Accounts Receivable Software
MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.…
BlackLine automates the the processes required to finalize periodic closing of the books. Beyond close/reconciliation management the product includes capabilities to enhance the management and control of financial processes throughout the accounting cycle. In October 2020, BlackLine…
D&B Finance Analytics is a global credit-to-cash solution that provides Dun & Bradstreet data, analytics, and technology to help improve cash flow, increase operational efficiency, and mitigate risk. This AI-driven solution comprises two platforms – D&B Credit Intelligence…
athenaIDX is an on-premise or cloud-hosted enterprise RCM solution that helps health systems, hospitals, billing services, and large practices optimize financial performance and successfully adapt to healthcare payment reform. It is based on the Centricity medical practice and EMR…
Melio is a small business-oriented Accounts Payable tool from the company of the same name in Tel Aviv. It is presented as a service that helps small businesses keep up with business. A B2B payments experience and payment workflow designed to be so simple it helps businesses focus…
GoDaddy Bookkeeping (formerly Outright) is a cloud-based bookkeeping and accounting automation platform targeted at small businesses. It contains basic bookkeeping and reporting features meant to simplify the process of accounting for small businesses and their accountants, ensuring…
Foundation Software headquartered in Strongsville, Ohio offers their construction accounting and payroll software. The vendor states that their job costing construction accounting software is designed to be easy to use and provides the accounting and management tools needed to run…
Autonomous Receivables, from HighRadius headquartered in Houston, is an AI-powered accounts receivable solution. It is designed to reduce DSO and bad debt with the best Accounts Receivable Management Software. The solution connects credit, billing & invoicing, cash application, deductions,…
Paycove is an automated invoicing and payments service for small businesses, from the small company of the same name in Madison, Wisconsin. A digital billing platform for CRMs, Paycove provdes automated quoting, invoicing, and payments solution that integrates with the user's CRM…
Request Finance is a suite of financial apps helping businesses manage their crypto invoices, payroll, expenses, and other payment requests in a compliant, professional and secured way. Freelancers, SMBs, companies and DAOs can use Request Finance to send and receive payments in…
Growfin is a Finance CRM aimed at helping B2B enterprises across the globe streamline their accounts receivable through automation. So finance, sales and customer success teams can collect cash faster to accelerate their cash inflows.
Denario was started to create a new B2B payments experience. A service that allows SMBs and Startups to automate their accounts payable and receivable functions. An integrated solution that works seamlessly with existing workflows. Businesses can use Denario to pay and get paid,…
Handle is construction software that is built for material suppliers and contractors to help manage the entire process of protecting payment rights. The software helps with manual and repetitive tasks associated with late payments such as lien management, owner verification, deadline…
Gaviti maps out the organization's collections situations, automatically engages debtors according to policies set by user.
Continental Recovery Services, DBA CRF Solutions was founded in 1991 and is a provider of Collection Services for the Commercial Credit Industry. They offer services like Small Claims Administration, early placement programs as well as their National Construction Notice Management…
Exela Payment Operations solution is a lockbox and remittance processing service, that includes electronic presentment and payment options with full AR processing solutions and collections management, as well as billing and statement optimization.
An Accounts Payable and Receivable software solution, Checkbook offers a way to send and receive Digital Checks instead of dealing with paper and postage, or more expensive online transactions. Features of Digital Checks for businesses include instant delivery, and online deposit,…
Invoice Ninja is a source-code available suite of apps focusing on SMB invoicing & payments, from the small company of the same name. The service boasts users among 200,000+ businesses, who use Invoice Ninja to invoice clients, track payments, expenses, and time billable tasks.
Newgen's software enables users to automate sales order processing—from getting an order to fulfilling it and then receiving the payment. It aims to enhance cash flow predictability and improve operational efficiency with built-in accounts receivables (AR) management system. Improve…
Singleview Convergent Rating & Billing boasts flexible, scalable and robust rating, discounting and billing. Revenue can be generated from any kind of service, whatever subscription or pricing model is applied. From bundling to revenue share, Singleview Convergent BIlling covers…
the HighRadius RadiusOne A/R Suite includes a set of AI-powered solutions designed to support A/R processing for midsized companies across industries with a complete order-to-cash solution. Automate and fast-track key accounts receivable functions with RadiusOne A/R Apps, pre-loaded…
Procuring goods is an essential task in any business. Until and unless the goods are procured the business cannot go ahead and earn money by selling those goods. In the present scenario, a business house works with multiple goods at once and managing them simultaneously is a tedious…
Cygnet FACE is a GSTN approved financial accounting software that creates GST compliant vouchers, reconciles bank transactions, tracks inventory, generates reports and files GST returns effortlessly. FACE is also capable of generating E-Invoices and E-way bill.
