The Best Accounts Receivable Software

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Melio Screenshot

Melio

Melio is an AP/AR software that makes business payments faster, safer and easier. Now, it’s possible for businesses to pay any bill, any vendor, any supplier online - and do it in the way that fits their business best. Pay via ACH, debit or credit card*, even if the vendor doesn’t accept card. Plus, you can choose how your vendor gets paid out - bank transfer or check. With Melio, you can also send payment requests to your customers with an invoice that lets them pay in a click. They don’t even
Client OS
Web
Deployment
Cloud Hosted
Auditoria Autonomous Collections Screenshot

Auditoria Autonomous Collections

Auditoria SmartBots are on the front lines of your dunning and collections process, communicating via email and streamlining your accounts receivable process. SmartBots reduce your outstanding AR balances and improve DSO. Scale your business without hiring more people. @vimeo Certified to work with NetSuite, Sage Intacct, Workday Financials, and Oracle ERP Cloud. Rapid time-to-value within days/weeks. Intelligent classification give you granular control over AR. Prioritized worklists mean that
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Starting Price
$500/month
Client OS
Web
Deployment
Cloud Hosted
Sage Intacct Screenshot

Sage Intacct

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Sage Intacct is a browser-based, GAAP-compliant financial management software system. It features multi-entity financial reporting, customizable reports, and a user-friendly interface. The AICPA has endorsed the platform as a “preferred provider of financial management application.”
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Starting Price
$8,580/year
Client OS
Web
Deployment
Cloud Hosted
SoftLedger Screenshot

SoftLedger

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SoftLedger is an accounting software that handles accounts payable and receivable, cash, and financial reporting. It provides support for cryptocurrency accounting and integrates with major cryptocurrency exchanges. SoftLedger also offers real-time inventory tracking across multiple warehouses and consolidated accounting for multi-entity organizations. Finally, the software delivers automated cash reconciliation and bank feed processes and can generate detailed financial reports.
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Starting Price
$750/month
Client OS
Web
Deployment
Cloud Hosted
YayPay Screenshot

YayPay

YayPay is a complete accounts receivable management platform that lets your team have the time, focus, and control needed reduce DSO, accurately predict cash flow, and increase revenue. Tools such as analytics, predictions, and automated workflows will help you get paid faster and easier, as well as have your team spend less time on manual tasks. Credit Assessment: Rate customer’s creditworthiness; AR Collections CRM: Keep a history of customer relationships; and Payments and Cash App: Set up
Client OS
Web
Deployment
Cloud Hosted
Acumatica Cloud ERP Screenshot

Acumatica Cloud ERP

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Acumatica is a renowned platform in the ERP world. It offers accounting, distribution management, CRM, manufacturing, and more modules. Acumatica supports unlimited users, with pricing based on the resources and modules your company uses.
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Starting Price
$1,800/month
Client OS
iOS, Android, Web
Deployment
Cloud or On-Premises
Xero Screenshot

Xero

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A contender against QuickBooks Online, Xero is a popular solution for its user-friendly interface, affordability, and unlimited users per subscription. It’s a cloud-based, double-entry accounting software that offers bank reconciliation, financial reporting, and basic invoicing and billing.
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Starting Price
$15/month
Client OS
Web
Deployment
Cloud Hosted
VersaPay ARC Screenshot

VersaPay ARC

VersaPay ARC is a new standard in accounts receivable automation software. This cloud-based AR automation platform helps you rethink your cash to close process. It helps increase sales, track delivery of funds, manage disputes, resolve questions, manage collections, process payments securely, and match/post payments to your ERP software automatically. VersaPay ARC will provide insight into aging invoices and real-time collaboration with individual customers. Presentment; Collaboration;
Client OS
Web
Deployment
Cloud Hosted
HighRadius Integrated Receivables Screenshot

