How many times would it have happened that you missed a payment deadline? An enormous number of times, correct? It is common for small and mediums firms and businesses to miss out on essential payment deadlines or to collect a payment from a client before or on the deadline day. The firm can incur losses and even miss out on the penalty to be charged as late fees. This thing, in accounting terms, is known as an AR. It stands for Accounts Receivable. In simpler terms, it is the sum of money kept due by a customer or a client to the company for using its goods and services. The services are not yet paid for, and the amount can be paid in the coming days.
Why should you get an Accounts Receivable Software?
Receivable here refers to the payment not yet received. It happens when a firm or a business increases its line of credit to clients. For example, if a client places an order of 1000 soaps costing a hundred bucks a piece, the total amount would be worth 100,000 bucks. If the amount is not paid by the end of the window, which varies from specific days to months, the client is liable to submit a late fee. To avoid these menial problems, it is highly recommended to use an Accounts Receivable software. AR software maintains a digital record and will never miss any payment. It saves you from keeping records of each payment manually as the system does all the required work. Recording payments manually is time-consuming, and the registers always need to be taken care of. Once misplaced, all data and records vanish within no time. Account Receivables also help in managing the cash flow. The software reminds you of the money being owed. This software is a valuable asset for the company as it will never miss a payment and improve its cash flow and not hurt it.
Features of an Account Receivable Software
Some of the key features of an account receivable software are:
Prioritization: It helps efficiently prioritize essential payments and reminds you of the same apart from keeping a record of owed money.Automation: The software generates bill reminders automatically, making the payment pathway easy for customers. It will also drastically reduce the room for any human error.Enhances operational efficiency: Generating invoices can be a complex procedure for firms or companies with few employees. You will not have to wait for the bills to be approved manually. Invoices are generated by the system and are liable to be sent to the client.Improves employee maintenance ratio: As your company starts achieving growth, the work burden will increase. It will become vital for the company head to keep employees happy in the company. Automation ensures your need to hire the minimum staff required. Hiring minimum will ensure proper staff maintenance and work, making employees optimistic about working for your company.Digital Payments: There will be no need to manage cheques and give away receipts once you have accounts receivable software. Clients can pay digitally via software and relieve you from the load of handling multiple things.Maximizes timely payments: With the above features of digital payments and automation, 80% of the time, you will receive your pending amount before or on time. Delay can only happen if there is a technical issue on your side or the client’s.
Now, let us look at some of the best Accounts receivable software that can manage your payments effortlessly.
Bill.com
Bill.com aims to offer its customers accessible pathways for running businesses and companies. It helps manage and streamline the cash inflows and outflows seamlessly. The software will help you remember the payments due and save time and effort. Domestic and International invoices can be paid quickly through this software. All vital business documents like invoices and contracts can be saved digitally in the software without worrying about data leakage. These documents are stocked in the cloud and can be accessed only by authorized users. The software carries out timely audit trails to detect unusual or unauthorized activities. With Bill.com, one can create professional customized invoices and easily track pending expenses. You can also follow payment statuses and invoices to get essential information quickly on receivables. You have complete control over the software syncing. It has integrations with other top financing tools that help reduce manual work to a greater extent.
Quickbooks
Quickbooks help your company and businesses stay organized by cloud accounting from your PC to a mobile device. One having access can control this software remotely anytime. It is effortless to use and learn. It also integrates well with other software. This way, sharing of data among employees becomes easy. The creation of custom invoices, receipts, and estimates is made readily available. You can then send these out at your comfort or schedule their sending. It has a feature of integrations with the banks. So, all your cash flows get updated automatically from time to time. The system software lets you know the progress being made by your business by generating periodic accounting reports. You can track the amount due by the client’s billable hours and add it to the invoice. You always have access to the support team. The team will address your queries regarding the software and for managing your firms.
Melio
Melio is one simple online bill payment accounts receivable software. Bookkeepers and clients can use it seamlessly whenever needed. It is one of the top B2B payment platforms used by businesses. Melio is created to keep the small companies at par with their competitors. By easily syncing the software with other apps, you can continue your business without significant workflow breaks. With the help of Melio, one can make multiple payments from anywhere, anytime also internationally. Melio gives your company and your client the clarity of the receivables. Here, you can decide the number of clients each team can work on or deal with at a single time. Melio has proven effective in saving both the client’s and employee’s time and resources. You can also opt to pay from your credit card if your firm’s banking account is experiencing downtime.
