Free Cloud Billing Software for Modern Businesses

There are over 25Lakh businesses in India, ranging from micro businesses to very large enterprises and MNCs. All these businesses have one thing in common - billing. Especially after the advent of GST, and regulations like e-invoicing; invoicing and billing software have become one of the necessities of businesses today.

There are generally 4 types of software:

On-site Software: It consists of hosting and running the entire software on local servers and provides complete control over the software and infrastructure. Although you need an inhouse IT professional, invest heavy upfront cost for installation & maintenance, and get a large physical space for keeping the servers. The USP of such software is complete privacy and security. Hence, these are generally popular in banks, government institutions, defence departments, or by companies that are legally required to have a an on-premise system. Similarly, it is not really advisable for businesses not in the above given sector, who wishes to scale faster, tolerate fewer maintenance headaches and save on heavy upfront costs.

Hosted Software: These software are managed by specialised software provider that aren’t fully native. The team members are to sign into the systemt and have a dedicated client interfacte. Since the entire hardware set up and maintenance is taken care of by the service provider, the company is saved from all the hassle. But these solutions too are very expensive, and requires large physical space for setup. These are generally used by organisations that need security similar to the one that on-site software provide, but are not willing to invest in completely owned setup.

Cloud based Software: These software run entirely on internet, provided by a SaaS based service provider. It saves you from heavily investing on physical servers, provides easy upgradations without disrupting your work, and can be scaled on demand. Although cloud software may not be able to provide customisations specific to your business. When it comes to security, SaaS may not match the high class security of an on-premise software. But government have many rules and regulations that regulates such service providers for optimum security. Moreover with growing competition, increase in education and social media, such service providers are kept in check, making sure your data security is their top most priority. And that’s why cloud based software are now being popularly adopted by companies worldwide for its ease of use, low cost and easy scaliblity.

Hybrid Solutions: These solutions are a perfect mix of on-site and cloud counterparts. Here, certain services and data remain onsite, whereas rest is taken care of on cloud. These are generally used by legacy enterprises. Companies already have an on-premise system that makes it easy for them to retain valuable data for security purposes, and move the rest on cloud based systems for faster growth.

The above clearly shows why cloud based billing systems are the need of the hour and are rapidly growing worldwide.

Features & Benefits of Cloud-Based Billing Software

Cloud billing software offers various benefits, such as:

1. Simplified Compliance with GST:

• One of the great advantages of cloud billing software is that they are updated with the latest tax regulations. Therefore, major cloud billing software helps in creating GST-compliant invoices, automatically configures and calculates taxes, and keeps you at the top of compliance.
• Cloud billing software like Refrens goes beyond GST invoicing and helps you generate essential documents like e-way bills and e-invoices. Moreover, it automatically generates GSTR 1, 2B, and 3B. Soon enough Refrens will provide an integration with GST Network, that will help you file all the required GSTRs in just one click!
• With cloud billing software, businesses can stay stressfree about the changing tax rules and regulations. They no longer need to do manual updates and patches to their system and all their tax invoices, tax filings, and records are stored at one secured location for seamless management.

2. Cost Efficient & Scalable

• As we have seen above, no other software option is as cost-efficient and easy to scale as cloud software. You can create, share and manage your invoices in the least cost possible in the history of businesses.
• Moreover, an entire company (the service provider) works on providing you with the best software experience possible, so you can focus on scaling your business.
• For companies that operates worldwide, a cloud based billing software helps in keeping the entire data streamlined and at one place. Management, sales & finance teams can get a unified view that improve coordination among the team and reduce misunderstandings.
• Refrens is one of the most cost-efficient cloud billing software available in the market. Moreover, it grows with your business. You can manage heavy data with industry best 99% uptime.

3. Integration with other software:

• One of the most loved features of cloud billing software is its ability to integrate with other platforms like payment gateways, ERPs, CRMs, etc. This makes payment collection, data transfer, and management super easy.
• Refrens goes beyond billing. It is a one-stop business operating system offering billing-integrated accounting software, inventory management software, and Sales CRM. This means, your accounts are automatically updated whenever invoices are raised or payments are received; your inventory is automatically updated based on your sales and purchases; you can send quotations and invoice in just one click to your clients, and get a detailed client report with number of payments received and ones due.

4. Real-time analytics:

• Cloud Billing software provides quick real-time reports that help you keep your eyes on daily sales, overdue payments and monthly revenue trends. This software can also provide predictive analysis that helps you forecast future revenue and plan your business strategies accordingly.
• Refrens provides numerous reports to help you get a better insight into your system. A few of these reports are:

Client Report: It provides an overview of all transactions with a given client. It includes details such as invoices issued, payments received, outstanding balances, and credit notes, offering a clear view of client-wise financial status.

Tag Wise Project Report: This report consists of an in-depth report focusing on projects associated with specific tags. It includes details of project-related expenses, revenue, and profitability, allowing businesses to evaluate the financial performance of projects segmented by tags.

Payment Report: It consists of a detailed log of all payments received and made. It includes information such as payment dates, modes, associated invoices, and outstanding amounts, ensuring accurate tracking and reconciliation of cash flow.

TDS Report: It provides details of TDS deducted, amounts credited, and compliance status, helping businesses manage statutory obligations effectively.

GST Report: This includes taxable sales, input tax credits, separate GST computations, total GST amount of the invoice, aiding in accurate GST filing and compliance.

Line Item Report: It shows individual product or service details, quantities, rates, and associated taxes, providing a detailed view of revenue and costs.

HSN Report: It summarizes all transactions based on Harmonized System of Nomenclature (HSN) codes. It details taxable goods and services categorized by HSN, simplifying GST compliance and reporting.

GSTR-1 Report: A GST-compliant report that includes all outward supplies of goods and services. It captures invoice-level details required for filing the GSTR-1 return, such as taxable value, tax collected, and export details, ensuring seamless GST compliance.

More reports: You can also access other accounting reports like Balance Sheets, P&L statements, Daybook reports, & more.

5. Rapid Innovation and Upgradation

• Cloud based invoice software are constantly updating themselves with new features to stay relevant in the market. This helps businesses enjoy updated system without having to go through downtime and heavy investments which is the case on-site systems.
• Refrens too is the fastest growing cloud billing software that regularly updates itself with new features and current gst regulations to provide its users with just the best.