Accounts Receivable Software

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Freshbooks

FreshBooks Software

1042 Review(s)

FreshBooks is cloud-based accounting software best suited for small businesses and freelancers. Although it has minor bugs, users commend its easy-to-navigate interface. Some notable features include time, expense, and invoice tracking. Overall, FreshBooks is a comprehensive financial management tool with excellent invoicing capabilities.

QuickBooks

QuickBooks

86 Review(s)

QuickBooks is your accounting sidekick. It organizes finances, tracks expenses, and manages invoices effortlessly. Despite a steep learning curve, the software streamlines your bookkeeping tasks so you can stay on top of your numbers with ease. Simplify your financial journey with QuickBooks.

AccountEdge

AccountEdge

75 Review(s)

AccountEdge accounting software is the cornerstone of comprehensive financial management. With features like making invoices, tracking expenses, and handling payroll, it empowers businesses to optimize accounting processes, enhance accuracy, and propel financial success. Get AccountEdge to boost your business today.

Aplos

Aplos

74 Review(s)

Aplos offers specialized fund accounting software featuring donor and donation management capabilities. Nonprofits and faith-based organizations can efficiently manage finances, operations, community engagement, and donor relationships. Although the Contacts module lacks robust features, tracking contributions is simple, and the software enables detailed reporting with its easy Chart-of-Accounts and Tags.

Wave Accounting Platform

Wave Accounting Platform

74 Review(s)

Wave accounting platform software offers a seamless solution for managing finances with its intuitive design and practical aspects. Useful features such as professional invoicing, mobile receipts and payroll make it worth the learning curve. It is a good choice overall, to simplify accounting tasks and drive success.

Oracle JD Edwards EnterpriseOne

Oracle JD Edwards EnterpriseOne

67 Review(s)

Oracle JD Edwards EnterpriseOne provides a comprehensive enterprise resource planning solution that features real estate management, human capital management, environmental health and safety, and commodity trading as main highlights. While it functions well, it does have some limitations in terms of cost.

Odoo

Odoo

67 Review(s)

Odoo transforms business operations through a powerful open-source suite of integrated applications. Its scalability, and user-friendly interface offers a comprehensive set of features for businesses of all sizes and industries. Initial implementation of the software can be challenging but overall, it is a good choice for business evolution.

BOARD Software

BOARD Software

67 Review(s)

Unlock your full potential with BOARD software. Experience the power of smarter planning, turbocharged success, and a razor-sharp competitive edge. With BOARD, you'll plan smarter, achieve faster, and conquer new heights of excellence. Don't just dream big – make it a reality with BOARD's cutting-edge Intelligent Planning solutions.

Sage Intacct

Sage Intacct

64 Review(s)

Sage Intacct is a prominent software, meticulously crafted to meet the unique requirements of small to midsize accounting firms, equipping them with a suite of capabilities that surpass industry standards. Although some users initially find the interface complicated, Sage Intacct saves time by automating critical financial processes.

ClearView InFocus ERP

ClearView InFocus ERP

62 Review(s)

Clearview InFocus ERP, now part of Unanet AE, caters to architecture and engineering firms with customized project management and accounting solutions. While generating custom reports can pose a challenge, the software efficiently handles project estimates and tracking from initiation to completion, automating cost input for invoicing at markup rates.

DealerCenter

DealerCenter

62 Review(s)

DealerCenter streamlines accounting tasks for automotive businesses, offering intuitive features for efficient financial management. While it may require initial familiarization, its tailored solutions prove invaluable for automotive professionals. DealerCenter stands as a reliable partner in navigating complex financial processes, ensuring seamless operations.

Brokermint

Brokermint

60 Review(s)

Brokermint provides real estate with a back-office management platform offering interesting tools and features to streamline administrative tasks for real estate professionals. While some users find difficulty with the reporting feature, the functionality for transaction management, commission tracking, document storage and task management are a highlight.

Xero Accounting Solution

Xero Accounting Solution

52 Review(s)

Xero accounting software streamlines your financial management, from invoicing to payroll. While it may take time to master its extensive features, the ability to integrate with numerous apps and automate tasks makes it invaluable for small businesses and accountants.

