6 Best Accounts Receivable Software for Small Businesses

With so many different AR solutions out there, figuring out which one is right for you is tough. In this post I’ll help make your choice easy, sharing my personal experiences using dozens of different tools while I was doing consulting, with my picks of the best accounts receivable automation software. Centime accounts receivable software automates the entire invoice delivery through cash application process. Get paid faster, improve collections effectiveness, and reduce overdue payments directly within your ERP. Focus your collections efforts on the most impactful invoices for your business and unlock an accurate view of your future cash flows with Centime’s accounts receivable automation software.

Improve Cash Flow While Preserving Customer Relationships

And while you’re thinking about ways to make managing your business easier, make sure to check out clever solutions like Wise Business. Some caveats are that your business must have annual revenue over $100,000, and you must have been in business for 6+ months at the time of applying. With FreshBooks, you can send beautiful invoices, track billable hours, and track when a customer has opened an invoice. The first thing you’ll want to do is pick the A/R automation tool that you’ll be using. Chaser is a very-well integrated and reviewed “end-to-end” AR automation platform for bad debt. If you do offer this service, it’s a good idea to build out your service terms and include them in your engagement letter.

A tactful accounts receivable approach helps businesses get paid fast while preserving the customer-to-client relationship. BlueSnap is primarily an online payment solution that also allows you to streamline the entire accounts receivable process from quote to cash. Connect BlueSnap’s automation software to your accounting software, CRM, or ERP for added convenience. This is one of my preferred tools for managing accounts receivable processes and I go into great detail on how to use it in this article. Manual invoicing and the accounts receivable (AR) process can be riddled with inefficiencies, unnecessary costs and late payments. These late payments are hindering 37% of companies from being able to accurately forecast their cash flow, and about a third have lost customers and contracts because of their manual AR processes.

Embedded payments and Finance

Schedule automated, individualized payment reminders, and automate late payment dunning notices. With Centime’s AI-powered AR automation solution, you can automatically forecast and predict delays, and instantly view the impact of those delays on future cash flows. With our AR Automation solution your business gets the tools you need to decrease your DSO, improve customer experience and boost your business. Streamline charging, set late fees, manage users, and communicate seamlessly. Automate each step of your billing, accounting and payment processes through one application that syncs with your existing ERP and CRM. Streamline the entire process from quote to cash for more efficient invoices, subscriptions and collections.

Enhance Forecasting

Reduce or eliminate manual tasks, allowing AR teams to focus on actions that drive results, and strengthen decision intelligence to deliver significant value to the organization. Increase working capital and availability of cash which are critical to any company’s success. Collect more cash and significantly reduce days sales outstanding (DSO) by increasing overall productivity and prioritizing the actions that have the highest impact. Optimize your invoice-to-cash cycle performance, create team capacity, and gain critical decision intelligence to promissory note drive value.

1. Chaser makes it easy to keep track of all customer communications so that you can get a better idea of their payment history.
2. Unlike accounts payable, accounts receivable is less of a predictable workflow since much of the process depends on variables controlled by the customer like when and how they pay.
3. Monitor payment patterns by customers to ensure critical customers are paying on time.

Read our helpful guide on how to accept recurring payments as a UK business, including a list of payment gateways. Wise can help UK businesses to get paid by customers in multiple currencies, with low fees and the mid-market exchange rate. Once set up, all of the above tasks can be carried out automatically – with little or no intervention from an accounting or finance professional.

Bill (formerly branded as Bill.com) is an accounts payable and accounts receivable platform that’s fully web-based. It’s most popular as an AP tool, but it has expanded to cover AR as well—and offers ample automation features in both categories. It integrates with most financial and business software and offers bi-directional syncing with most major accounting platforms. After extensive research and leveraging my experience, I’ve shortlisted and reviewed the best accounts receivable automation software to help you optimize your collections process.