HighRadius Integrated Receivables

Integrated Receivables is a solution platform to optimize accounts receivable operations by combining all receivable and payment modules into a unified business process. The Integrated Receivables platform provides solutions for credit, collections, deductions, cash application, electronic billing, and payment processing—covering the entire gamut from credit-to-cash. The features of HighRadius Integrated Receivables can be broken down into various modules: Online credit application; Credit
Client OS
Web
Deployment
Cloud Hosted
CreditPoint Software Screenshot

CreditPoint Software

CreditPoint Software is a credit and collections software intended to streamline your credit and collections processes. CreditPoint understands that every company has its own unique collections process. The collections, dispute and deductions management software has an intuitive dashboard. Each user has the ability to manage all of the necessary collections functions, including call prioritization, reminder notices, and established follow-up activities. All of the information is segregated and
Client OS
Web
Deployment
Cloud Hosted
Podium Payments Screenshot
Podium Payments is a mobile payment processor designed to expedite customer payments and save time for businesses. It offers various payment methods, including financing and subscriptions, along with “Buy Now, Pay Later” options. Podium Payments integrates these payment methods into a centralized system for managing and improving business ratings online. This service is particularly beneficial for small businesses, enabling them to gather more reviews, generate higher quality leads, and centralize customer data.
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Starting Price
$249/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Armatic Billing Screenshot

Armatic Billing

The Armatic Billing Software provides powerful invoice solutions with integrated subscription management & recurring billing. Additionally, billing and invoice features are synced with ERP and accounting software. Subscription billing and subscription reporting are complex. Armatic Billing helps with expansion, reactivation, churn and cancelation data. Invoice Documents: Save all customer related documents with your customer records; Invoice & Proposal Design: Create beautiful documents with
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Starting Price
$250/month
Client OS
Web
Deployment
Cloud Hosted
Bill.com Screenshot
Bill.com is a billing and invoicing software with customizable invoicing, AR/AP management, and mobile app functionality. The platform simplifies managing vendor payments and invoice tracking. Bill.com supports electronic payments via various methods, including ACH, credit card, and international wire transfers. The mobile app allows for easy payment approvals and invoice management.
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Starting Price
$39/user/month
Client OS
Web
Deployment
Cloud Hosted
Sage Network Screenshot
Sage Network offers AR and AP automation for any accounting software. It focuses on managing and automating all receivables and payables workflows in one place. Key features include a significant reduction in Days Sales Outstanding (DSO), improving team productivity, and increasing cash flow.
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Starting Price
$60/user/month
Client OS
Web
Deployment
Cloud Hosted
Esker Screenshot

Esker

Esker is a cloud conversion platform for your cash conversion cycle. The document process automation solution lets businesses power their procure-to-pay (P2P) and order-to-cash (O2C) processes to unite customers and suppliers. The accounts payable automation solution optimizes the process of verifying, entering vendor invoices and getting approval with intelligent capture, touchless processing and electronic workflow capabilities.; and The accounts receivable automation completely automates the
Client OS
Web
Deployment
Cloud Hosted
Sage Business Cloud Accounting Screenshot

Sage Business Cloud Accounting

Sage Business Cloud Accounting (formerly Sage One) is a simple, online accounting and invoicing solution designed for small businesses. Sage Business Cloud Accounting includes: Easily create and send custom invoices; Quickly record income and expenses; Manage projects and tasks; Automate reports (P&L, balance sheet, aged invoices); and Log on from anywhere. Basic version starts at $10/month. Ideal for sole traders and micro businesses.; and Primary version starts at $25/month.. You know that
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Starting Price
$10/month
Client OS
Web
Deployment
Cloud Hosted
Invoiced A/R Cloud Screenshot

Invoiced A/R Cloud

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Invoiced helps businesses get paid faster, stop wasting time on collections and provide a better payment experience for customers. Invoiced is the #1 rated solution for accounts receivable automation according to G2 Crowd and has earned many other recognitions including “Easiest to Use”, “Easiest to Implement”, “Best Support”, and “Best Results”. Invoiced is best used by mid-market companies in the U.S. ($20MM to $500MM in annual revenue). Advanced, complex billing and invoice generation;
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Starting Price
$500/month
Client OS
Web
Deployment
Cloud Hosted
Beyond Software Screenshot

