The Top Accounts Receivable Software for Efficient Cash Flow Management

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As the world increasingly digitizes, businesses are adopting new technologies to streamline their operations and improve their bottom line. According to market research, the business accounting software market is projected to grow by USD 2.33 billion between 2021 and 2026, with a compound annual growth rate (CAGR) of 7.14%.

This growth can be attributed to the growing demand for automation and the need for efficient cash flow management. As a business owner, managing accounts receivable can be a time-consuming and tedious task, but accounts receivable software can help simplify and streamline the process. 

In this article, we’ll discuss what accounts receivable software is, what essential features to consider, and provide a list of the top software options available to help you make an informed decision for your business.

What is Accounts Receivable Software?

Accounts receivable software is valuable for businesses that want to manage their invoicing and payment collection process more efficiently. According to the news, 47% of enterprises consider cash flow as their top challenge. By using accounts receivable software, businesses can automate the process of creating invoices, sending payment reminders, and tracking payments, saving time and reducing errors. 

This, in turn, allows companies to get paid faster and maintain a healthier cash flow. In addition, the software provides insights into payment trends and history, enabling businesses to understand their customer’s behavior better and take appropriate measures.

Additionally, accounts receivable software provides businesses with detailed reports that help them track accounts receivable aging, analyze trends, and make informed decisions. The software can also integrate with other financial management systems, providing a comprehensive view of the business’s finances. 

With the growing importance of cash flow management, companies need to adopt accounts receivable software. By doing so, businesses can streamline their invoicing and payment collection process, reduce errors, and improve cash flow management.

Boost Your Cash Flow: Key Features to Look for in Accounts Receivable Software

When managing your business’s cash flow, accounts receivable are crucial. Accounts receivable software can help streamline invoicing and payment collection, making it essential for companies of all sizes. 

However, with many software options available, it can take time to choose the right one. You can select the right accounts receivable software for your business by evaluating key features, leading to improved cash flow management, efficiency, and business growth. 

To ensure you select the best option for your business, it’s essential to consider the following key features:

  • Customizable User Permissions:
  • The software should allow you to set different user permissions based on the user’s role or responsibilities, ensuring data security and integrity.
  • Data Backup and Recovery:
  • The software should have a robust backup and recovery system in place to protect your data from unexpected events like hardware failure, data corruption, or cyber attacks.
  • Multi-Language Support:
  • If your business operates globally, the software should support multiple languages, allowing you to create and send invoices and other documents in the client’s language.
  • Workflow Automation:
  • The software should support workflow automation, allowing you to automate repetitive tasks like sending reminders, allocating payments, or generating reports, saving you time and effort.
  • Customizable Payment Terms:
  • The software should allow you to create and customize payment terms for each client, including due dates, payment methods, and late fees, based on your business requirements.
  • Audit Trail:
  • The software should maintain an audit trail of all transactions and changes, allowing you to track who made the changes and when, ensuring data accuracy and accountability.
  • Multi-Channel Communication:
  • The software should support multiple communication channels, such as email, phone, and SMS, allowing you to reach out to clients through their preferred channel.
  • Payment Plan Management:
  • The software should allow you to create and manage payment plans for clients who need to pay in installments, enabling you to provide flexible payment options.
  • Customizable Dashboards:
  • The software should provide customizable dashboards that display real-time information and key performance indicators, helping you monitor your accounts receivable performance.
  • Secure Access:
  • The software should have robust security measures in place, such as two-factor authentication, role-based access control, and encryption, to protect your data and ensure secure access.
  • Automated Payment Reminders:
  • In addition to a reminder system for overdue payments, the software should offer automated payment reminders for upcoming payments. This helps ensure timely payments and reduces the need for manual follow-up.
  • Advanced Analytics
  • Some software may offer advanced analytics features, such as predictive analytics or machine learning algorithms, to help you make more informed decisions about your cash flow.
  • Dynamic Discounting
  • Dynamic discounting is a feature that allows you to offer early payment discounts to clients in exchange for faster payments. The discount amount varies based on the timing of payment, and the software should automate this process.
  • Invoice Factoring:
  • Invoice factoring is a financing option that allows businesses to sell their outstanding invoices to a third-party lender for a percentage of their value. Some accounts receivable software may offer invoice factoring as a feature or integration.
  • Automated Collections:
  • The software should offer automated collections features, such as a collections workflow or integration with a collections agency, to help you manage overdue payments more efficiently.
  • Cash Flow Forecasting:
  • Cash flow forecasting is a feature that helps you predict your future cash flow based on your accounts receivable data. The software should provide customizable reports and forecasting tools to help you make better financial decisions.
  • Payment Plans:
  • The software should allow you to create payment plans for clients, such as installment plans or payment schedules, and automate the payment collection process.
  • Multi-User Access:
  • The software should allow multiple users to access the system simultaneously and provide role-based access controls to limit access to sensitive data.
  • Transaction History:
  • The software should maintain a detailed transaction history for each invoice, including payment dates, amounts, and payment methods. This information helps you track your cash flow and reconcile your accounts.
  • Flexible Payment Terms:
  • The software should allow you to customize payment terms for each client, such as net 30 or net 60, and automate the payment collection process based on those terms.

