No business can function without billing its clients; the question is, how much of the billing process do you want to do by hand? Billing software for MSPs can automate and streamline the billing process, improving productivity for your team. Additionally, it can simplify things on your clients’ end, improving the customer experience.
MSP Success surveyed our advisory council on the features and functions that are most essential when selecting billing software for MSPs. Here’s some of their advice.
Key Features to Look For
There are a few features that make an invoicing and billing tool a great fit for an MSP. A key one is the absence of data silos, says Will Slappey, CEO of IT Voice. Synchronization and data flow between tools is critical for most MSPs, since it greatly increases productivity and streamlines operations.
When it comes to billing software for MSPs specifically, automated collections is an important feature, says Slappey. “It saves time. It gets cash in faster,” he says. “It’s also beneficial for the team, because then you don’t have somebody on your team being the bad guy. You can blame the automated system for nagging the customer—but you’re still nagging the customer [as needed].”
Another compelling feature is the ability to move over customers’ auto payments. “That’s a huge challenge when it comes to switching,” Slappey explains. “If you’ve got all of your customers signed up on autopay, you’ll disturb your cash flow if you change [billing software vendors]. And sometimes it takes years to get customers using autopay.”
Finally, some tools allow MSPs to push credit card fees back to their customers, rather than eating the cost themselves. “It’s nice, because you give customers the opportunity to pay that way, but it also doesn’t detract from your profitability,” Slappey says.
Billing Tools Other MSPs Love
Of the MSPs we surveyed, 60% use billing tools in their day-to-day operations. The most popular billing software options for MSPs are QuickBooks, Kaseya ConnectBooster, and WisePay. Each tool has its own set of pros and cons, so consider what is most essential for your MSP when choosing the best fit tool.
For example, QuickBooks offers an affordable price, ease of use, and seamless integration with PSA and accounting software. ConnectBooster also boasts strong integration capabilities, and also offers real-time usage tracking for cloud, VoIP, and SaaS services.
Another option, CloudOlive, is an up-and-coming software vendor; though less well known than other tools, the MSPs surveyed who’ve used it were very happy with the service. “It’s phenomenal,” says Thomas Lohr, Chief Growth Officer of Techworks Consulting. “CloudOlive takes the time. The owner has biweekly calls with us, trying to improve upon the algorithm that we write and designing customer solutions with us. What a customer service-centric organization. It changed our finance team.”
For MSPs who work with smaller clients with tighter budgets, FlexPoint is a great option. It offers financing flexibility to customers, allowing them to still get the hardware and tools they need, without a massive upfront payment.
At the end of the day, billing software for MSPs stands to greatly improve business operations when integrated into your stack. For more insights from other MSPs on choosing specialty software, check out our article on specialty software selection for MSPs.
