BQE Core is a cloud-based business management solution providing integrated project management,
business accounting and billing and business intelligence to help businesses with better decision-makin.. Read more
Join thousands of other professionals and get personalized recommendations based on what businesses like you are using. There is no obligation to buy.
Hidden charges, implementation fees, long term costs? Get the complete picture from us to simplify your software selection.
There is no obligation to buy.
Oracle JD Edwards EnterpriseOne is a cloud-based solution offering Enterprise Resource Planning (ERP)
and supply chain management services to small, midsize and large businesses. Oracle, combined wit.. Read more
Deltek Vision is a web-based ERP software for project and service-based professional service firms with
applications including resource/inventory management, project accounting, business development,.. Read more
AcrivityHD by nQativ is a web-based SaaS ERP accounting software geared towards small to midsized
businesses. ActivityHD allows users with advanced tools to filter and present data, plus security fea.. Read more
Sage Intacct is a best-in-class cloud accounting and ERP software and is the preferred cloud financial
management applications for the AICPA. The software provides real-time financial and operational.. Read more
QuickBooks Enterprise is an accounting solutions suite that offers end-to-end accounting services for growing businesses and non-profit organizations. The software is designed to integrate tasks like .. Read more
NetSuite is a web-based enterprise-level business management solution that offers Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) services. The software has a horizontal .. Read more
FreshBooks is a cloud-based accounting suite designed for small to mid-sized businesses. The software is most popular for streamlining client invoicing and time tracking processes. Built with small an.. Read more
Aplos is a cloud-based accounting software solution designed for churches and non-profit
organizations. It comes in two options: a stand-alone system or the accounting solution within an
integrated .. Read more
Xledger is an Enterprise Resource Planning (ERP) solution for mid-sized and large businesses. It was
designed for the cloud so that it can easily be accessed from anywhere and at any time. This ERP
.. Read more
Xero is a web-based accounting solution offering robust and complex accounting tools to small and
medium-sized businesses in all industry verticals. Xero provides them with a direct gateway to connec.. Read more
Workday is a cloud-based SaaS (Software as a Service) solution designed to provide Enterprise Resource
Planning (ERP) tools to businesses of all sizes across various industry verticals. The software .. Read more
Wave is a free web-based accounting platform geared towards small and growing businesses,
consultants, entrepreneurs, and freelancers. The solution offers a range of integrated applications that
com.. Read more
TimeSolv is a cloud-based time tracking and billing solution that caters to accountants, consultants,
architects, lawyers, and freelancers, helping them manage daily business operations. Users can ke.. Read more
Odoo is an advanced fully integrated open-source business ERP management suite designed to serve
businesses of all sizes among all industry verticals encompassing an ever-growing list of applications.. Read more
Accounting Software Reviews, Features, Pricing & Compare
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 on-premise one.
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
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.
Oracle JD Edwards
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 removes a large chunk of the cost.
Prices for a decent AR software package depends 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.
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.