in one platform to keep your finances meticulously organised.
  • Automated Accounting: Thriday revolutionises your financial management with AI-driven automated accounting. It categorises transactions, generates financial reports, and updates your books in real-time, freeing you from manual data entry and complex accounting tasks.
Thriday tax estimate
Understand your business' finances with more clarity and quicker than ever before with Thriday's automated bookkeeping and accounting platform
  • Allocations: Effortlessly distribute funds across your internal and external bank accounts*, either on a predetermined schedule or immediately as income is received.
  • Quick Quotes: Send professional quotes on the fly directly from your phone or computer with Thriday's app, adding billable items and custom measurements with ease to make quoting a breeze for both new and existing clients.
  • Automated Easy Payments: Automate your accounts payable process with Bill Manager! Just snap a photo of a bill, or forward the bill to Thriday, and we'll automatically scan the details and set up a payment for your approval.
  • Manage Business Health: Gain a real-time, clear view of your business's financial health with Thriday's automatically generated financial reports, including cash flow projections, income statements, tax forecasts, balance sheets and more to empower you to make informed business decisions.
Thriday cash flow statement
Thriday leverages seamless banking* integration and the power of AI to automate the generation of all your key financial reports including real-time cash flow statements and forecasts
  • Smart GST Recognition: Thriday simplifies GST calculations, making BAS and tax submissions a breeze. Its intelligent system automatically recognises GST on transactions, streamlining your tax reporting and helping ensure accuracy.
  • Lightning Lodgment: Stay on top of your tax lodgments with Thriday's automated system. Prepare and lodge your BAS directly within the app in minutes, ensuring compliance without the hassle.
  • Effortless Tax Management: Benefit from automated tax forecasting and detailed summaries. Thriday analyses all your financial data to give you an up-to-date view of your tax position at all times, simplifying tax management.
  • Receipt Reconciliation: Keep your financial records pristine with Thriday's receipt management. Snap a photo of your receipts, and Thriday will automatically reconcile and store them, making tax season stress-free.

Thriday's platform revolutionises how small businesses manage their invoicing and financial administration, offering a streamlined, efficient approach that saves time and enhances accuracy. With Thriday, you gain more than just an invoicing tool; you unlock a comprehensive platform that supports every aspect of your business's financial management.

Pricing Plans

Thriday offers two different plans tailored to your business' specific needs:

  • $0 Access Fee Banking*: Dive into the Thriday platform today without any access fees, enjoying up to 10 separate business transaction accounts* with a VISA debit card - complete with unlimited online invoicing and quoting and bill manager to automate bill payments. This plan also includes a 1-month free trial of our timesaver plan.
  • $29 Timesaver Plan: Elevate your business with our comprehensive suite, which not only covers all banking* essentials in the $0 Access Fee banking* plan but also adds access to Automated Accounting and transaction reconciliation, allocations, receipt scanning, tax assistance and more. Harness the full potential of AI-driven automation to streamline every aspect of your business's financial management.
Transactions plus card
Get started with Thriday's $0 Access Fee Banking and enjoy unlimited invoicing and up to 10 business bank accounts* with a VISA debit card* easily managed in one simple platform

Thriday transcends traditional invoicing software to offer a holistic solution for modern business financial management, integrating invoicing, bookkeeping, and tax reporting with the power of AI to eliminate financial admin for small business owners.

With Thriday, managing income and expenses becomes effortless. Our platform automatically reconciles every transaction, ensuring your financial reports and tax calculations are always accurate and up-to-date, freeing you from the burden of financial administration.

Discover more about the platform and kickstart your journey with Thriday here today!

Square Invoices: For POS Payments

Square Invoice Template
Square Invoices offers a basic invoicing service where you can create and send invoices from the Square POS app

Fees

  • Free plan available, with processing fees applicable on card payments and bank transfers
  • Plus plan starts at $30 AUD per month, with additional processing fees of up to 2.2% for online card payments and 6%+ for card payments with Afterpay

Features and Benefits

  • Offers unlimited invoices and clients even on the free plan
  • Supports a wide range of payment types, enhancing flexibility for businesses and their clients
  • Integrates with inventory and time-tracking software, providing a more comprehensive tool for business management
  • Includes a client portal, facilitating easier communication and transaction management with clients
  • Features like recurring invoices, real-time tracking, and automatic payment reminders streamline the invoicing process

Limitations

  • Advanced features such as customisation, automation, and project tracking are reserved for the paid plan
  • Lacks native accounting or tax integration, necessitating connections to external services like Intuit or Xero for comprehensive financial management
  • Primarily focused on invoicing and payments, lacking the broader financial management tools some businesses may require

Square Invoices is a viable option for Australian businesses seeking straightforward, efficient invoicing solutions. Its free plan is particularly attractive for small businesses or freelancers. However, the Plus plan's higher costs, processing fees and lack of integrated banking and accounting features may trigger a hunt for more integrated, cost-effective alternatives.