By considering these features when selecting your accounts receivable software, you can ensure you choose a tool that will help you streamline your invoicing and payment collection process, improve cash flow management, and, ultimately, boost your bottom line.

Top 15 Accounts Receivable Software for Streamlined Cash Flow Management

Accounts receivable software is essential for businesses of all sizes to streamline their invoicing and payment collection process. Here are 15 top accounts receivable software options with a brief overview of each, along with their key features and pricing:

Zapro

Zapro is an online invoicing and payment solution that offers accounts receivable software as part of its services. It helps small and medium-sized businesses to streamline their invoicing and payment collection process. The software allows businesses to create customized invoices, automate recurring invoicing, and accept payments online.

Zapro stands out by offering affordable solutions that provide users with micro-level intelligence, making it accessible to businesses of all sizes.

Features

  • Customized invoicing
  • Recurring invoicing
  • Online payment processing
  • Automated reminders
  • Reporting and analytics
  • Customer Portal
  • Integration with other tools

Zapro Pricing

Starter:

  • Free
  • First 50 invoices or POs
  • Up to 5 users

Growth:

  • $1.60 per invoice or PO
  • Unlimited invoices or POs
  • Unlimited users

Armatic

Armatic is an all-in-one accounts receivable management software that includes features such as invoicing, payment processing, collections management, and reporting. It also provides automation and artificial intelligence tools to improve efficiency and reduce errors.

Features

  • Automated invoicing and payment reminders
  • Customizable payment options and gateways
  • Collections management with automated workflows
  • Detailed reporting and analytics
  • Integration with accounting and CRM software

Armatic Pricing:

  • Starter Plan: $49/month
  • Growth Plan: $199/month
  • Professional Plan: $399/month

Invoiced

Invoiced is an accounts receivable software that focuses on streamlining the invoicing and payment collection process. It includes features such as customizable invoice templates, automated payment reminders, and online payment options. 

Features

  • Customizable invoice templates
  • Automated payment reminders and follow-up
  • Online payment options with secure processing
  • Automated billing schedules and subscription management
  • Integration with popular accounting and CRM software

Invoiced Pricing

  • Starter Plan: $100/month
  • Growth Plan: $500/month
  • Professional Plan: Custom pricing

Anytime Collect 

Anytime Collect is a cloud-based accounts receivable software with automated invoicing, payment processing, and collections management features. It also includes analytics and reporting tools to help track cash flow and improve collections. 

Features

  • Automated invoicing and payment processing
  • Collections management with automated workflows and communication
  • Analytics and reporting tools for cash flow management
  • Integration with accounting and ERP software
  • Customizable dashboards and user permissions

Anytime Collect Pricing

  • Basic Plan: $500/month
  • Advanced Plan: Custom pricing

Fusebill

Fusebill is an all-in-one billing and accounts receivable software that includes invoicing, payment processing, and subscription management features. It also provides analytics and reporting tools to help track cash flow and revenue. 

Features

  • Automated invoicing and payment processing
  • Subscription management and pricing customization
  • Automated billing schedules and payment reminders
  • Integration with accounting and CRM software
  • Detailed reporting and analytics tools

Fusebill Pricing

  • Starter Plan: $495/month
  • Growth Plan: $995/month
  • Enterprise Plan: Custom pricing

Chaser

Chaser is an accounts receivable software that improves cash flow through automated payment reminders and follow-up. It includes features such as personalized email templates, automated reminders, and real-time payment status tracking. 

Features

  • Automated payment reminders and follow-up
  • Personalized email templates and scheduling
  • Real-time tracking of payment status
  • Integration with popular accounting software
  • Customizable workflows and user permissions

Chaser Pricing

  • Starter Plan: $49/month
  • Professional Plan: $149/month
  • Business Plan: Custom pricing

FreshBooks 

FreshBooks is a cloud-based accounting software that provides users with invoicing, time tracking, and expense management features. It is designed to help small business owners manage their finances more efficiently, and it includes automated reminders and late fees to help you stay on top of your accounts. FreshBooks also offers multi-currency support to help you manage your international transactions.

Features

  • Invoicing and payment processing
  • Time tracking and project management
  • Expense tracking and reporting
  • Automated reminders and late fees
  • Multi-currency support

FreshBooks Pricing

Starts at $15/month for Lite plan

QuickBooks

QuickBooks is a popular accounting software that provides users with accounts receivable management features, including invoicing and payment processing. It offers customizable invoices and integration with other QuickBooks tools to help streamline your financial management.

