BILLING SOFTWARE

Billing software can track the hours worked by employees as well as expenses associated with projects or clients.

BILLING SOFTWARE:

Software designed to handle time and billing tracking as well as invoicing customers for services and products. Billing software can track the hours worked by employees as well as expenses associated with projects or clients.

Most time and billing software applications also create billing cycle reports to display information such as hours worked, expenses incurred, how much to bill clients, and which clients owe money for specific projects.

Popular time and billing software tools include Sage Timeslips, Intuit QuickBooks Time and Billing Manager, Billing Tracker and Billing.

BENEFITS:

The process of sending an invoice to customers for goods or services

Electronic billing

Telecommunications billing, systems and methods that collect information about calls and other services to be billed to the subscriber

Medical billing

TYPES OF BILLING

Time and Billing Software

Time and billing software is a generic term for the type of software used by professional services companies. A professional services company performs “desk-based” work, such as law firms, accounting firms, marketing firms, etc. 

Inventory Based Billing Software

This type of software covers a wide range of company types. Retail companies, manufacturers, and wholesalers make their money by selling inventory. Therefore, all the billing generated by their software is keyed from the pricing of inventory items. 

Recurring Fees Billing Software

Companies that offer a standard monthly service, like home maintenance companies or IT services firms, need to bill the same item for the same customer every billing period. There isn’t a large prevalence of software that services just this niche, but most time and billing software systems have a module for recurring fees.

Medical Billing Software

Generally speaking, medical billing software doesn’t include hourly-based time management, but rather derives the billing amounts from specific medical billing codes, also known as CPT (Current Procedural Terminology) Codes. The software will use one or more available price schedules to price out each CPT code that a member of the doctor’s office or hospital performs. 

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