Different Types Billing Software to Suit Your Business Needs from Retail Mass
by MaestroInfotech System Website Design Company BangaloreBilling software has established its unique place and crucial role in
enhancing modes of business today. The rapidly increasing local and
international business is rendering billing
software as indispensable in business, especially in view of the enlarging
commerce and requirement of easy and speedy billing functions. You now have
special software separately for almost all branches of business. Here are a few
of the important ones.
Time and Billing Software: This software, used mainly in marketing, accounting and
law firms, features three essential factors like tracking time, billing the
hours of work, and categorizing, and integrating both separately for each
project. The developers of these software packages normally include additional
features like widgets for time tracking and bells and whistles for scheduling
and management of documents. They have also ported an accounts receivable
module, and are adept at integrating with 'QuickBooks' type of standard
accounting packages.
Legal Billing: Software developers developed special programs for legal
billing, by including several features like large bill grouping and trust
accounting and reporting, besides other healthy billing and invoice
capabilities. Larger law firms could demand a comprehensive software solution
to include case scheduling, references to legal research and document
management.
Medical Billing Software: Unlike one would normally expect, medical billing software does not resort to hourly based billing,
but instead relies on Current Procedural Terminology (CPT) Codes, which are
exclusive medical billing codes. When the doctor submits his bills for payment
to the insurance company, they will pursue the CPT codes, approve, deny or
downgrade them to adapt to their fee schedule.
Inventory Based Billing: This software has wide-ranging use mainly for wholesalers,
manufacturers and retail companies who bill when selling inventory. The pricing
of the inventories determines the quantum of bills generated by the software. Inventory
software has to deal with diverse types of prices like specific price,
varying prices or the system will use a markup amount for its billing function.
Sometimes, the system will use a markup price above the cost of the item.
Recurring Fees Billing Software: There is no specific software for this niche, which
includes regular standard or monthly service billings to customers by home
maintenance industries or monthly or annual maintenance IT firms who have
recurring bills of the same amount for their customers during each billing
cycle. Most such service companies use the time and billing
software to do their billing with the help of a special module for recurring
fees that they integrate into the software. These companies can also try
Name-brand accounting systems software that is ideal for billing of recurring
fees. Larger companies and multinationals may go for a third-party billing
service that takes on the responsibility for generating the invoices for them.
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Created on May 4th 2018 02:03. Viewed 261 times.