Beyond Software

Beyond Software is a professional services automation (PSA) software designed for project-centric businesses. It offers a range of features for financial management, project accounting, invoicing, and resource management, along with time and expense tracking and business intelligence capabilities. Beyond Software integrates project and financial accounting into one solution, enhancing visibility and accountability in projects and improving cash flow through faster and more accurate invoicing and expense management.
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Cloud Hosted
Invoicera Screenshot

Invoicera

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★★★★★
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Invoicera is an online billing and invoicing software that lets you automate your billing processes through online invoicing, recurring billing, client/vendor portals, time tracking, workflows and more. The solution lets you customize what you need, integrate with your existing legacy setup. @youtube Multi-Business: Control multiple businesses through same account; Online Invoicing: Create, save and send invoice online; Online Payments: 30+ integrated payment gateways; Subscription Billing:
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Starting Price
$15/month
Client OS
Web
Deployment
Cloud Hosted
Full Contact Accounting Screenshot

Full Contact Accounting

Full Contact Accounting is a production oriented software product designed for use in the accounting office. FCAS offers imports of monthly activity from several software packages commonly used by small business owners. Tax information can be exported to several tax software packages to eliminate the need for data entry into forms 1065, 1120 and 1120S. Accounts Payable — Easy to use accounts payable item forward system. Accounts Receivable Software - Designed for both repetitive and
Client OS
Windows
Deployment
On-Premises

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Buyer’s Guide

Accounts receivable (AR) software tracks money owed to you. AR software keeps receivables data current, accurate, and centralized, to help manage client payments and apply interest rates. This guide provides a practical how-to for selecting the right AR software to ensure full receivables collection with a minimum of time and expense investment.

What Is Accounts Receivable Software?

Accounts receivable software automates the cash flow and funds owed to your business for goods or services provided. These funds are usually owed by your customers for purchases made on credit, meaning they have not been paid for yet by customers. In other words, accounts receivable software manages customer debt collection.

Accounts receivable management is a key function within broader accounting software due to being an asset account on the balance sheet representing money owed to your organization in the short-term. It’s counterpart, accounts payable software, manages money owed by an organization to creditors. It provides a coordinated system for ensuring AP automation for tasks such as invoice processing, payables approvals, and executing payments.

Using the right AR software enables organizations to:

  • Decrease the labor costs associated with recording and collecting customer payments via improved automation and efficiency
  • Increase the percentage of owed receivables captured via standardization and refinement of collection best practices (set timetables for escalation of collections activities, alerts for late payments, etc)
  • Improve the percentage of owed receivables captured by making collections communication easier with integrated collections messaging and message templating
  • Make more cash available to the business by decreasing the average time customers take to pay
Sage Intacct Sales Invoice
Create a sales invoice as part of a new order in Sage Intacct.

Features of Accounts Receivable Software

Functionality Definition
AR records creation Creation of records to track customer payment obligations
Customer database management The customer database enables tracking of customer information such as name, contacts, preferred payment method, address, etc
Aging reports Aging reports allow users to report on AR records by the number of days they are outstanding
Records/account lookup and filtering The ease with which the AP database can be searched and filtered can affect the effectiveness of company bill collection efforts
Invoice creation Invoices will document information such as who is being billed, for what, when payment is due, what the terms for customer payment are, what payment methods are acceptable, cost breakdowns for items and services and tax, etc
Flexible interest & late fee application Interest terms specify how much the customer will be charged in late fees if payment is not prompt
Recurring billing support Allows customers to set up recurring payment via ACH or other methods promotes higher collection rates and decreases the time spent collecting customer payments
Early payments discounts Support for early payment customer discounts can be an important part of a company’s value proposition for improving customer satisfaction and securing a competitive advantage
Dunning letter templates Dunning letters are collection letters; dunning letter templates can be used to reduce the amount of time spent by employees when collecting overdue customer balances
Billing/collection email integration The ability to create and send emails from an accounts receivable module can improve workflows and efficiency related to collection activity
Collection call scripts Providing employees with call scripts for collection calls can improve collection rates and ensure quality in a sensitive phase of customer relations
Collection escalations Features providing dynamic workflows for intensifying collection activities (including more frequent calls/mailings or involving more senior employees) can improve collection rates
Credit verification The ability to trigger credit checks and receive credit checks results within the AR module can improve the efficiency of the process and the management of related data
SoftLedger Accounts Receivable Invoices
View a list of customer invoices in SoftLedger.

