Best Invoicing Software for 2024

February 20, 2024
7
minutes to read
by
Ben Mensah
Contents

Leveraging the best invoicing 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. 

Understanding Invoicing Software

In 2024, the right invoicing software for your small business can do so much more than just send invoices; it streamlines your entire billing process, easily tracking projects from quote to completion. It ensures timely payments with automated reminders and seamlessly integrates with banking* and AI-driven accounting features to automate and eliminate tedious financial admin like transaction reconciliation and financial reporting. Good invoicing software can improve your cash flow and, most importantly, help you reclaim your time. 

Innovative invoicing software is a game-changer for managing your business's finances. Modern invoicing solutions, like Thriday, are transforming the way small businesses manage their finances - with comprehensive feature sets allowing businesses to easily track billable items with precision, effortlessly generate and send professional custom invoices, handle payments and much more with just a few clicks!

Invoicing software

Benefits of Great Invoicing Software

Let's explore some of the key benefits of embracing invoicing software like Thriday 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.

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
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 solution, the general benefits of moving to digital invoicing can significantly impact any small business's operational efficiency and financial health.

Top Invoicing 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 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 Ultimate Invoicing 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, all 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 - making it easier than ever for businesses to manage their finances.

Thriday's platform is designed to simplify not only invoicing but all aspects of your business's financial operations, making your business more efficient by leveraging the data from your transactions. Every invoice, payment, and financial interaction is automatically organised and reconciled, providing a real-time overview of your business's financial health. This level of integration and automation is what sets Thriday apart, offering a comprehensive solution that covers everything from invoicing to financial reporting, to eliminate the headache of financial admin and allowing you to focus on running your business.

Instant Invoicing with Thriday

  • 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's invoicing functionality is 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.

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.
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 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.

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!

Xero

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

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. Its premium pricing and complexity, however, may lead smaller businesses or those with straightforward requirements to explore simpler, more cost-effective alternatives.

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

MYOB is recognised as a comprehensive invoicing and business management platform, particularly beneficial for larger businesses in need of extensive financial management capabilities. Despite its robust feature set, the pricing tiers and the complexity of certain functionalities might prompt businesses to explore alternative invoicing solutions that align more closely with their specific requirements and financial limitations.

Square Invoices

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

Choosing the Right Software 

Choosing the right invoicing 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.

As we've explored various options, from Thriday's all-encompassing platform to specialised tools like Xero, MYOB, and Square Invoices, the key is to assess what each service offers in terms of features, benefits, and limitations.

For small businesses, freelancers, and growing enterprises in Australia, 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.

Key Considerations for Your Small Business

  • Integration with Banking and Accounting: Look for software that integrates directly with your banking and accounting platforms, like Thriday, which combines invoicing, banking*, and accounting in one seamless experience, automating everything from transaction reconciliation to financial reporting.
  • Ease of Use: The 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 any transaction fees or monthly charges. A solution like Thriday offers transparent pricing with a suite of features that provide value beyond just invoicing.
  • 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. Join a free demo to kickstart your journey with Thriday!

While each software option has its strengths, Thriday stands out for businesses looking for an all-in-one solution that not only manages invoicing but also encompasses comprehensive financial management. 

Its integration of invoicing with banking* and automated accounting offers a unique advantage, streamlining financial operations and providing real-time insights into your business's financial health. As you make your decision, consider not just the immediate benefits but also how the software will support your business's long-term growth and success.

Level up your business and reclaim your time by joining the Thriday revolution today!

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