What Does Billing Software Mean?
In business IT, billing software refers to programs that handle the tracking of billable products and services delivered to a customer or set of customers. Some billing software also tracks work hours for billing purposes. These types of programs automate much of what used to be a time-consuming process of preparing invoices or other documentation.
The modern digital structures provided by billing software services and products are part of what has propelled businesses into the new digital era, allowing for more productivity and greater ease of business administration in general.
Techopedia Explains Billing Software
The emergence of spreadsheets and other simple tools made billing much easier for many businesses. Features like auto-sum and table-type data handling resources allowed for the quick input and calculation of a large number of customer accounts. Within different industries, billing software services have developed to allow for the many special details of billing within a particular field or market.
One of the best examples is in medical billing, where in addition to dollar amounts and customer (patient) identification, other kinds of identifiers are necessary, such as codes representing diagnosis and procedures performed according to the diagnosis. Many billing software products include these kinds of industry extras. Many of them are also compatible with a greater IT architecture to allow for remote access. This helps to promote better management and easier compliance with audits and tax requirements.