Powered by intelligent automation, proven methods, and experienced professionals, Cognizant's RCM solutions are purpose-built to help customers improve performance. Offering customized solutions, Cognizant aims to help hospitals, health systems and physician practices drive intelligent…
ONECollect, from ONE BCG headquartered in Arizona, tracks unpaid invoices automatically and reminds customers to pay. The user gets complete control to customize communication, from defining follow-up schedule to setting the tone of the reminders. Invoice details are included in…
What is Accounts Receivable Software?
Accounts receivable (AR) software is a centralized platform that manages the money owed to an organization for its products, goods, or services. It automates invoicing, tracks collection and aging, and matches sales orders and invoices with payments. The software generates statements, collection letters, and reporting. It supports multi-channel collection across all payment methods and locations, including online, digital, EFT, and checks.
The software reduces human intervention and errors, increases accuracy and efficiency, and improves cash flow. It allows accounting departments to handle large numbers of invoices and payments.
AR software is used by accounting departments, managers and executives to review the activities of the accounting department, and by cash managers to obtain real-time information on receivables.
AI-powered AR software enables predictive cash forecasting, providing accurate insights into the size of your expected receivables. It provides tools and information needed to support regulatory compliance.
AR software is often included in Accounting Software suites and Enterprise Resource Planning (ERP) Systems, but those options do not necessarily include the advanced features that can be found in standalone AR products. Standalone AR products will usually support integrations with those systems.
Account receivables solutions collect debt, but they differ from dedicated Debt Collection Software that provides collection capabilities beyond what a traditional account receivables system offers.
Accounts Receivable Software FeaturesAccounts receivable software should have most or all of the following features:
Accounts receivable ledger
Accounts receivable aging tracking
Automated billing and invoicing – custom templates, customer preferences
Automated customer statements
Customer portal - allow customers to view their invoices, payments, and balance
Omnichannel payment method support, online, digital, EFT, ACH, credit cards, checks, cash
Early payments discounting
Payment tracking, invoice, billing matching
Custom workflows, rules, and exceptions for accounts receivable automated and manual processing
Automated email reminders
Automated collection letters
Custom interest and late fee management
Invoice dispute management, staff routing
A central database, AR history, and customer profiles and preferences
Analytics, dashboards, data visualization, and reporting
AI predictive cash forecasting
Mobile app support
Integrations with accounting, ERP, and CPM systems
Accounts Receivable Software Comparison
Consider these factors when comparing accounts receivable software:
Type of Solution: Would your organization benefit from an advanced standalone accounts receivable software solution or would implementing an AR solution that is part of an accounting software suite or ERP system be more suitable? AR point solutions can also vary in specificity, from solutions for high-volume SMBs to standalone enterprise products.
Industry: Accounts receivable products have features that are tailored for specific industries. Robust features that handle invoice disputes are valuable to transportation and logistics businesses, while professional service firms would benefit from invoicing features that are tailored to timesheets and service delivery.
Integrations: When purchasing a standalone AR product, investigate how it integrates with your current accounting and ERP systems.
Implementation: AR software is available as a cloud-based solution, a SaaS solution hosted on a vendor’s server, or as an on-premises installation. Entry-level cloud-based solutions are less costly, support scalability as needed, make it easier and quicker to get up and running, and shield users from infrastructure and maintenance concerns. On-premises solutions ensure that your organization has full control over the AR process and data. The on-premise route may be preferable for some security and legal protection purposes, but cloud solutions are becoming the norm.
Entry-level accounts receivable software usually ranges between $9 and $99 a month. Enterprise-level solutions begin at $500 a month and usually require obtaining a quote from the vendor. Pricing usually depends on the features provided, number of concurrent users, number of customers, and number of transactions. Free trials are available.
Frequently Asked Questions
Key benefits of using AR software include:
- Improved Cash Flow: Accurate and timely invoicing results in faster payments. Omnichannel automated payment processing expedites payment delivery.
- Improved Cash Management: Predictive cash forecasting provides insights into your future cash flow.
- Cost Savings: Reduced manual work and fewer human errors increase efficiency and accuracy.
- Workload Management: AR automation enables the generation of large numbers of invoices and processing high volumes of payments.
- Risk Management: A complete understanding of a customer’s payment history improves customer credit risk management.
- Improved Customer Relations: AR software facilitates customer communications and supports customer profiles and preferences.