Sales invoice software has the power to dramatically improve your document workflow. It can shave hours off the amount of time it takes to create, check, send and chase up sales invoices, all while boosting response and payment rates.
PandaDoc is one of the leading sales invoice solutions. It’s trusted by over 40,000 companies and offers a range of plans, with packages for individuals and small companies all the way through to multinational enterprises.
In this post, we help you decide if PandaDoc is the best choice for your business. Along with examining its feature set, we also compare it to three other market leaders in the document generation and contract management space.
What Is PandaDoc Sales Invoice Software?
PandaDoc is a document management solution. The term “document management” is often used interchangeably with “contract management” and “proposal creation.”
Essentially, PandaDoc provides a set of tools that enable businesses to create, send and track important business documents like invoices.
Platforms like PandaDoc sit at the core of a company’s tech stack, meaning that it is essential for the completion of day-to-day tasks like invoicing customers, collecting signatures and processing payments.
How Does PandaDoc Help Businesses With Sales Invoices?
PandaDoc’s large feature set helps businesses achieve the following results:
1) Faster invoice creation: PandaDoc’s easy-to-use document editor, along with its library of pre-written templates, makes the creation of invoices a quick and straightforward process. It’s also possible to save reusable blocks of text, which can easily be added to future invoices.
2) Increased invoice conversions (acceptance and payment): The ability to track invoices and send reminders to unresponsive customers can significantly boost conversions. Similarly, the addition of payment buttons to documents reduces friction on the part of the recipient.
3) Automation of time-consuming workflows: PandaDoc makes it easy to set up approval workflows that automatically alert managers and legal experts when a document is ready for internal approval. Invoices often require verification from numerous people within an organization. Without automation, this can be a lengthy process.
4) More effective team collaboration: It’s not unusual for invoice creation to be a collaborative undertaking. PandaDoc features like group chat boxes, document notes, and libraries for reusable assets (like images and blocks of text) create an environment where team members can work together seamlessly.
How Does PandaDoc Compare With Other Invoicing Platforms?
Curious about how PandaDoc compares to other popular invoicing platforms? According to G2’s market grid, the following three providers are the next most popular market leaders after PandaDoc.
Let’s take a look at PandaDoc’s main competitors:
1) DocuSign: DocuSign is a well-known brand in the document management space. Several plans are available—the “Essentials” plan costs $10 per month, and the “Business Pro” plan costs $40 per month (on a per-user basis). The main difference is that PandaDoc allows for unlimited signatures (even on its free package), whereas DocuSign enforces strict limits. PandaDoc also offers a more feature-rich document editor.
2) SAP Ariba: The key difference between SAP Ariba and PandaDoc is that SAP Ariba focuses exclusively on medium and large companies. Along with “e-invoicing” functionality, the software also includes tools for managing suppliers, conducting procurement tasks, and monitoring finances at all stages of the supply chain. Most smaller companies do not require these advanced tools.
3) Ironclad: Although there is a slight emphasis on catering to legal teams, Ironclad is similar in core functionality to PandaDoc. You’ll have to get in touch to discuss pricing as it is not published online. At the time of writing, no free plan is offered. If you’re considering Ironclad, be sure to take the platform for a test drive to check secondary features like support for document formats, payment buttons, native electronic signatures, specific integrations, and so on.