Searching for the best accounts receivable software for your business?

Save yourself time and stress. We’re here to help you find the right accounts receivable software solution for your work.

What is accounts receivable software?

Accounts receivable software automates a business’s invoicing and collections processes. As a result, businesses can better manage their cash flow cycle, increase accuracy and improve customer relations.

What 5 key Accounts Receivable Software features should I look for?

Invoicing

Create and send invoices for goods and services provided. Some systems allow users to set up recurring invoices to be automatically sent out on a specific schedule.

Payment options

Accept payments in various forms, including cash, check, electronic funds transfer or credit card. Some systems include integration with various merchant or payment services such as PayPal.

Customizations

Design custom invoice templates. Create professional-looking invoices by adding company logo, including payment terms (e.g., Net 15, Net 30) and client information. Often includes options for multi-currency invoicing.

Contact management

Track paid versus outstanding balances. Some online invoicing systems allow users to see when customers view an invoice or send reminders when invoices are coming due or are late.

AR analytics

Analyze AR data through configurable dashboards, reports and data visualization tools such as charts and graphs. Gain insights into customer aging, deferred revenue, recurring invoices and more.

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Showing 1 - 20 of 132 products
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Showing 1 - 20 of 132 products

NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

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21 recommendations

Kissflow Workflow

Kissflow is a cloud-based forms automation solution offered by OrangeScape Technologies that automate business processes and tracks performance. It is suitable for business of all sizes and industries. Kissflow helps initiate...Read more

3.78 (18 reviews)

Upflow

Upflow is an accounts receivable automation solution designed to help businesses manage invoices and payment reminders using pre-defined templates. Administrators can gain visibility into outstanding amounts, aging balances, Days ...Read more

4.77 (13 reviews)

Kuhlekt

Kuhlekt is a cloud-based debt collection solution that helps businesses across various industry verticals to manage their accounts receivable, interactions with customers and accounting reviews. Key features include dunning via em...Read more

5.00 (6 reviews)

Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

4.17 (312 reviews)

17 recommendations

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Xero

Xero is an accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position. As a web-based so...Read more

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NolaPro

We recommend NolaPro by Noguska, LLC to companies of all sizes looking for a system that's easily customizable, and offers a variety of key accounting features, including Reports, General Ledger, Payables Lists, and more. ...Read more

5.00 (3 reviews)

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Fusebill

Fusebill provides businesses with cloud-based financial and accounting processes, including billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies seeking a s...Read more

4.45 (29 reviews)

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Accounting Xpert

Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank r...Read more

4.69 (36 reviews)

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ChargeOver

ChargeOver is a cloud-based standalone billing and invoicing solution designed for businesses across all industries. The platform offers functionalities including standard or customized reporting, a self-service customer portal, b...Read more

4.75 (63 reviews)

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Software pricing tips

Read our Accounts Receivable Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

QuickBooks Desktop Pro

QuickBooks Pro helps to automate the billing and invoicing process and work order management from a single reconciliation window. With 'Bank Account Reconciliation' feature, users can link their bank accounts and define workflows ...Read more

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TallyPrime

TallyPrime provides business functionalities including accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, job costing, payroll, and branch management. The accounting module enables support tasks such a...Read more

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Wave Accounting

Online accounting software that provides features including invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning. Wave Accounting is designed to help businesses...Read more

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Saasu

Saasu is a cloud-based accounting solution for small and midsize businesses. It allows staff and contractors to manage payments, books, invoicing, billing and financial accounting. Other features include payroll, inventory ma...Read more

3.61 (23 reviews)

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FreshBooks

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with pr...Read more

4.47 (3600 reviews)

15 recommendations

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Quickbooks Online

QuickBooks Online enables users to download and reconcile credit card transactions that allows businesses to organize weekly timesheets and track bank deposits. What is Quickbooks Online? Quickbooks Online i...Read more

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eBizCharge

EBizCharge offers a suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting, enterprise resource planning, customer relationship management, e-commerce platforms, mobile solutio...Read more

4.53 (36 reviews)

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Connected

Connected is a hybrid integrated accounting and enterprise resource planning (ERP) that caters to small and midsize businesses across various industry verticals and helps them to integrate their data and processes across departmen...Read more

5.00 (3 reviews)

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Quicken

Quicken is an accounting solution for rental properties that comes with rent payment tools, which allow enterprises to track outstanding payments and send rent receipts to tenants. Additionally, its planning module lets users view...Read more

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SlickPie

SlickPie is a cloud-based accounting solution for small businesses. It helps users to record, track and reconcile income and expenses through an online dashboard. SlickPie allows users to begin invoicing customers immediately...Read more

4.56 (55 reviews)

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Popular Accounts Receivable Software Comparisons

Buyers Guide

Last Updated: March 10, 2022

Accounts receivable software automates a business’s invoicing and collections processes. As a result, businesses can better manage their cash flow cycle, increase accuracy and improve customer relations.

This guide will help you understand the role of accounts receivable software within the larger accounting software market, so you can make a more informed purchase decision. Here’s what we’ll cover:

What Is Accounts Receivable Software?
Common Functionality of Accounts Receivable Systems
Market Trends to Understand
The Vendor Landscape
What Type of Buyer Are You?

What Is Accounts Receivable Software?

