September 2026 Edition, published · The permanent record of that edition, superseded since. The current standing is on the category page →
Index › Finance › Receivables and billing › Invoicing software · September 2026 Edition

Invoicing software

Asked as “invoicing software”, and as “online invoicing tool for a business”, on behalf of a mid-market B2B company. 43 first choices recorded across the direct, paraphrase, budget and scale prompts, twelve models each.
Standing · first-choice share
19%
Contested · BILL 14%
19Wave14BILL14Invoiced53others

19% of first choices, contested.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment; they sit side by side and are never added together.

The standing

Share is the count of first choices across the direct, paraphrase, budget and scale prompts, over all twelve models, for a mid-market B2B company. Ordered by share.
ProductFirst-choice shareNegative rateLabelsQuadrant
01Wave19%23%35accepted challenger
02Zoho Invoice14%8%38accepted challenger
03BILL14%4%26accepted challenger
04Invoiced14%20%15accepted challenger
05QuickBooks12%22%40accepted challenger
06Xero2%0%26accepted challenger
Show the four products at 0%, ordered by negative rate
09FreshBooks0%30%30criticized challenger
08Square Invoices0%19%21accepted challenger
10Invoice Ninja0%15%13accepted challenger
07Stripe Invoicing0%7%15accepted challenger
Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its product page.
All fifteen head-to-head pages: the top six products, each against each

Recommended versus criticized

Every product with at least 10 labels here, on both axes. The 30% line names a quadrant, not the verdict above: that one needs more than 40%.

Criticized challengerCriticized default
Negative label rate →
01
02
03
04
05
06
07
08
09
10
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative30%
Key
01Wave19%
02Zoho Invoice14%
03BILL14%
04Invoiced14%
05QuickBooks12%
06Xero2%
07Stripe Invoicing0%
08Square Invoices0%
09FreshBooks0%
10Invoice Ninja0%

What they warned about

One of twelve models held their first choice under the paraphrase. Claude Haiku 4.5, GPT-5.4 mini, Gemini 3.5 Flash, Perplexity Sonar, Grok 4.20, Mistral Small, DeepSeek V4 Flash, Qwen 3.7 Flash, Kimi K2, GLM 4.7 FlashX and MiniMax M2.5 changed. A high negative share on a product with few labels is a warning. A low share on a product with many labels is salience, not sentiment.
FreshBooks
30%
9 of 30 labels negative · 8 of 12 models
“users increasingly complain about "feature rot" (removing features in updates), rigid template customization, and rising prices” Qwen 3.7 Flash, negative prompt
Invoicely
100%
7 of 7 labels negative · 7 of 12 models · 6 hard negative
“Invoicely is a legacy invoicing platform that has garnered a "Poor" rating (around 1.8/5) on Trustpilot.” Gemini 3.5 Flash, negative prompt
QuickBooks
22%
9 of 40 labels negative · 7 of 12 models
“Users frequently complain about the mobile app, which is noted for slow loading times, glitches and poor customer service” Claude Haiku 4.5, negative prompt
Wave
23%
8 of 35 labels negative · 5 of 12 models · 2 hard negative
“Invoicemonk says to avoid US/Canada-only tools like Wave if you need multi-currency/global compliance” Perplexity Sonar, negative prompt

What they cite

Twelve of the twelve models returned a source list in this edition: four return the pages they cited and eight the search results they consulted.

Sites the answers cite

62 of 72 answers in this category came back with a source list, from 12 of 12 models: citations where the model returns them, or the search results it consulted. 925 links across 285 sites, every framing counted. Ranked by the number of answers carrying the site or page.

30 answers · 34 citations · 10 models
25 answers · 28 citations · 9 models
25 answers · 25 citations · 9 models
19 answers · 19 citations · 9 models
vendor site · G218 answers · 26 citations · 8 models
vendor site · BILL18 answers · 20 citations · 10 models
17 answers · 17 citations · 8 models
16 answers · 18 citations · 9 models
15 answers · 26 citations · 7 models
vendor site · GetApp15 answers · 18 citations · 9 models
vendor site · Zapier14 answers · 14 citations · 10 models
vendor site · Bookipi13 answers · 13 citations · 8 models

Pages the answers cite

The ten pages named in the most answers, by full address. A page here is one the models returned with a recommendation, not one the index endorses.