MYOB: For Advanced Business Operations Support

MYOB Invoicing platform
Equipped with invoicing functionality and native STP payroll reporting, MYOB serves as a comprehensive invoicing software option for more advanced business and company operations. Source: MYOB

Fees

  • MYOB offers plans ranging from $5 AUD to $85 AUD per month, catering to various business sizes and needs, from basic invoicing to comprehensive business management.

Features and Benefits

  • Customisable invoice templates and one-click payments enhance efficiency
  • Invoice tracking and automatic reminders help ensure timely payments
  • Comprehensive features include inventory management, job tracking, and expense management
  • Supports STP reporting and payroll management for comprehensive financial oversight
  • Option to integrate with other business software for streamlined operations

Limitations

  • The Lite plan, while affordable, offers limited features, potentially not meeting all business needs
  • Advanced features like automated rosters and billing by time are only available in the more expensive plans, limiting accessibility for smaller businesses
  • The platform's complexity and breadth of features may present a steep learning curve for new users

Like Xero, MYOB makes sense as a comprehensive solution for businesses that demand a wide array of financial management tools, from customisable invoicing to detailed expense tracking and STP payroll management. At the same time, its ability to integrate with other software has made it a staple for businesses aiming for comprehensive oversight.

However, the depth of MYOB's features comes with a learning curve and a price tag that may steer smaller businesses or those on a tighter budget towards more straightforward, more accessible invoicing solutions. With plans that scale from basic to advanced, MYOB caters to a diverse business landscape, offering robust solutions for those ready to navigate its extensive offerings.

Xero: For Comprehensive Financial Management Features

Xero premium pricing plans
Xero offers 4 different plan types with varying feature access and capabilities

Fees

  • Monthly plans range from $32 AUD for limited features and invoicing (up to 20 per month) to $115 AUD for advanced functionalities, making Xero a relatively expensive choice

Features and Benefits

  • Customisable invoices and automatic reminders streamline billing processes
  • Accept payments through various gateways, enhancing flexibility
  • Capture bills and receipts with HubDoc
  • Comprehensive project tracking and expense management integrated into all plans
  • Extensive bank feed connections to automate data entry and reconciliation
  • GST and payroll functionalities simplify tax compliance and staff payment

Limitations

  • No free plan available - making it less accessible for businesses seeking cost-effective solutions
  • Lack of native banking integration compared to other options requires users to manually setup bank feed connections between various data sources
  • Complex and extensive features have a steep learning curve that may deter smaller businesses or those with simpler invoicing needs (adequate training and familiarisation are recommended to maximise its potential)

Xero is a robust solution for businesses seeking extensive financial management capabilities, offering a range of features that cater to comprehensive accounting and invoicing needs. However, its premium pricing and complexity may lead smaller businesses or those with straightforward requirements to explore simpler, more cost-effective alternatives.

PayPal: For Invoicing with Brand Recognition

Paypal Invoices
Create, send and track invoices online with PayPal

Fees

  • Free for account creation and invoice sending
  • Payment processing fees: 3.49% + $0.49 per transaction for PayPal, Venmo, and Pay Later payments; 2.99% + $0.49 per transaction for debit and credit card payments

Features and Benefits

  • Familiar, trusted and recognised brand and platform, offering a sense of security to your clients
  • Simple invoicing process, allowing for quick creation and sending of invoices without complex setup
  • Mobile app availability for invoicing on the go, ensuring flexibility and convenience
  • Customisable invoices, with options to add logos, custom fields, and notes, alongside sending payment reminders

Limitations

  • Limited feature set, lacking advanced functionalities like time tracking and detailed client profiles
  • Features such as saving invoice templates or adding client details, are not immediately accessible and require additional steps to use

PayPal stands out for businesses and freelancers who prioritise ease of use and the credibility of a well-known payment processor over a comprehensive feature set. Its straightforward invoicing capabilities and the ability to send invoices directly from a mobile app make it a practical choice for those who value simplicity and brand trust. However, businesses needing more detailed invoicing functionalities and wanting to benefit from business-wide integrations may find PayPal's offerings a bit limited.

What's the Best Invoicing Software for 2024? Our Verdict

Selecting the right invoicing software is a pivotal decision for every business aiming to streamline operations and enhance financial management this year. The best software goes beyond simple invoicing; it becomes a vital part of your business's financial ecosystem, improving efficiency, clarity, and control over cash flow, accounts, administrative tasks and more.

While each option presented today has its strengths, Thriday stands out as the best invoicing software in 2024 for businesses seeking a comprehensive, all-in-one financial management solution that excels by uniquely integrating invoicing with banking and automated accounting to simplify the entire business flow from billing to bookkeeping - eliminating financial admin and providing real-time insights into your business's financial health without lifting a finger.

As you make your decision, consider not just the immediate benefits but also how the software will support your business's long-term well-being and success. Level up your business and reclaim your time by joining the Thriday revolution today!

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

Why waste time on financial admin when Thriday can do it for you?

JOIN FOR FREE
Already have an account? Login here
Thriday Debit Card

SEE HOW THRIDAY HELPS
SMALL BUSINESSES

Live demo this Thursday at 12:30pm.
SAVE YOUR SPOT
Close