Customization is a key feature of many AR automation solutions, allowing businesses to tailor the software to their unique processes and industry requirements. Features like customizable dashboards, report generation, and workflow management enable companies to align the automation software with their specific operational needs, including specialized solutions offered by Centime. How quickly you collect cash hinges on the efficacy of numerous accounts receivable activities.

1. Talk with an automated accounts receivable expert at Versapay and get a demonstration of our solution.
2. Even if you’re already utilizing general accounting software like QuickBooks, adding a dedicated AR automation solution is worth looking into.
3. Respondents resoundingly agreed (75%) that by automating accounts receivable, they can increase bandwidth for their accounting and finance teams to take on strategic initiatives.

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. Based on a combination of features like user-friendliness, functionality, and value, these are the best accounts receivable automation solutions on the market today.

The security measures for AR automation solutions generally include end-to-end encryption, multi-factor authentication, and adherence to international compliance standards such as GDPR and PCI DSS. These systems prioritize data protection through regular security audits and real-time monitoring to safeguard sensitive financial information. Below are 12 evaluation criteria buckets designed to help you cut through the noise when choosing accounts receivable automation software.

AR automation benefit 2. Increased efficiencies and visibility

You’ll never have to compromise on your goals—even if you haven’t yet defined them. Before you even consider firing up another tab to search furiously for all accounts receivable automation vendors, take some time to connect with your team members whose work would be directly impacted by an AR automation tool. A solution won’t actually save your team time if they can’t figure out how to use it effectively. Some legacy AR systems are notoriously difficult to use for new users, so I focused on tools with intuitive UIs and good ratings for usability. Fortunately, AR automation tools generally require less ongoing maintenance once workflows have been established and the solution is fully integrated and deployed with existing systems.

Embrace Automation with Zip

For businesses looking to do more with less while remaining relevant, gaining that coveted competitive edge, and positioning themselves for sustained growth, many are turning to digital transformation projects—and rightfully so. Standout features of SoftLedger include custom billing metrics that are well-suited to usage-based billing and other custom metrics. SoftLedger also supports crypto accounting (and crypto payments) in the AR process. Not only do delinquent clients make it hard to predict cash flow, but chasing payments can take away a lot of time that business owners can otherwise use more productively. In this post, we’ll cover the six best accounts receivable software to help small businesses reduce the number of days it takes to get paid. So, if you haven’t started leveraging AR automation yet, it’s high time you do.

Integrations & custom solutions

Transitioning from paper to electronic invoices guarantees timely delivery, enhancing customer satisfaction. In such a scenario, AR automation is a game-changer for businesses, as it optimizes cash flow and minimizes the time and effort spent on routine financial tasks. With automation, businesses can focus on higher-value financial activities, and the likelihood of errors decreases significantly. Our integrated 13-week cash forecast helps you plan and prioritize collections. Once the customer invoice is validated in the ERP, it’s quickly and securely transmitted to Esker to be processed.

Fundbox is a unique software compared to the rest of the solutions on this list. It’s an accounts receivable financing software, which allows you to apply for up to $150,000 worth of credit. Fundbox leverages machine learning to automate the approval and lending process, so once you connect your accounting software or bank account, you can get a credit decision and funding within one business day. Different companies use or accounts payable definition accept different payment methods, from credit cards, ACH, online payment portals, and more. Ideally a vendor will allow for multiple payment options, which ultimately improves the customer experience and facilitates faster payments.

Automation ensures timely invoice generation and payment collection, thereby reducing Days Sales Outstanding (DSO) and improving liquidity. This enhanced cash process management is the key to maintaining a healthy cash flow. Autopay redefines the way you manage accounts receivable by automating invoice payments, ensuring that your cash flow remains uninterrupted. With our user-friendly customer portal, your clients gain complete control over their payment preferences, making late payments a thing of the past. Xledger is a cloud-based accounting and financial management software that specializes in multi-entity financial management, offering automation of up to 75% of accounting and financial tasks. It’s designed to help finance and accounting teams focus on higher-value activities by streamlining (and automating) as many manual processes as possible—and by providing excellent forecasting and analytics tools.

Best Accounts Receivable Software for Small Businesses

Now, before you can find a solution to your troubles you need to first identify the gaps that exist within your current accounts receivable processes. Only once you’ve defined those will you understand where you have room to grow. A personalized accounts receivable transformation assessment will help you immensely at this step. In choosing to automate accounts receivable, businesses can more accurately assess the state of receivables and gain considerable advantages over those still reliant on antiquated processes.