Are you tired of managing payments manually? Look no further than Accounts Receivable software. This powerful tool helps businesses easily manage customer payments and outstanding balances.
Say goodbye to the hassle of creating invoices, tracking payments, and chasing down overdue balances. Accounts Receivable software automates the entire process, ensuring you get paid on time and can stay on top of your cash flow.
This article examines the 11 best accounts receivable software, including its features, plans, user reviews, and benefits.
Before checking the best account receivable software, let’s see what account receivable software actually is. So, without any delay, let’s jump in:
What is Accounts Receivable Software?
Accounts Receivable software helps businesses manage customer payments and outstanding balances. It allows companies to create invoices, track payments, and automate collections, making receiving payments more efficient and effective.
With Accounts Receivable Software, businesses can manage their cash flow and ensure they are paid on time.
Let’s list some of the best accounts receivable software:
List of the Best Accounts Receivable Software
Now that we know what accounts receivable software is and how it enhances business, we will provide you with a list of some of the best accounts receivable software so you can easily choose the best one for your business.
Let’s dive into it:
1. Quickbooks Online
QuickBooks Online is a cloud-based accounting software with an Accounts Receivable feature to help manage your customers’ outstanding payments. You can create invoices, track payments, and send reminders. It also offers customisable invoice templates, recurring invoices, and an intuitive dashboard to track expenses and manage cash flow.
![quickbooks Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/quickbooks-1024x474.jpg)
Quickbooks online offers a wide range of features for its users; some of them are:
Features
Plans and Price
Simple Start | Essentials | Plus |
$15/month | $30/month | $45/month |
Connect 1 sales channels | Connect 3 sales channels | Connect all sales channels |
Users Review
Check out the user reviews mentioned below, which are taken from the Software Connect website.
2. NetSuite
NetSuite is a cloud-based ERP software that offers an Accounts Receivable feature to help you manage your customers’ outstanding payments. Its AR module enables you to create and manage customer invoices, track payments, and automate collections. It also offers customisable invoice templates, automated credit applications, and an intuitive dashboard to track expenses and manage cash flow.
![netsuite Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/netsuite-1024x468.jpg)
NetSuite offers a range of features for its users, some of them are:
Features
Plans and Price:
Netsuite’s pricing is not visible on its official website. Users who want to know about plans can contact its sales team.
Users Review
We’re going to some of the user reviews of NetSuite below:
The reviews mentioned below are from the Software Connect website.
3. Quicken
Quicken is a personal finance software that also offers an Accounts Receivable feature to help small businesses manage their customer payments. With Quicken, you can create and send invoices, track payments, and manage your cash flow. It also offers customisable invoice templates, recurring invoices, and detailed reports to help you stay on top of your finances.
![quicken Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/quicken-1024x486.jpg)
Quicken offers the following features for its users:
Features
Plans and Price
Quicken simplify | Quicken classic | Quicken classic, business and personal |
$2/month | $4/month | $5/month |
Best for mint and karma switchers. | Best-in-class investing tools | Optimise for taxes |
Users Review
The below-mentioned reviews are some of the actual user reviews taken from the Software Advice website.
4. FreshBooks
FreshBooks is one of the best accounts receivable software that helps you manage your customers’ outstanding payments. With FreshBooks, you can create invoices, track payments, and send reminders. It also offers customisable invoice templates, recurring invoices, and an intuitive dashboard to track expenses and manage cash flow.
![FreshBooks Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/FreshBooks-1024x475.jpg)
Some of the notable features of FreshBooks are:
Features
Plans and Price
Lite | Plus | Premium |
$15/month | $25/month | $50/month |
Send unlimited invoices to up to 5 clients | Send unlimited invoices to up to 50 clients | Send unlimited invoices to unlimited clients |
Users Review
Let’s see some of the user reviews of FreshBooks, and reviews are from the Software Connect website.
5. Chaser
Chaser is cloud-based accounts receivable software designed to help businesses automate and streamline their invoice-chasing process. It offers a range of features to help enterprises stay on top of their outstanding payments and improve their cash flow. With Chaser, businesses can create personalised chasing emails, schedule automatic reminders, and track their progress in real time.