Accounts receivable software is one application among many under an umbrella category called “core accounting.” This core package contains all the basic functions required for a business to manage its finances, including:

Core Accounting Applications

Accounts Receivable | Core Accounting Applications
  • General ledger (GL): Record of a business's financial transactions, used to prepare financial statements and reports. GL includes statements on assets, liabilities, equity, revenue and expenses.
  •  
  • Accounts receivable (AR): Money owed to a business, but not yet paid, for goods and services rendered; i.e., “assets.”
  •  
  • Bank reconciliation: Connects and compares bank account records to the account holder’s records (i.e., general ledger) to ensure that each record is accurate and balanced.
  •  
  • Fixed assets: Includes tangible items or property that the business owns and uses in its day-to-day operations, e.g. buildings or equipment. These assets are expected to be in use for longer than a year.
  •  
  • Accounts payable (AP): Money owed by a business to its suppliers and creditors; i.e., “liabilities.”
  •  

Common Functionality of Accounts Receivable Systems

Common capabilities of accounts receivable solutions include:

Invoicing Create and send invoices for goods and services provided. Some systems allow users to set up recurring invoices to be automatically sent out on a specific schedule.
Payment options Accept payments in various forms, including cash, check, electronic funds transfer or credit card. Some systems include integration with various merchant or payment services such as PayPal.
Customizations Design custom invoice templates. Create professional-looking invoices by adding company logo, including payment terms (e.g., Net 15, Net 30) and client information. Often includes options for multi-currency invoicing.
Contact management Track paid versus outstanding balances. Some online invoicing systems allow users to see when customers view an invoice or send reminders when invoices are coming due or are late.
AR analytics Analyze AR data through configurable dashboards, reports and data visualization tools such as charts and graphs. Gain insights into customer aging, deferred revenue, recurring invoices and more.
Mobile apps Access AR data through mobile apps for iOS, Android or Windows phones. Send invoices, payment reminders etc. from mobile devices.

Market Trends to Understand

Prospective AR software buyers should be aware of the following market trends surrounding on-premise and cloud-based accounting solutions:

While “accounting” as a horizontal market has historically been slow to move to the cloud, we’ve found that consumers are growing increasingly confident using cloud-based accounting solutions:

In 2015, 30 percent of small and midsize businesses (SMBs) reported using cloud-based accounting software compared with just 16 percent in 2014.

The largest percentage of SMBs surveyed in 2015 (43 percent) still use on-premise solutions, but the gap between these users is closing. Prospective AR software buyers should weigh their concerns versus the potential benefits and invest in a solution that best fits their needs.

For example, the top benefits and concerns cited by users in this survey include:

Top Benefits of Cloud-Based Accounting Software Top Concerns With Cloud-Based Accounting Software
33 percent: Ease of access 28 percent: Security of data
28 percent: Security/safety 21 percent: Ease of use
24 percent: Ease of use 16 percent: Learning a new system

(Source: Consumer Confidence in Cloud-Based Accounting - 2015. Click here to read the full report detailing the benefits and potential issues of cloud-based accounting.)

Examples of highly rated cloud-based systems include:

Examples of highly rated on-premise solutions include:

The Vendor Landscape

AR software can be purchased in one of the following ways:

Standalone, or best-of-breed AR solutions focus entirely on invoicing clients for the goods and services provided. A business might choose to purchase a standalone AR system for several reasons.

For example, a standalone system might appeal to a business using an accounting platform that doesn’t support online invoicing. Online invoicing platforms, such as Xero, allow businesses to send out automatic, recurring email invoices. Customers can click the payment link from the email and pay directly via credit card or online payment service, such as PayPal.

Businesses purchasing standalone AR software should first ensure that the solution integrates with the other accounting systems current in place. Specifically, the other applications within the suite of “core accounting”: Accounts payable (AP), general ledger (GL), bank reconciliation, etc. This ensures that the general ledger stays up-to-date with assets and liabilities and the bank records reflect transactions accurately.

Offered in suite means that AR is one application included as part of a larger accounting system. Most commonly, this would include the remaining applications under the “core accounting” umbrella: AP, GL and bank reconciliation.

However, more advanced systems will often have budgeting and forecasting capabilities as well as financial reporting, including expense reports, profit and loss statement and balance sheets. The AR data feeds into these modules and allows businesses to forecast future revenue based on past performance.

What Type of Buyer Are You?

AR software is critical for many businesses. But what type of buyer are you and which solution best fits your needs? Here a few examples:

Self-employed: Freelancers, contractors and solo entrepreneurs need a way to manage both their personal and business expenses—often from the same account. Software solutions such as Quickbooks Self-Employed or Quicken Home and Business help users track income and expenses and separate transactions as either business or personal.

These solutions can also help categorize and track IRS Schedule C tax deductions, such as business travel expenses or advertising, making it easy to calculate and submit taxes. Additionally, both these solutions allow users to export data directly to TurboTax, a popular tax solution for self-employed individuals.

SMB buyers: This group represents the largest percentage of buyers who contacted Software Advice for accounting software recommendations in 2015: A combined 66 percent of these businesses earn $50 million or less in annual revenue.

Many SMB buyers are looking to purchase their first accounting solution to streamline and automate AR processes. Growing SMBs may want a more sophisticated solution that offers a payroll module or industry-specific functionality.

Some vendors, such as Intuit, offers a range of accounting solutions that support the varying needs of SMBs (click here to check out our breakdown of Intuit’s many Quickbooks offerings).

Enterprise buyers: Large, enterprise-level organizations require accounting functionality that is best met by advanced financial management platforms such as Intacct or NetSuite.

These solutions facilitate both short and long-term accounting needs, including core accounting, financial reporting and budgeting and forecasting. Most also offer a degree of payroll management and support industry-specific needs such as inventory management and fund accounting.