Features

  • Invoicing and payment processing
  • Expense tracking and reporting
  • Automated reminders and late fees
  • Customizable invoices
  • Integration with other QuickBooks tools

QuickBooks Pricing

Starts at $25/month for the Simple Start plan

Xero

Xero is a cloud-based accounting software that provides users with accounts receivable features, including invoicing and payment processing. It also offers automated reminders and late fees, customizable invoices, and integration with other Xero tools.

Features

  • Invoicing and payment processing
  • Expense tracking and reporting
  • Automated reminders and late fees
  • Customizable invoices
  • Integration with other Xero tools

Xero Pricing

Starts at $11/month for Early Plan

Zoho Books

Zoho Books is a cloud-based accounting software that offers accounts receivable features, including invoicing and payment processing. It includes automated reminders and late fees, customizable invoices, and multi-currency support to help you manage your international transactions.

Features

  • Invoicing and payment processing
  • Expense tracking and reporting
  • Automated reminders and late fees
  • Customizable invoices
  • Multi-currency support

Zoho Books Pricing

Starts at $9/month for Basic plan

Wave

Wave is a free accounting software that provides users with invoicing and payment processing features. It includes automated reminders and late fees, customizable invoices, and multi-currency support. Users can also choose to add optional paid add-ons to their account for additional features.

Features

  • Invoicing and payment processing
  • Expense tracking and reporting
  • Automated reminders and late fees
  • Customizable invoices
  • Multi-currency support

Wave Pricing

  • Free for core features, with optional paid add-ons

Zoho Invoice 

Zoho Invoice is a cloud-based invoicing software that offers payment processing features. It includes automated reminders and late fees, customizable invoices, and integration with other Zoho tools.

Features

  • Invoicing and payment processing
  • Automated reminders and late fees
  • Customizable invoices
  • Multi-currency support
  • Integration with other Zoho tools

Zoho Invoice Pricing

  • Starts at $39/month for Essential Plan

Bill.com

Bill.com is a cloud-based billing and payment processing software that offers accounts receivable features. It includes automated reminders and late fees, customizable invoices, integration with other Bill.com tools, and multi-currency support.

Features

  • Invoicing and payment processing
  • Automated reminders and late fees
  • Customizable invoices
  • Integration with other Bill.com tools
  • Multi-currency support

Pricing:

  • Starts at $9/month for Basic plan

Square Invoices

Square Invoices is an invoicing software that provides payment processing features for small businesses. It includes automated reminders and late fees, customizable invoices, and integration with other Square tools. It also has a mobile app for invoicing on the go.

Features

  • Invoicing and payment processing
  • Automated reminders and late fees
  • Customizable invoices
  • Integration with other Square tools
  • Mobile app for invoicing on the go

Square Invoices Pricing

  • Free to use, with processing fees per transaction

PaySimple

A cloud-based payment processing software with invoicing and accounts receivable features.

Features

  • Invoicing and payment processing
  • Automated reminders and late fees
  • Customizable invoices
  • Integration with other PaySimple tools
  • Multi-currency support

PaySimple Pricing

  • Starts at $49.95/month for Growth plan

Takeaway!

Streamline your invoicing and payment collection process with these top 15 accounts receivable software solutions. 

Choose the right accounts receivable tool for your business based on features like invoicing, payment processing, reporting, integration, customer portal, multi-currency support, automatic payment allocation, credit management, tax management, and reminder systems. 

From popular options like QuickBooks to specialized tools like Zapro, there’s a software solution for every business size and need. Take control of your cash flow management today with one of these top accounts receivable software options.

Managing cash flow is crucial for businesses, and accounts receivable software can significantly impact your business’s efficiency and success. After evaluating the top accounts receivable software options in the market, it’s clear that each has its unique strengths and pricing models.

However, if you’re looking for a versatile and powerful tool that seamlessly integrates with your existing systems, Zapro may be the perfect solution for your business. With its user-friendly interface, robust features, and affordable pricing, Zapro can help streamline your invoicing and payment collection process, saving you time and improving your cash flow.

Whether you’re a small enterprise owner or part of a large enterprise, Zapro provides the necessary features to ensure that your invoicing process is seamless, secure, and customizable to your needs. In addition, Zapro offers excellent customer support and ensures the security of your financial information with top-notch encryption.

All in all, evaluating the right accounts receivable software for your business is crucial. By selecting a software solution like Zapro, you can focus on growing your business while ensuring efficient cash flow management.

Don’t settle for anything less when you can explore Zapro’s capabilities. Experience the difference firsthand by giving Zapro a try today.