Accounting and financial functions are typically performed by accounts receivable software.
Simple single-entry apps for check writing and bookkeeping are available, as are advanced double-entry systems with a general ledger.
Inventory, fixed assets, invoicing, and other features are available on more advanced platforms.
Accounts receivable software has numerous advantages, including the ability to automate routine tasks, eliminate manual errors, keep your books accurate, receive timely notifications to avoid penalties, and much more.
Growing businesses, in particular, require high-quality accounts receivable software.
Here are some accounts receivable management software you need to know:
List of Top 5 Accounts Receivable Software
In this article, we will give you some information such as the benefit and the prices.
FreshBooks
Freshbooks is widely used by businesses to automate client invoicing and time tracking.
The software was designed with small and growing businesses in mind, and it includes a robust set of features that are available in flexible, SMB-friendly pricing plans. Indeed, freelancers who want to improve their sales cycle and collection can quickly implement the software.
This allows them to personalize the branding of their financial documents by changing the design, colors, and logo to make them look more professional.
Benefits:
- SMBs benefit from a dynamic solution.
- Mobile design that is responsive
- Auto-bills and recurring payments save time.
- Simplicity was preserved
- Invoice-to-payment capability
- Improve expense tracking
- Timekeeping that is precise
- Excellent reporting, and
- Accounting solution that is unique
FreshBooks Pricing Plans:
- Free Trial: Available
- Lite – $15/month
- Plus – $30/month
- Premium – $55/month
NetSuite ERP
NetSuite ERP is a scalable cloud ERP platform designed to meet the needs of rapidly expanding medium-sized and large businesses.
It automates inventory management, billing, order management, fixed assets, revenue management, and financial management, among other things.
Thousands of organizations rely on NetSuite ERP for accounting needs such as expense management, financial close, auditable and streamlined revenue management, and real-time visibility into the enterprise’s financial performance.
The accounting module’s utility is enhanced by its seamless integrations with other NetSuite solutions such as e-commerce, CRM, inventory, and order management tools.
Benefits:
- Accounts Receivable
- Accounts Payable, and
- Budgeting and Financial Planning
NetSuite ERP Pricing Plans:
- Free Trial – Not Available
- Quote-based Plan – Contact vendor
QuickBooks Online
QuickBooks Online is Intuit’s accounting solution for small businesses, startups, independent accounting firms, and freelance bookkeepers.
This best-in-class software is designed to simplify small business accounting and financial management by providing robust tools for expense tracking, tax calculation, invoice management, and sales monitoring.
With this at your disposal, you can spend less time on tedious accounting tasks and more time on your company’s attention-demanding responsibilities.
Benefits:
- Financial Data Consolidation Made Simple
- Data Synchronization Made Simple
- Improved Financial Data Security
- Plans with Reasonable Prices
QuickBooks Online Pricing Plans:
- Free Trial – Available
- Simple Start – $30/month
- Essentials – $55/month
- Plus – $85/month
- Advanced – $200/month
- Self-Employed – $5/month
Sage Business Cloud Accounting
Sage Business Cloud Accounting (formerly Sage One) is a simple cloud-hosted accounting application.
Sage Business Cloud Accounting differs from its sister app Sage 50cloud in that the former is an add-on service that allows the latter to be integrated into the cloud.
This integration results in cloud storage and access to all of your accounting data.
Sage Business Cloud Accounting is better than ever thanks to the combination of two excellent tools.
It provides you with access to a dashboard with extensive data visualizations for your transactions, providing you with a more comprehensive overview of your business at any time and from any location.
Supplier purchases and customer sales history, as well as bank statement imports, are features that allow you to manage your banking.
Benefits:
- Specially designed for small businesses
- Compute appropriate taxes based on available transaction data
- Invoices can be customized with your logo, and you can choose between two templates for product and service-based invoices
- Users can enter billable time and expenses manually.
- Can generate over a dozen financial reports to help you analyze your business
Sage Business Cloud Accounting Pricing Plans:
- Free Trial – Available
- Sage Business Cloud Accounting Start – $10/month
- Sage Business Cloud Accounting – $25/month
- Sage Business Cloud Accounting Plus – £30/month
Gaviti
Gaviti is an accounts receivable software application designed to fully automate and audit the AR collection process.
This platform, which includes tools such as collection workflows, AP assistants, and collection task management, can streamline the AR process from start to finish, eliminating the need to worry about high days sales outstanding (DSO), overdue invoices, and unpredictable cash flow.
It also includes analysis and improvement tools to assist you in identifying any obstacles that cause late payments and open invoices.
Gaviti’s AR automation platform analyzes patterns in client payment behavior and ultimately optimizes the entire process using workflow metrics.
Companies can benefit from a single source of truth, allowing them to take control of collection processes.
A payment portal is also provided for faster AR collection. The shortened sales-to-payment cycle results in faster cash flow, which benefits overall company operations.
Benefits:
- Improves Cash Flow
- Reduces the Sales-to-Payment Cycle
- Reduces unpaid invoices
- Increases visibility and control
- Improves Customer Relationships
- Accurate Cash Flow Forecasting
Gaviti Pricing Plans:
- Free Trial – Not Available
- Standard Edition – By quote
- Pro Edition – By quote
- Expert Edition – By quote
Conclusion
That is our recommendation about account receivable management software.
You have to know that Accounts receivable software, like most business technology tools, is susceptible to potential issues that may arise from the platform, how they are used, or from external factors.
Here are some of the most likely problems with AR solutions, namely: Security, Errors in Data Entry, and AR Processing that is unstable or slow.
