Guide to the Best 5 Accounts Receivable Software

Accounts receivable software is a one-stop station for all receivable-related activities- tracking invoices, follow-up, and more accessible customer communications. As per Industry Week, paper invoice errors cost companies $53.50 to fix on average. Moreover, the cost of completing and sending a paper invoice ranges from $15 to $30. Besides this, the manual invoicing and payment-receiving process also get time-consuming. Due to these reasons, business owners are moving towards receivable software. 

Beside invoice generation and distribution, an account receivable system helps in cash flow management, digital B2B payments, automated credit & cash applications, and automated collections emails. If you wish to up your account receivable game, here’s a brief list of 5 software. 

5 Best Accounts Receivable Software

• QuickBooks

QuickBooks is an all-rounder, simple and intelligent accounting solution. It helps manage accounts receivable, get timely payments, and access receivable aging reports. Initially, you can use this receivable software for 30 days for free. 

QuickBooks account receivable software has three main features. The first feature is multi-currency invoices. You can send your invoices to any location by selecting from different currencies. For regular clients, you can automate recurring payment schedules. Plus, the app generates custom financial reports. QuickBooks offers integration with PayPal, WordPress, Wix, Shopify, Gusto, Zoho CRM, etc. 

It offers plans for every business ranging from $8 to $17 per month, depending on the number of users. 

• CollBox

CollBox is a seamless accounts receivable software that integrates with your accounting system. The integration helps CollBox to identify customers and track their past-due invoices. Then you can allow the CollBox team on which outstanding invoices to work on the collection process. Once their team is in the collection process, you can entirely focus on your business priorities and not worry about the invoices. 

It offers two main products. One starts at $250 per month, helping you collect all recent past due invoices, and you can get to keep all your profit. The second product includes collecting the due invoices you were ready to waive off. If their team manages to collect the payment, they take a percentage of it(starting with 25%). It is a risk-free product as they do not charge any upfront fee. 

• Chaser

As the name suggests, Chaser makes chasing customers for payment much more effortless. It performs the A to Z of Account Receivable & Debtor Management. It starts with checking the customer’s creditworthiness and goes on with keeping a tab of payments, credit limits, etc. Besides chasing late payments and collecting payments, it automatically reconciles with your accounting software. 

Moreover, its interactive debtor reports give great insight into your customers’ payment behavior. Its pricing begins at $40; however, the standard escalation solution plan will charge you $95.

• YayPay

YayPay is a B2B collection solution with AR insight that centralizes data from your CRM, ERP, and accounting systems. With the help of machine learning, it predicts payment behavior. Moreover, the company anticipates the customer’s payment behavior with 94% accuracy. As a result, it increases productivity and reduces the collection risk with integrated credit management. 

Besides real-time tracking of days of sales outstanding (DSO), YayPay is a secure portal for customers. Also, YayPay integrates with many accounting and billing software. Even if a direct integration is impossible, your YayPay account can still manage. You need to contact the company for the pricing, as they only offer quote pricing. 

• Melio 

Melio is one of the best accounts receivable software for small businesses because of its free price tag. It requires no monthly subscription and provides free ACH Bank transfers. However, if you choose another medium to receive payment, like a credit card, deceit card & expedited check delivery, a small fee is charged. Note that a 2.9% fee for credit card payments is charged to your customers. But you can also pay that fee on your customer’s behalf. It offers both accounts payable and accounts receivable management. 

Melio allows your customer to pay multiple bills at once with batch payments. Furthermore, it can divide a single invoice into several payment & payment methods. Besides this, it has live support via chat and email. The best part is that there is no bar on clients and users per account. 

Given the list of widely used accounts receivable software, here are a few things you could consider before subscribing to one of the software. 

What must you expect from accounts receivable software? 

• SaaS System- A cloud-based application is widely preferable by all large, medium, and small businesses. On a SaaS system, anyone with credentials can access the data or transactions from anywhere in the world. Moreover, you do not need to install the software, and it saves you the expense of technicians. 
• Cash Management- The software must analyze your bank accounts and all unpaid invoices. As a result, it creates the basis for forecasting and planning cash budgets. 
• Security– While considering the security factor, you must include both tracking employees and protection from external risk. Often your system is at risk of hacking and snooping. So always ensure the software safeguard you from all internal and external threats. 
• Digital Invoicing- Making an invoice, sending it to customers, and following up are tedious and time-consuming tasks. But software can automate and customize (payment terms) the invoicing process.
• Mobile Friendly with multiple online payment options- The software should have a mobile app that makes it easy for customers to pay on the go. Chances of getting the payment will increase if you offer multiple payment options. 
• Integration– Last but not least, an account receivable software that can integrate with your accounting system and other software as well. 

Conclusion

The above-stated five accounts receivable software are the best five accounts receivable software. Before choosing one, ensure the software improves your cash flow. If QuickBooks reconciles your company’s requirement for Receivable Accounting Software and an all-rounder accounting software, schedule a meeting with SKB Accounting.