![Chaser Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Chaser-1024x487.jpg)
Chaser offers the first 10 days of free trials for new users, and it provides a wide range of features; some of the significant features of Chaser are:
Features
Plans and Pricing
Basic | Standard | Enterprise |
$50/month | $140/month | $400/month |
50 invoices per month | 150 invoices per month | 400 invoices per month |
User Reviews
The below-mentioned reviews are from Capterra; check it out:
6. Wave Accounting
Wave accounting is an all-in-one accounting software that includes an account receivable feature. It is designed to manage your customers’ outstanding payments efficiently. With Wave, you can effortlessly create and send professional invoices, track payments, and receive automatic reminders when payments are due. It also helps track expenses and manage cash flow.
![Wave Accounting Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Wave-Accounting-1024x484.jpg)
Wave Accounting is free to use, with no hidden fees or charges; some of the notable features of Wave Accounting can be listed as:
Features
Plans and Price
Starter plan | Pro plan |
Free | $16/month |
Options to accept online payments | Automatic bank transactions |
Users Review
The reviews below are from the Trust Radius website:
7. Melio
Melio is cloud-based accounts receivable software that helps small businesses manage customer payments. It allows you to create and send professional-looking invoices, track payments, and save time on tasks. It also helps you track expenses and manage cash flow with customisable invoice templates, recurring invoices, and an intuitive dashboard.
![Melio Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Melio-1024x487.jpg)
Melio offers a wide range of features. It also provides a free plan; some of the notable features are:
Features
Plans and Price
Users can contact Melio through their official website for detailed prices and plans.
Users Review
The above-shown reviews are from the Trust Pilot website.
8. Flywire
Flywire is a global payment platform that offers an Accounts Receivable feature to help businesses manage their customer payments. This feature enables businesses to streamline payment collection processes, create and send invoices, track payments, and provide customers with convenient payment options. Also, Flywire’s global reach allows businesses to manage international receivables efficiently.
![Flywire Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Flywire-1024x481.jpg)
Here are some of the features of Flywire:
Features
Plans and Price
Users can contact Flywire through their official website for detailed plans and prices.
User Reviews
Let’s list some user reviews of Flywire below; reviews are taken from the Trustpilot website.
9. Sage Intacct
Sage Intacct is cloud-based accounting software that offers powerful accounts receivable features to help businesses manage customer payments efficiently. Its AR module enables you to create and manage customer invoices, track payments, and automate collections. This industry-leading software offers complete financial stability and control.
![Sage Intacct Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Sage-Intacct-1024x484.jpg)
Let’s see some of the notable features of Sage Intacct’s Accounts Receivable module:
Features
Plans and Pricing
Users can contact Sage Intacct through their official website for detailed plans and pricing information.
Users Reviews
See some of the reviews are, taken from the Trust Radius website.
10. Celonis
Celonis is a process mining software that offers an Accounts Receivable feature to help you manage your customers’ outstanding payments. With Celonis, you can monitor your cash flow, identify bottlenecks in your invoice-to-cash process, and automate collections. It also offers real-time insights and customisable dashboards to track payments and manage your AR performance.
![Celonis Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Celonis-1024x482.jpg)
Check out some features of Celonis below:
Features
Plans and Price
Users can contact Celonis through their official website for detailed plans and prices.
Users Review
The reviews below are from the Trust Radius Website.
11. Fundbox
Fundbox is one of the best accounts receivable software. It is known for its embedded working capital in small businesses and provides management solutions to help them optimise cash flow. It offers a unique approach to accounts receivable management by providing cash advances against outstanding invoices. It allows you to easily import your invoices and receive funding within hours.
![Fundbox Best Accounts Receivable Software](https://rdphostings.com/blog/wp-content/uploads/2024/05/Fundbox-1024x489.jpg)
Features of Fundbox can be listed as:
Features
Plans and Pricing
Plan#1 | Plan#2 |
Week 1-4 | Week 5-12 |
$130.83 | $130.83 |
Users Review
Check out the reviews of Fundbox from Trustpilot.
Key Features to Look for Accounts Receivable Software
While selecting an account receivable software, we need to consider so many features, some of which we can list below;
Cash flow management
Choose software that provides proper cash flow management. Look for automated invoicing, payment tracking, customisable reminders, payment portals, and a simplified collection process.