Benefits of Accounts Receivable Software

The benefits of accounts receivable software, whether as a standalone solution or as a part of an accounting system, include:

Accounts Receivables Software Improves Cash Flow

In any size or type of business cash is king. Successful operations place extreme care in managing cash flow. You need reliable methods for extending credit to credit worthy customers. You also need a way to keep close watch of unpaid customer invoices.

Accounts receivable software is designed to help you manage customer credit and assure you’re paid on a timely basis. Since it’s these payments that fuel your business, it’s important to select the right software to record, manage, and track your receivables.

HighRadius Integrated Receivables Collection Calls
Solutions such as HighRadius Integrated Receivables help manage your collection calls.

AR Software Yields Improved Customer Relations

Your accounts receivable module does more than just track receivables entries, though. It also provides you with an ongoing customer database. The master customer list stores individual customer records with contact info, addresses, terms, and other customer data. Each time you post a receivables entry it is associated back to a customer.

Using sorting and filtering capabilities, you can easily identify customers in good standing or with late payments. With increased reporting ease you’ll be able to quickly update yourself with the information you need to make key business decisions.

VersaPay ARC Accounts Receivable Solution
Send customized notifications to your customers in VersaPay ARC.

Improve Your Customer Credit Management With Accounts Receivable Software

You may not think of it exactly in these terms, but accounts receivable is essentially a record of the short term credit you extend to your customers. Just like a bank making loans, you need to determine who is credit-worthy and who isn’t. You also need a set of processes in place to ensure the recovery of the credit you’ve issued. Most businesses bill with terms.

Accounts receivable software allows you to apply these terms and perform interest calculations.You don’t need to pull multiple spreadsheets to figure out which payments are overdue and how much interest you should charge, when you have the right software in place.

CreditPoint Software Risk Level Analysis
Do a risk-level analysis with CreditPoint Software.

Sharpen Your Understanding of Your Financial Position

Understanding your current and projected cash positions enables you to make smart business decisions. Your accounts receivable software ensures the accuracy of the data upon which you’ll base those decisions.

  • Who owes you money?
  • How much money is owed?
  • What is your expected cash flow?

Accounts receivable software answers these and other critical questions about the income you receive from your clients.

Armatic Billing MRR Movements
Better understand MRR movements with Armatic Billing.

Differences From Debt Collection Software

While accounts receivable solutions do collect debt that is owed to your company, it differs from a dedicated debt collection software. This is because a dedicated debt collection solution is intended to provide collections capabilities that go beyond what a traditional accounts receivable system provides.

An example is the type of business that may use one or the other. Accounts receivable functions will be used by virtually any business that uses an accounting software. Even if they are not extending credit to customers, they may still be generating invoices that need to be paid by customers before they start their work. Meanwhile, a debt collection software is more commonly used by either a collections department in a company, or a dedicated business providing collection services to other companies.

Another reason a business may consider a debt collection software is to improve collection efforts from debtors that are more difficult to collect from. This will include functionalities such as detailed contact records to discover the preferred communication approach, skiptracing, and tracking legal proceedings. Some industries may need industry-specific compliance measures to be put in place. A healthcare office collecting on medical debt will need to ensure they are staying HIPAA compliant in their collection efforts, for example.

ReRun Payment Streams Debt Collection Software
A debt collection software such as ReRun from Acclivity shows payment streams and payment history.

