Invoicing Software

Goals

Identify/calculate the average cost per acquisition (CPA) for new customers for each of the following invoicing tools in order to use as an industry comparison benchmark:
  • Wave Financial
  • FreshBooks
  • Quickbooks
  • Harvest
  • Zoho

Early Findings

According to Google Ads Help, average cost-per-acquisition (CPA) is equivalent to the total cost of all ad conversions divided by the total number of conversions: [cost of all ad conversions added together] / [number of conversions].

  • Wave Financial charges 2.9% plus a 30¢ fee for each credit card transaction; they also charge a 1% fee for all bank payments when possible.
  • FreshBooks does not say how much they charge for invoicing, but they do offer a free trial for their product online.
  • Quickbooks offers invoicing plans that start at $10/month and go up to $20/month, $35/month, and $60/month for additional features and add-ons.
  • Harvest invoicing products are offered free for 1 person and 2 projects. However, for $12/month one person can run unlimited invoices. 2+ people can run unlimited invoices for $12/person per month.
  • Zoho offers free invoicing for 1 user and 5 customers. They also offer invoicing for 50 customers and 1 user for $9/month, invoicing for 500 customers and 3 users for $19/month, and invoicing for unlimited customers and 10 users for $29/month. Additionally, an extra user can be added to any plan for $2/month or $20/year.

Proposed next steps:

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While searching for the average CPA for each of the 5 invoicing softwares listed, it became unclear if CPAs correlated with invoicing software. CPAs relate to the cost of an ad, while invoicing software is priced either per invoice, or per user. As a result, we require some clarification before moving forward. 1. Are you interested in understanding how much it would cost, the CPA, to run ads for each of the invoicing softwares? 2. If you are interested in the CPA to run ads for each of the invoicing softwares, what company would you be running the ads through? What types of ads would they be? How long do you want to run the ads for, and where do you want the ads to run at? 3. Are you interested in how much, on average, it would cost to run a single invoice through each invoicing software?