There is a need for this. I was looking at some other solutions and gave up and went with Zoho Invoice when it launched about a month ago. Using Excel has worked over the years but I needed something that was a bit more reliable at keeping all the info neat and tidy. The main factor for me was price, I would probably not have signed up but the 5 buck a month fee was something that I could take without feeling guilty or lazy. Anything over 20 bucks a month and I would of kept doing things the same way as i only have about 8-12 re-occurring invoices every month.

Good Luck!