Square Invoices - Detailed Review

Square Invoices Overview

Square Invoices, part of the Square finance tools, offers a range of features that streamline and automate the invoicing process, making it more efficient and user-friendly. Here are the main features and how they work:

Batch Invoicing

Square Invoices allows you to create and send invoices to multiple customers at once, saving time and simplifying your monthly billing process. You can create groups of customers, such as those charged for membership fees, and invoice the entire group in one go. This is done by selecting the “Create invoice batch” option in the Square Dashboard and grouping customers as needed.

Multi-Package Estimates

You can offer multiple packages of items and services from a single estimate. This feature lets you create up to nine packages with optional titles and descriptions. Once the estimate is accepted, it can be easily converted into an invoice. This is particularly useful for businesses that offer various service or product bundles.

Milestone-Based Payment Schedules

Square Invoices enables you to set up payment schedules based on specific milestones or phases of a job. You can create up to 12 milestone payments within a single invoice, allowing you to request initial deposits and split the balance into scheduled payments. This feature helps in managing large projects by breaking down payments into manageable parts.

Auto-Convert Accepted Estimates to Invoices

When a customer accepts an estimate, you can automatically convert it into an invoice. This feature saves time by eliminating the need to manually create an invoice after the estimate is accepted. You can choose to send the invoice immediately or save it as a draft once the estimate is accepted.

Card on File and Automated Billing

Customers can save their payment cards in your customer directory, allowing for automated billing. This feature ensures faster payments and reduces the need for repeated payment requests. It also supports recurring invoices, which can be scheduled daily, weekly, monthly, or yearly.

Discounts and Taxes

You can set taxes and discounts that are automatically applied to your invoices when you add items or services. This ensures consistency and accuracy in your billing process.

Item Library and Itemized Receipts

You can create a library of items or services that can be added to invoices with one click. Additionally, you can provide customers with itemized digital or printed receipts after every payment.

Payment Options and In-Person Payments

Square Invoices supports a variety of payment options, including Apple Pay, Google Pay, credit cards, ACH bank transfers, Square Gift Cards, Cash App, and Afterpay. You can also accept in-person card payments by connecting Square hardware to the Invoices app.

Tipping and Refunds

Customers can add tips when paying digital invoices, and you can issue refunds directly from the Square Dashboard or the Invoices app.

Real-Time Tracking and Reminders

You can track the status of your invoices in real-time, seeing which are paid, unpaid, or overdue. Automatic payment reminders can also be set up to ensure timely payments from your customers.

Integration with Third-Party Software

Square Invoices integrates seamlessly with third-party software such as QuickBooks, Xero, FreshBooks, and more. This integration helps in managing your financial data across different platforms.

AI Integration

While the core features of Square Invoices do not heavily rely on AI, the automation and customization options available make the process more efficient. However, it’s important to note that the AI-driven features mentioned are more relevant to other products like SquareWorks’ Invoice AI, which is specifically designed for accounts payable automation within NetSuite.

SquareWorks’ Invoice AI

SquareWorks’ Invoice AI, though not part of the standard Square Invoices package, is worth mentioning for its advanced AI capabilities. It uses deep learning to improve the accuracy and speed of data extraction from invoices, adapting to unique vendor formats without the need for manual template setup. This technology learns from mistakes and applies new rules in real-time, making the invoice processing more accurate and efficient.

Conclusion

In summary, Square Invoices offers a comprehensive set of features that automate and streamline the invoicing process, though the primary product does not incorporate AI to the extent seen in specialized tools like SquareWorks’ Invoice AI.