Concur

Concur

50 Review(s)

Concur simplifies travel and expense management with intuitive features. It streamlines expense tracking, reporting, and approval processes, ensuring compliance and cost control. Although there is a steep learning curve, Concur optimizes expense management for businesses of all sizes, enhancing efficiency and accuracy.

Request Finance

Request Finance

47 Review(s)

Request Finance software streamlines financial operations with automated invoicing, payment tracking, and expense management. While it offers robust features for efficient financial oversight, users may find the initial setup complex. Nevertheless, its overall functionality supports effective and organized financial management for businesses.

BILL (formerly Bill.com)

BILL (formerly Bill.com)

46 Review(s)

Bill.com automates accounts payable and receivable, boosting cash flow and giving you real-time insights. It helps streamline finances, reduce errors, and free up time for you to focus on what matters most. While some users struggle with the interface, Bill.com's customer base of over 200,000 speaks volumes about its effectiveness.

Carta

Carta

45 Review(s)

Carta accounting software stands as the go-to solution for comprehensive equity management. Boasting features like cap table management, equity plan administration, and financial reporting, it transforms businesses by streamlining equity processes, improving compliance, and propelling success. Elevate your business with Carta today.

TimeSolv

TimeSolv

44 Review(s)

TimeSolv, tailored for legal professionals, facilitates a time-tracking and billing system that integrates project management tools for real-time budgeting. Although its extensive features present a learning curve for administrators and new users, requiring training and support. Nonetheless, TimeSolv excels in providing telephone training, tutorials, and customer assistance for smooth onboarding.

Eleven Software

Eleven Software

40 Review(s)

Eleven software assists accounting firms in overcoming the limitations of common cloud accounting applications, empowering them to expand and succeed. Its comprehensive automation and advisory tool add value to a business's team and clients. While some features may require customization, the user-friendly design ensures effortless navigation.

Manager Software

Manager Software

40 Review(s)

Manager is a comprehensive accounting tool that streamlines financial management, allowing users to efficiently handle invoices, payroll, and expenses with flexible features. While it lacks a mobile app, users appreciate its extensive functionality, which is offered entirely free of charge.

Microsoft Dynamics SL

Microsoft Dynamics SL

38 Review(s)

Microsoft Dynamics SL simplifies business management with customizable modules and seamless integration. Although prices may be steep for smaller companies, it offers robust financial management, project accounting, and resource allocation tools. Streamline operations and drive growth with Microsoft Dynamics SL today.

Activity HD

Activity HD

33 Review(s)

ActivityHD offers robust accounting solutions tailored for medium to large enterprises. Despite its complexity, its advanced features, including customizable reporting and multi-entity management, deliver precise financial insights. You can optimize your financial processes efficiently with a partner like ActivityHD.

Patriot Accounting

Patriot Accounting

32 Review(s)

Patriot Accounting simplifies financial management with unlimited invoicing and seamless cash-to-accrual switching. It requires improvement in a few features but supports various accounting methods that greatly help small businesses. Patriot Accounting is accessible from any device and is the ideal solution for businesses and accountants seeking efficiency and flexibility.

NetSuite

NetSuite

31 Review(s)

Drive your organization forward with Netsuite, a robust ERP solution. Seamlessly integrate financials, streamline operations, and gain real-time insights. From scalable solutions to adaptive workflows, it empowers businesses for growth and efficiency. Elevate your enterprise and get started with suitable Netsuite pricing.

ePROMIS ERP

ePROMIS ERP

30 Review(s)

ePROMIS ERP supports end-to-end project tracking and financial oversight, with tailored solutions for construction and real estate. While the software requires user training, its scalability and mobile accessibility enable organizations to optimize workflows, boost productivity, and enhance decision-making capabilities.

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Accounts Receivable Software Buyers Guide

For any business to be functioning optimally processes must be put in place. Keeping track of accounts receivable is the cornerstone of your accounting activities. Maintaining healthy cash flow and good customer relations are the result of efficient accounts payable processes.

Accounts receivable software takes the headache out of running an airtight operation. The intelligence in this software ensures your company’s collection and invoicing processes are automated. Implementing this software solution will increase the accuracy and speed of managing your accounts receivable.