Digital B2B payments
When looking for accounts receivable software for digital B2B payments, consider several key features, such as Payment Processing, Invoice Management, Automated Collections, Reporting, etc.
Automated credit applications
Automated credit applications will help streamline the credit management process and enhance the financial process. Here, you should look for automated credit scoring, risk management tools, integrations with credit bureaus, etc.
Invoice generation and distribution
If the software focuses on invoice generation and distribution, it should have features like automated invoice creation, delivery, customisable templates, payment management, credit tracking, etc.
Automated cash application
Software with an automated cash application should have features like invoice automation, linking remittance and payment data, linking payment data to invoices, and cash flow management. These features will help streamline the cash application process.
Automated collections emails
Account receivable software has automated collection emails that should have features like automated data verification, robust data verification, automated tracking, billing portal, Prioritised worklists, etc.
What is the benefit of Accounts Receivable Software?
Accounts Receivable Software offers many benefits that can help businesses efficiently manage their customers’ outstanding payments. Some of the benefits of account receivable software are:
Standardised processes.
With accounts receivable software, your business will get a standardised process. This means it helps to enhance efficiency, minimises the costs related to invoicing and collections, improves cash flow, and provides security for your privacy and data. It enables a robust financial structure and enables companies to manage their receivables effectively.
Improved speed and efficiency
one of the main benefits of using accounts receivable software is improved speed and efficiency. With features like automated invoicing, payment tracking, and reminders, the software can help save time and reduce the workload of manual tasks. It also provides real-time insights into your cash flow, which can help you make informed decisions and improve your overall financial management.
Reduction in human error
One significant benefit of using Accounts Receivable Software is the reduction in human error. With automated invoicing and tracking systems, the chances of errors such as missed payments, incorrect billing, or incorrect data entry are significantly reduced. This saves time and helps maintain accurate financial records, leading to better financial management.
Reduced Costs and Faster Cash Flow
Account receivable software benefits include reduced costs and faster cash flow. Automating invoice generation, payment reminders, and collection minimises the need for manual labour, which in turn reduces costs and saves time. This helps businesses maintain a healthy financial position and avoid cash flow issues.
Enhanced dashboards
Another benefit of Accounts Receivable Software is enhanced dashboards. The software provides an intuitive dashboard that offers real-time insights into the business’s financial performance. These dashboards enable enterprises to track and manage their accounts receivable efficiently and monitor cash flow.
Advanced security and compliance
Another benefit of Accounts Receivable Software is advanced security and compliance. The software offers robust security features such as firewalls, encryption, and data backup, ensuring that sensitive financial information remains secure. Additionally, the software complies with industry standards and regulations, such as PCI-DSS, SOX, and HIPAA, ensuring that businesses meet legal requirements and avoid penalties.
Access to real-time data
Account receivable software provides the benefit of accessing real-time data, allowing businesses to have immediate insights into their financial status, outstanding balances, and payment trends. This facilitates informed decision-making and proactive cash flow management.
FAQs
What is AP AR software?
AP AR software refers to integrated solutions to streamline a business’s accounts payable (AP) and accounts receivable (AR) processes.
Why are accounts receivable used?
Account receivable is a tool that allows businesses to extend a line of credit to their customers. It helps increase sales and improve customer relationships.
Are there any Accounts Receivable Software?
Quickbooks Online, Netsuite, Melio, etc. like this so many account receivable software are available.
Is there any free trial available?
Several accounts receivable software programs, such as Invoiced and Azava, offer free trials, so check out their official websites to learn more.
What are the 5 KPIs for accounts receivable?
The 5KPIs are referred to as Average days delinquent, Days sales outstanding (DSO), Percentage of current accounts receivable, Collections effectiveness index (CEI), and operational cost per collection.
Conclusion
This article reviewed the 11 best accounts receivable software, including its features, plans, and reviews. Don’t waste time managing payments; let the software do the rest!
We suggest that you carefully evaluate each software’s features and choose the one that best meets your business needs. This will enhance your business operations and streamline your payment processes.
We sincerely hope this article helps you by giving you enough knowledge about Accounts Receivable software.