Accounts Receivable Software Pricing Guide

The cost of accounts receivable software starts between $9/month to $250/month. The price will usually be dependent on the number of concurrent users, the number of invoices being generated each month, and the number of customers/debtors you’ll be storing information on.

Another factor to consider is whether you are purchasing a standalone accounts receivable management software or a fully-integrated accounting solution. Usually a cloud accounting solution will have subscription pricing where you pay on a month to month basis. At times, this monthly cost may be a per-user cost.

Locally installed, or on-premise software, will generally be purchased upfront. This means you’ll pay a larger cost in the short-term for any purchase, implementation, and training costs. Ongoing costs thereafter will be required for any support that may be needed or annual updates to the program.

What Does Your Business Need?

Choosing the best accounts receivable software starts with knowing what your business needs. Which features do you focus on? What price point are you trying to stay within? What integrations do you need with other systems?

Small Business Accounts Receivable Software

A small business will likely not require a dedicated (standalone) accounts receivable software. Finding a small business accounting software that has AR features will help tack income by monitoring the money you received or are owed from invoicing. This includes invoice creation and customer records to help better organize yourself over manual methods.

Those who are self-employed or have very small businesses may benefit from finding a free accounts receivable software. Typically, these free options are scaled-down versions of paid options. Because of this, they is usually a limit to the number of users, or a limit to the number of invoices that can be created. However, many will allow you to upgrade if/when the need arises.

Invoicera Billing and Invoicing Software
Invoicera offers a limited free version.

Mid-Sized Business Accounts Receivable Software

A majority of buyers looking for a dedicated accounts receivable software will fall into this category. This businesses may or may not have an accounting software in place, and are trying to find a way to automate and streamline their AR processes. Generally these businesses are growing small businesses, and know that on-time customer payments will improve their cash flow and allow them to use the increased cash on hand to improve their business.

Medium sized businesses should look for a solution that will help reduce day sales outstanding (DSO) and accurately predict cash flow. Predictive analytics in standalone AR tools can help you determine which customers may pose a higher risk, which will help you avoid problems before they even happen. Otherwise, these tools will require (and usually do provide) a stronger collections CRM feature for monitoring communications between your business and your customers that owe.

YayPay Predictive Analytics
Solutions such as YayPay include predictive analytics.

Enterprise Accounts Receivable Software

Larger businesses or enterprises will require the largest level of automation in their accounts receivable processes. These companies may simply decide to find an ERP suite that includes a robust AR module, since these businesses are likely to produce thousands of invoices each month, and routinely extend credit to it’s customers in order to increase sales and business. Offering customers flexible payment terms can usually increase sales, and an enterprise AR solution will ensure no invoice goes unpaid.

Larger accounts receivable systems will require integration with ERP software such as Oracle Netsuite, Acumatica, or SAP products. These business will usually have dedicated AR teams whose job is entirely to monitor and track the workflow in your company’s AR processes. Together, your team and AR software will create an instant boost in collections to improve productivity, increase the cash on hand, and improve communication with customers.

Acumatica Accounts Receivable Software
Accounts receivable aged past due in Acumatica.

Is QuickBooks an Accounts Receivable Software?

QuickBooks Online and Intuit’s desktop counterparts (such as Pro, Premier, and Enterprise) are all capable of managing your company’s accounts receivable process. Whenever a customer purchases a good or service from your business, QuickBooks will help track invoices, payments, and identify any delinquent accounts.

Many businesses rely on QuickBooks to not only manage their accounts receivable process, but also their entire financial accounting. The AR portion of QuickBooks will let you setup recurring payments for customers you are regularily invoicing. It will also let you accept credit card payments and offer discounts to incentivize early payments.

QuickBooks also has a strong reporting feature that can track how timely customers are at paying, which can aid in your decision to do future business with them. The program can also create A/R aging reports to view who is late, and monitor cash flow statements to ensure you have enough cash on hand to pay bills.

QuickBooks Online AR Aging Summary
An A/R Aging Summary in QuickBooks Online.