Search against answers

Each company's standing in the answers beside its site's footprint in Google search, one row a site: the products the models named on it with their shares, and the share they add up to; monthly searches on Google, and DataForSEO's estimate of AI search demand (modeled from search signals, directional, not a count of queries to any assistant), for the most-searched of the company's and its products' names (the name is in each row's hover text); estimated monthly organic visits to the site; and its best position in Google's top ten for “best invoicing software”, “invoicing software”, “invoicing tools”. US estimates from DataForSEO and Google's Ads Transparency Center. A small company's site, or a mid-sized company's site for its flagship, is marked company; a product on a large parent's site (Google, Microsoft) has no site figures. A column with no figures for this category is left out, and an empty cell means none were seen, not none exist. Two measurements side by side: neither is read as the cause of the other.
Company and productsShareOwn site citedName searches, GoogleAI search demand, est.Organic visitsPaid search a month, est.Google ads, last 30 daysBest Google position
Wave waveapps.com19%363368,000253,218708,862393
Zoho parent site
Zoho Invoice 14%
14%15518,100238
BILL bill.com14%3742,740,0001,063,0011,783,039$199,231119
Invoiced invoiced.com14%130110,00036,68546,62654
QuickBooks quickbooks.ninja12%2881,000,00054,681253
NetSuite parent site
NetSuite SuiteBilling 5%
5%47135,0004,476
Sage sage.com
Sage Intacct 5%, Sage 0%
5%500246,00090,5991,737,127 company$114,67178
Xero xero.com2%72990,5004,6101,200,289$5001199
Versapay versapay.com2%2526,60010639,155$12,32029
Billtrust billtrust.com2%3626,60015950,343$71815

Google's top ten for the three searches hold 22 sites; 4 of them are among the sites the models cited here (forbes.com, quickbooks.intuit.com, techrepublic.com, zapier.com). The first result for “best invoicing software” is zoho.com.