In this article, we will expound on the functions of a decent accounts receivable system as well as the market trends to be aware of. We'll also unpack some considerations you should reflect on before purchasing and share guidelines to successfully implement a system.

What Are The Basic Functions Of An Accounts Receivable System?

Any accounts receivable system should be able to provide the following solutions:

  • Payments: Your system should accept payments in different forms such as credit cards, electronic funds transfers, cash and even checks. Some advanced software solutions include assimilation with other payment services and merchants such as Paypal.
  • Customization: If your business expands rapidly and you decide to venture internationally you need software that includes multi-currency invoicing. The system should allow for customized invoice templates that include your logo and payment terms.
  • Invoices: The system must generate invoices and send it to your customers for payment. Some software solutions can automatically send out recurring invoices. If you're using an online invoicing system you'll be able to see if a customer opens the invoice. You'll also be able to send out a reminder if invoices are reaching a due date or becoming late.
  • Customer management: Your software solution needs to be able to track all your paid invoices and alert you of any outstanding invoices.
  • Analytics: You’ll be able to view AR data via dashboards, graphs and detailed reports. You’ll also gain valuable insights into deferred revenue and your customer aging data.
  • Mobile apps: Working remotely from any location is the ultimate convenience. You’ll be able to access your AR data via any mobile app that’s compatible with Android, Windows or iOS phones. You can conveniently send out payment reminders, invoices or other communication via your mobile device.

Some Market Trends To Take Note Off

If you’re in the market to purchase an accounts receivable software you should take note of the market trends on whether to opt for a cloud-based solution or an on-premise one.

strong>Cloud-based Solutions

The rise of cloud-based accounting solutions is growing year on year. Research shows that in 2014 only 16% of small to medium-size businesses were using cloud-based solutions. The numbers almost doubled in 2015 with 30% of SMBs using cloud-based solutions.

Historically the accounting fraternity has been wary to move to the cloud and has mostly used on-premise solutions. They're now warming up to cloud-based solutions and closing the gap between usage of the two options.

The top benefits cited in a survey by users of cloud-based solutions are:

  • It’s easy to access
  • It's user-friendly
  • It offers sufficient security and safety

On-premise Solutions

The perspective around on-premise accounting solutions has always been that it’s a safer and more secure option. Because it's in-house there is a level of control and privacy. Having an on-premise solution is not always budget-friendly or practical for especially small to medium size businesses. It’s important to weigh the pros and cons of investing in this type of solution.

Successful Implementation Guidelines

Following these easy steps will assist you in effortlessly setting up your accounts receivable system:

  • There are various AR software options available so depending on whether you're a small business or large enterprise will determine what you opt for
  • Once you’ve decided what AR software you’ll purchase you can start putting processes in place
  • The software will keep track of money owed to the business and allow you to follow up on overdue payments
  • Instead of chasing after late payments, be proactive and remind customers payment is coming up
  • Set up the system to reduce payment times to ensure a faster cash turnover
  • Do a test run to ensure the system is running smoothly and evaluate if extra features need to be included in your package

The Cost Of AR Software

Before we look at how much AR software can cost you, let’s talk about how much you’re likely to save when using AR software. Traditionally sending out invoices can cost you about $11.50 for every invoice sent. That includes the cost of envelopes, paper and shipping it. The cost of paper also rises year on year.

If you consider investing in an AR software solution your average monthly cost can be as low as $0.71 per invoice. Automation and a paperless system remove a large chunk of the cost.

Prices for a decent AR software package depend on the number of users and the different features you want to be included. It can begin with as little as $10 per user monthly from Payorcrm Accounting. Alternatively, you can pay up to $799 from Numberz Accounting per month. There are also free versions available that can function optimally if you're looking for an entry-level option.

Conclusion

Not getting paid on time can affect your business negatively. Keeping track of invoices and payments due can be chaotic if you don’t have a proper system in place. You need a robust cash flow system in your business to keep everything running smoothly.

Investing in an AR software solution ensures you have a watertight account receivable system in place. It automates mundane tasks and acts proactively to communicate to customers about payments due.

Let us know what your thoughts are regarding a paper-based or automated accounts receivable system.