Billing And Invoice Business

6 Billing And Invoice Business Success Stories [2024]

Pat Walls

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Updated: October 8th, 2024

A billing and invoice business helps businesses and freelancers manage their finances by creating and sending invoices to clients.

This type of business involves creating professional-looking invoices detailing the products or services provided and the agreed-upon prices.

Additionally, it may include tracking payments and sending reminders for overdue bills.

Starting a billing and invoice business is a low-cost venture as it mainly requires a computer, internet connection, and basic accounting software, which can be obtained for less than $100.

With some marketing effort, you can quickly start offering this service to small businesses and entrepreneurs in need of professional billing solutions.

In this list, you'll find real-world billing and invoice business success stories and very profitable examples of starting a billing and invoice business that makes money.

1. Splynx ($3M/year)

to improve our conversion rates and generate more leads. Additionally, we focus on providing excellent customer support and building long-term relationships with our clients. Our customer retention rate is high, and we continuously listen to feedback and make updates to our product to better meet our customers' needs.

How much money it makes: $3M/year
How many people on the team: 50

How We Built A SaaS Solution And Grew It To $3M ARR

Splynx, a SAAS solution for internet and voice providers with software features such as billing, payment collections, integration with accounting platforms, and network management, has achieved an ARR of around 3 million USD and 50% annual growth with 750 companies in 50 different countries as clients, and is hoping to expand further into the US and Canadian markets.

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2. Factofly ($1.8M/year)

Jannik, the co-founder and CEO of FactoFly, came up with the idea for the business after experiencing the burden of administration as a freelancer. Through extensive market research and interviews with freelancers, he saw a need for a platform that would handle the administrative tasks for freelancers, allowing them to focus on their work. Since its launch, FactoFly has grown its revenue to around €130k monthly and is now preparing for a seed round to expand into new European regions.

How much money it makes: $1.8M/year
How much did it cost to start: $50
How many people on the team: 4

This Admin Tool For Freelancers Now Generates $1.8M/Year [Denmark]

FactoFly, a platform for freelancers to handle their administrative tasks, has grown from 0 to €130k monthly revenue in 12 months, and is preparing for a seed round and expansion to other European regions.

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3. Sprwt ($1.2M/year)

Sprwt's founders, Michael Rapoport and Rui Marinho, stumbled upon the idea for their business when they were tasked with creating a system for a startup looking to bring healthy meal delivery to Europe. After realizing the market wasn't ready, they returned to South Florida with a software platform and were surprised to find that several companies wanted their system. From there, they built Sprwt, a meal prep software platform that generates over $1 million in revenue per month.

How much money it makes: $1.2M/year
How much did it cost to start: $7.5K
How many people on the team: 9

How We Created A $1M/Month Meal Prep Software

Sprwt, a meal prep software platform, generated over $1 million in revenue per month by listening to customer feedback and incorporating creative solutions, such as pick-up locations and a route planning system, while also focusing on employee empowerment and training.

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4. Refrens ($120K/year)

Naman came up with the idea for Refrens after struggling to find and engage with freelancers for his previous startups. Recognizing the challenges freelancers faced in payment collection, he saw an opportunity to address these issues.

In 2018, he launched Refrens.com, focusing initially on streamlining invoicing to reduce delays and inefficiencies. The platform expanded beyond invoicing to include features like quotations, expense tracking, and tax reporting, aiming to support freelancers comprehensively.

I met a lot of good freelancers during my course of growing multiple startups but finding them and interacting with them was tough. It looked like a good market to solve problems for. — Naman (Source)

How much money it makes: $120K/year

How Naman Sarawagi Built Refrens to $120K ARR

Discover how Refrens, a billing platform that facilitates seamless payments and client acquisition for B2B service providers, grew from a basic tool to generating $120K annually through targeted SEO, email marketing, and user-centric design improvements.

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5. PriceWell ($60K/year)

Spiro (Ros) Kontoprias, co-founder of PriceWell, came up with the idea for the business after experiencing the tedious and time-consuming process of integrating a billing system for a project. He realized there was a need to simplify billing for subscription businesses, especially for non-technical individuals, and teamed up with co-founder Matthew Reid who had significant payment experience. After receiving validation from their first paying customer, they developed a working MVP and launched the business.

How much money it makes: $60K/year
How much did it cost to start: $100
How many people on the team: 1

These Co-founders Who Never Met In Person Built A $5K/Month Billing SaaS

PriceWell simplifies billing for subscription businesses with a personal billing team service, generating $5k in MRR with 120 active customers and almost 2,000 sign-ups, through social media, cold emails, paid start-up newsletters, and programmatic SEO.

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6. HoursLogger ($10.2K/year)

Drew Haines, the founder of HoursLogger, came up with the idea for his time tracking and invoicing app while working as a software and accounting consultant with his brother. Frustrated with the complexity and lack of user-friendly options in existing solutions, they decided to build their own app that would be simple and intuitive, catering to small business owners like themselves. Through consistent iteration and soft launches, they gained traction and eventually integrated with QuickBooks, resulting in a significant increase in signups.

How much money it makes: $10.2K/year
How much did it cost to start: $1K
How many people on the team: 0

How These Two Brothers Built A Time Tracking And Invoicing App

HoursLogger, a time tracking and invoicing app, was founded by two brothers who started the business as a side project over 6 years ago and made around $9k in passive income last year, with the app in a great position to grow.

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Read by 5,801 founders