How they answered

Six framings of the same buying question, each sent to every model in a fresh session with search on. One row per model, so a row shows whether it held its answer under rewording, what it named when cost was the constraint, and what it argued against. Computed from the raw judge labels.
ShowHide
ModelDirect“What is the best invoicing software for a mid-market B2B company?”Paraphrase“Which online invoicing tool for a business would you recommend to a mid-sized B2B company?”Comparative“What are the top invoicing tools and how do they differ?”Budget-constrained“What is the best invoicing software for a company with a limited budget?”Scale-constrained“We are a 500 person company evaluating an invoicing software. What should we look at?”Negative“Which invoicing tools should I avoid or be cautious about?”
Claude Haiku 4.5Sage Intacct
Three alternativesBILL, DealHub AI, Younium
no first choiceChangedagainst: Waveno first choiceWave
Three alternativesInvoice Ninja, Paymo, ZipBooks
no first choiceagainst: Invoice Simple, Invoiced, QuickBooks
GPT-5.4 miniNetSuite SuiteBilling
Two alternativesBILL, Sage Intacct
against: QuickBooks
Sage IntacctChanged
Two alternativesBILL, QuickBooks
Zoho Invoice
Five alternativesFreshBooks, QuickBooks, Square Invoices, Wave, Xero
Zoho Invoice
Two alternativesSquare Invoices, Wave
no first choiceagainst: AliBilling, DocuClipper, Harvest, Invoice2go, Invoicely
Gemini 3.5 FlashVersapay
Seven alternativesBILL, Billtrust, Chargebee, Invoiced, Lago, Orb, Quadient AR
against: FreshBooks, QuickBooks, Wave
InvoicedChanged
Six alternativesChargebee, Quadient, Stripe Billing, Versapay, Xero, Zoho Books
against: QuickBooks, Wave
Zoho Invoice
Five alternativesFreshBooks, QuickBooks, Square Invoices, Wave, Xero
Wave
Four alternativesBillbooks, Invoice Ninja, Square Invoices, Zoho Invoice
no first choiceagainst: FreshBooks, Invoice Simple, Invoicely, PayPal Invoicing, QuickBooks, Wave
Perplexity SonarInvoiced
Three alternativesBILL, NetSuite SuiteBilling, QuickBooks
BILL, QuickBooksChangedno first choice
Seven alternativesFreshBooks, QuickBooks, Square Invoices, Stripe Invoicing, Wave, Xero, Zoho Invoice
Wave, Zoho Invoiceagainst: FreshBooks, QuickBooksno first choiceagainst: Square Invoices, Wave, Zoho
Grok 4.20BILL
Four alternativesChargebee, NetSuite SuiteBilling, QuickBooks, Xero
QuickBooksChanged
Two alternativesXero, Zoho Invoice
no first choiceZoho Invoice
Four alternativesInvoice Ninja, Square Invoices, Wave, ZipBooks
no first choice
Five alternativesBILL, NetSuite SuiteBilling, Sage Intacct, Stampli, Tipalti
against: BILL, FreshBooks, Invoicely, KashFlow, QuickBooks, SAP Ariba
Mistral SmallInvoiced, SAP
Three alternativesAvidXchange, BILL, Tipalti
BILL, XeroChanged
Two alternativesBill360, Zoho Invoice
no first choiceZoho Invoice
Two alternativesQuickBooks, Wave
no first choiceagainst: FreshBooks, Invoiced, Invoicely, Wave, Zoho Invoice
DeepSeek V4 FlashBilltrust, Invoiced
Seven alternativesBILL, Chargebee, HighRadius, Quadient AR, Sage Intacct, Tipalti, Versapay
InvoicedChanged
Four alternativesQuickBooks, Xero, Zoho Billing, Zoho Invoice
no first choice
Ten alternativesBonsai, FreshBooks, Harvest, Invoice Ninja, QuickBooks, Square Invoices, Stripe Invoicing, Wave, Xero, Zoho Invoice
Wave, Zoho Invoice
Two alternativesInvoicey, ZipBooks
against: FreshBooks
BILL
Four alternativesBrex, Ramp, Stampli, Tipalti
against: GST Invoice Billing Inventory, Invoice Simple, Invoice2go, Invoicely, PayPal Invoicing, QuickBooks Payments, Square Invoices
Llama 4 Maverickno first choiceno first choiceHeldno first choiceBilldu
Two alternativesInvoice Ninja, Wave
NetSuite SuiteBilling
Four alternativesQuickBooks, Sage, Xero, Zoho Invoice
nothing named
Qwen 3.7 FlashBillforward
Four alternativesBILL, ChargeOver, NetSuite SuiteBilling, Vendormedia
QuickBooksChanged
Three alternativesBILL, FreshBooks, Xero
against: Invoice Ninja, Stripe Invoicing
QuickBooks
Four alternativesFreshBooks, Stripe Invoicing, Xero, Zoho Invoice
against: Square Invoices
Wave
Three alternativesSquare Invoices, Stripe Invoicing, Zoho Books
no first choiceagainst: FreshBooks, NetSuite SuiteBilling, QuickBooks, Sage Intacct, Zoho Invoice
Kimi K2HighRadius
Four alternativesBILL, Billtrust, Invoiced, Versapay
BILL, QuickBooksChanged
Two alternativesFreshBooks, Xero
against: Wave
QuickBooks
Six alternativesFreshBooks, Square Invoices, Stripe Invoicing, Wave, Xero, Zoho Invoice
Wave
One alternativeZoho Invoice
no first choiceagainst: Akaunting, FreshBooks, Harvest, Invoice Ninja, Invoicely, QuickBooks, Skynova, Wave
GLM 4.7 FlashXInvoiced
Three alternativesChargebee, QuickBooks, Zoho Invoice
QuickBooksChanged
Three alternativesChargebee, Invoiced, Xero
against: FreshBooks
no first choiceagainst: SAP ConcurWave
Six alternativesInvoice Ninja, InvoiceASAP, InvoiceBee, InvoiceBloom, Toolcie, Zoho Invoice
no first choiceagainst: InvoicePlane, InvoiceShelf, PayPal Invoicing, QuickBooks Enterprise Payment Gateway, Square Invoices, Stripe Atlas, Zoho Invoice
MiniMax M2.5BILL
Two alternativesStampli, Tipalti
ChaserChanged
Two alternativesQuickBooks, Zoho Invoice
against: SAP
FreshBooks, Zoho Invoice
Four alternativesInvoice Ninja, QuickBooks, Stripe Invoicing, Wave
Wave, Zoho Invoice
Two alternativesInvoice Ninja, Square Invoices
no first choiceagainst: Invoice Simple, Invoiced, Invoicely
Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency.
Seventy-two rows: every prompt, every model, every answer.
PromptModelVersion stringTime (UTC)SearchedSourcesLatency