Sage Intacct
Sage Intacct is one of the top software among other accounting solutions. It mainly focuses on sole proprietors and small businesses. All your receipts and receivables get saved here automatically. It is a user-friendly software even for a person with no accounting background. Sage helps you handle your taxes efficiently by providing detailed insights into your cash inflows and outflows. Files are uploaded automatically into the software with its drag and drop feature. The speed and time of uploading data into the software can be escalated using Sage accounting. Once the transactions are made, there won’t be any requirement to cross-check them. The system will do it for you. Managing accounts globally is just a click away with the help of Sage accounting. Sage also carries out other operations crucial to running a business or a company and adheres to its strict security policy.
Plooto
Plooto aims to provide you with the much-asked financial stability for your business. Though it can be used for any business, Plooto is more inclined towards small and medium businesses. Plooto wants to give away a robust platform to manage your business finances and workflow. Plooto is among the top accounting software because of the ease it gives with integrations with your bank. Integrating this software with your bank account helps you maximize your workflow efficiently. Some features like customized workflow approvals and PAD (Pre Authorized Debit) agreements save your time by allowing the debtor to debit the amount due when its due date is near. The software also focuses on account payables. That is, it is the amount a company owes to its creditors. Also, consolidating all your payment options into one single software is now made easy.
Softledger
Softledger is a cloud-based accounting software helping you manage multiple operations and track them. One can track the order of sales and its costs. It helps your business by showing real-time statistics and eliminating manual procedures. It is easy to use, and your team can manage it efficiently and enhance work productivity. Right when the date is due, the system automatically emails the invoices to the customers. It helps you make timely decisions that are best for scaling up your business by providing you with the required information anytime. The software also integrates with other platforms in no time and gives you various options to exercise. It is one of the best-used software in the cryptocurrency business. It enables one to record all the expenses made using cryptocurrencies. The software can be accustomed to your needs by fully customizing it via API.
Invoiced
Invoiced sits at the top in the ease of use index. It has processed over 40 billion dollars worth of receivables. Invoiced, being a cloud-based software, manages all the servers. Customizing each payment according to the customer can be smoothly carried out by giving various options. It makes you look professional in front of clients when you possess all the required information ready in hand. The users can use it according to their own needs. You can effortlessly get paid for the goods and services provided by your business. Invoiced has thousands of clients in more than 90 countries. It also offers specific payment plans to grow your business and its revenue.
Centime
Centime helps grow your business holistically in all domains. Having control over the company’s finances becomes a matter of survival and comes in handy when making a big decision. With Centime, making core financial decisions is made feasible. You can quickly visualize whether your receivables affect your cash flow or not through Centime. It also allows you to predict whether you will be paid in time from a client or not, allowing you to manage business expenses accordingly. For every late payment made by the client, you will be able to see its impact on your business. Using machine learning, you can customize sending system-generated invoices and reminders to specific clients based on your relations with them. All your clients can be managed using Centime. It is easy to use and learn and has saved over 400 hours by eliminating manual work methods of bookkeeping.
Chaser
Chaser gets you paid faster than due dates. The only thing needed to be carried out is to sync your other financial platforms with Chaser. Syncing will attract traffic, that is, all the invoices and customer information towards the system. Here is one standout feature of Chaser accounts receivable software. It provides the payment option in the invoice itself. So, the clients and customers would not have to use any other platform for paying billable. Moreover, there is no need to type reminder emails for receivables. You can get personalized emails, send them, and even make them look like it is hand-typed. Tracking essential financing activities and getting timely alerts and notifications enhances the team’s efficiency. With its strict credit control feature, it also assists you in managing your credits. Integrations with other platforms make the work even more effortless.
BlueSnap
BlueSnap is an all-in-one payment app. It accepts payments globally in the best way possible. It has an advanced billing system that automatically creates invoices for customers around the globe. As the software is integrated with many platforms like Visa and Mastercard, you can expect seamless payments. With BlueSnap’s global outreach, you can expand your business through continents and sell your products worldwide. The software also offers you a personalized fraud prevention strategy. You can set your own ways of how you want the fraud payments to be prevented. Clients and customers can efficiently process payments through the link provided in the invoice. This eliminates the need to switch platforms for price or, even worse, run to the bank and make a cash or cheque payment. It supports cash inflows from multiple channels like sales, subscriptions, and marketing. The software also gives away white-labeled payments for firms looking for embedded costs.
Conclusion
Over 55% of invoices are still received manually, and businesses still rely on manual receipts, cash, and cheque payments for the services and goods delivered. Using Accounts Receivable software, the companies will cut down monthly hours of doing manual work and save much of their time and resources. All this can come to an end if businesses adopt and use the accounts receivable software. Having a digital record of all the payments can save you in the tax season, and the saved time can be utilized elsewhere, further scaling up the business. Sync your accounting platforms with AR software and get relief from all the useless files from your desk. This software is the future if your company wants to scale up.
