Billing or Invoice Excel Template vs Billing or Invoice Word Template vs Billing Software

Billing software enables businesses to generate automatically customised and professionalised invoices and send them to the customers. It is especially beneficial for large businesses having complex invoicing processes. The invoice generating and managing process becomes complicated as the business grows. Therefore, small businesses are advised to invest in good billing software to provide enhanced customer services and improve cost-efficiency.

Billing or Invoice Excel Template

MS Excel is a free program that helps users simplify the invoice generating process. Users can choose from a gallery of customisable templates or build invoices from scratch.

Here is a step-by-step guide for businesses to generate an invoice using an Excel template:

• Open MS Excel. Locate the “File” menu at the top left of the page. Click on “New from Template”
• Find multiple invoice templates by using the search bar.
• Choose the best-suited template according to your business requirements.
• Customise the invoice template by incorporating the following:
  • Business logo
  • Business contact details, including address, phone number, email, etc.
  • Invoice date
  • Invoice number
  • Type of goods
  • Amount
  • Tax payable
  • Payment terms, etc.

• Once you have customised and updated all the necessary data, you can save the invoice in a .xlxs format for future alteration or in PDF format to directly send it to the customers.

Billing or Invoice Word Template

Like an Excel invoice template, Microsoft Word is also a free program that allows users to choose an invoice layout from their template gallery or opt for a more time-consuming process of creating an invoice from scratch.

Mentioned below is a step-by-step guide for you to generate an invoice for your business using a Word Template:

• Open MS Word. Click on “New from Template from the “File” menu.
• Search for invoice templates in the search bar once the Word document gallery pops up. Choose a suitable template.
• Customise the invoice template by adding the following:
  • Business logo
  • Business contact details, including address, phone number, email, etc.
  • Invoice date
  • Invoice number
  • Type of goods
  • Amount
  • Tax payable
  • Payment terms, etc.
    You can add, remove or resize different fields or contents of the invoice to suit your business needs.
• Click on “File” and then “Save As”. You can either save the invoice in .docx format (for editing in the future) or PDF format for directly sharing with the customers. 

Billing Software

An invoice or billing software helps businesses automate the time-consuming process of generating invoices and other documentation by monitoring the products and services delivered to the customers. Using billing software can offer the following benefits for businesses, irrespective of size:

• Eliminate errors and enhance cost-efficiency by automating the invoicing process
• Generate invoices from any location and send them to customers immediately via email
• Reduce paperwork
• Streamline the database management process
• Fasten the payment process and notify clients about late-payments
• Avail multiple features for aiding financial analysis
• Enable linking of financial accounting software for ensuring enhanced efficiency and various financial report generation.

Billing or Invoice Excel Template vs Billing or Invoice Word Template vs Billing Software

Billing Excel Template	Billing Software	Billing Word Template
Does not provide any payment option.	Fastens payment by providing a “pay now” option and linking online payment options.	Does not provide any payment option.
Businesses must manually enter invoice numbers, product details, company details, etc.	Reduces errors by auto-filling invoice numbers, product, and company details.	Businesses must manually enter invoice numbers, product details, company details, etc.
The invoice generation process is manual and time-consuming.	Reduces time by automating the invoice generating process. It also notifies clients about late payments.	The invoice generation process is manual and time-consuming.
Does not ensure business record safety in case of hard drive failure	Stores and manages data in the cloud, ensuring data safety in case of hard disk failure	Does not ensure business record safety in case of hard drive failure
Requires the use of a computer or laptop for generating invoices	Allows users to generate invoices from any location using mobile apps	Necessitates the use of a computer or laptop for generating invoices
Offers less variety of templates	Offers more variety of templates	Offers less variety of templates
Offers only invoicing templates	Offers several other documentation options apart from invoicing	Offers only invoicing templates