Direct recommendationClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:12yes97 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:17yes36 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:26yes1424 s
Direct recommendationPerplexity Sonarsonar2026-09-17 19:19yes204 s
Direct recommendationGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 19:15yes3115 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-09-17 17:56yes54 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 19:14yes2062 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:00yes52 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:33no031 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:57yes1532 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:07yes3836 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:55yes929 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:39no05 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:00yes35 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:53yes1947 s
ParaphrasePerplexity Sonarsonar2026-09-17 20:18yes205 s
ParaphraseGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:23yes4119 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-09-17 19:29yes158 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 21:05yes1822 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:47yes53 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:58no025 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:07yes1524 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:21yes1853 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:38yes1327 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:47yes98 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:10yes77 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:05yes922 s
ComparativePerplexity Sonarsonar2026-09-17 20:35yes209 s
ComparativeGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:51yes2415 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-09-17 18:31yes89 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:35yes1721 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:13yes53 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:01yes525 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:10yes1553 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:16yes2939 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:29yes1332 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:49yes97 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:14yes48 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:54yes2059 s
Budget constrainedPerplexity Sonarsonar2026-09-17 18:45yes206 s
Budget constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:04yes117 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 18:42yes54 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 18:06yes1528 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:28yes53 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:19no024 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:23yes511 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:41yes1546 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:06yes1021 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 19:45no06 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 17:53no06 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:19no038 s
Scale constrainedPerplexity Sonarsonar2026-09-17 20:39yes1920 s
Scale constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:36yes1413 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 18:42no04 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:38yes1923 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 21:04yes54 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:40no026 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:09yes1017 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:30yes1552 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:50no07 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:26yes169 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:44yes47 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:18yes2246 s
Negative framingPerplexity Sonarsonar2026-09-17 19:32yes208 s
Negative framingGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 19:10yes3918 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-09-17 19:15yes107 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 18:16yes2865 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:48yes104 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:40yes2028 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:50yes2036 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:17yes2453 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:13yes1427 s

Normalization in this category

Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.

ShowHide
Category-scoped readings
BILL AP/AR read as BILL
Bill.com read as BILL
NetSuite read as NetSuite SuiteBilling
QuickBooks Online read as QuickBooks
QuickBooks Online (Advanced/Enterprise tiers) read as QuickBooks
QuickBooks Online (Plus) read as QuickBooks
QuickBooks Online Advanced read as QuickBooks
Rho read as Rho Invoicing
Square read as Square Invoices
Stripe read as Stripe Invoicing
Wave Accounting read as Wave
Unresolved, counted raw
AliBilling
Billforward
GST Invoice Billing Inventory
Harmonise
InvoiceASAP
InvoiceBee
InvoiceBloom
InvoicePlane
InvoiceShelf (Crater Invoice)
Invoicey
Moxie
Novo Invoicing
QuickBooks Enterprise Payment Gateway
Toolcie
Vendormedia
Discontinued, still offered
No shut-down product was recommended here.
← Embedded paymentsMerchants of record →