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10 Best Accounts Receivable Software for Businesses
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Finance Made Easy with Hiver!

10 Best Accounts Receivable Software for Businesses

Mar 22, 2024
    |    
11 min read
    |    
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Nidhi Lohia

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Managing money matters is crucial for any business. One important part of this is keeping track of the money that flows into a business, known as accounts receivable. 

But imagine sending out a bill to a customer and forgetting about it – it’s easy to see how money could get lost! That’s where an accounts receivable software comes in. It helps businesses extensively track the money that they’re owed, making sure nothing slips through the cracks.

In this blog, we will explore the 10 best accounts receivable software options for businesses. These tools help make sure that every penny that is owed to a company is tracked and managed effectively.

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What is an Accounts Receivable Software?

Accounts Receivable Software is a technological solution that helps businesses track money owed to them by customers. It manages unpaid invoices for goods or services already delivered.

For example, if a publishing company sells books to a retailer, and the retailer agrees to pay for them after 30 days, the amount owed by the retailer for the books is recorded as “accounts receivable” in the publishing company’s books. 

An accounts receivable tool would help the publishing company track this debt, ensuring that the payment, when received, is properly recorded and that any delays or issues in payment are promptly identified and addressed.

10 Best Accounts Receivable Software

Here’s a quick comparison of the 10 best accounts receivable tools. 

SoftwareKey FeaturesPricing
HiverHelps accelerate cash collection. Streamline incoming queries on invoice terms, compliance, and more.Lite: $15/user/month Pro: $49/user/month Elite: $79/user/month 
TesorioAutomated Tracking, Credit and Collecting Payments, Invoice Matching.Tailored pricing structures, demo required.
GavitiInvoice Management, Payment Forecasting, Automated Notices.Standard, Pro, Expert Editions.
BilltrustDunning Management, Customizable Invoices, Billing Portal, Prioritized Worklists.Pricing not specified.
VersapayOnline Payments, Omni-channel Platform, Invoicing, Cash Application.Pricing not specified.
Quadient ARCollections Management, Communications History, Invoice Delivery.Pricing not specified.
BlackLineCash Application, Credit and Risk Management, Dispute and Deductions Management.Pricing not specified.
HighRadiusAutomated Dunning, Invoice Collection Metrics, Automated Invoice Status Tracking, Quick Dispute Resolution.Pricing not specified.
InvoicedCustomer Management Portal, Structured Payment Plans Setup, API Access. Plans start at $400/month. 
BILLInvoice Tracking, Automatic Payment Reminders, Auto-Pay features.Essentials: $45/user/monthTeam: $55/user/month

1. Hiver

Hiver is a platform that helps teams simplify finance operations, especially accounts receivable. The best thing about Hiver is that it works inside Gmail, and teams can get started without any extensive training. 

Hiver helps finance teams streamline communication with customers, track invoices, and manage payments easily.

Automation | Hiver

Key Features:

  • Centralized Communication: For finance teams working on accounts receivable, Hiver can help them easily manage all conversations around invoices and payments. It helps you centralize all communication, making it simpler to track and respond to payment-related issues.
  • Collaboration Made Easy: Finance teams can collaborate on invoices, cash collection requests, and bookkeeping queries seamlessly. If there’s a query on an invoice term or a compliance issue, team members can simply @mention a colleague and write a note next to the email thread, asking for inputs or assistance. 
  • Automation for Efficiency: Hiver offers automation features that can be tailored to the needs of finance teams. For instance, repetitive tasks, such as sending out invoice reminders or categorizing incoming payment queries, can be automated, ensuring that the AR process is streamlined and error-free.

Pricing:

Hiver offers three types of pricing plans. 

  • Lite plan: $15/user/month
  • Pro plan: $49/user/month
  • Elite plan: $79/user/month

Free Trial: 7 days 

2. Tesorio

Tesorio is an AI-powered platform tailored for accounts receivable management. It assists businesses in efficiently tracking and managing the money owed to them by their customers. By integrating with various ERP systems, Tesorio ensures every invoice is accurately tracked and followed up on.

Tesorio AR Dashboard 

Key Features:

  • Automated Tracking: Tesorio keeps track of bills and payments automatically, making sure businesses know who owes them money.
  • Checking Credit and Collecting Payments: The tool has features to check a customer’s credit and help businesses collect payments that are due.
  • Matching Invoices: Tesorio makes sure that payments are matched with the right bills, so there’s no confusion about what’s been paid.

Pricing:

Tesorio provides adaptable and tailored pricing structures to suit businesses, regardless of their size. For a deeper understanding, you’ll have to schedule a demo in one of the following ways: 

  • Personalized 1:1 demo
  • Group demo
  • Recorded overview
  • Interactive demo

3. Gaviti

Gaviti is a dedicated platform designed to simplify and enhance the accounts receivable invoice-to-cash process. It offers businesses a clear and organized view of all billing activities, ensuring that every invoice is tracked and acted upon. With Gaviti, businesses can gain immediate insights into the status of their collections, making it easier to understand and act on their financial standing.

Gaviti AR Dashboard 

Key Features:

  • Invoice Management: Gaviti allows businesses to efficiently manage and track all their invoices, ensuring that each one is accounted for and followed up on.
  • Payment Forecasting: Gaviti uses data to predict when payments are likely to come in, helping businesses plan their finances better.
  • Automated Notices: Gaviti automates the process of sending out reminders and notices for due payments, reducing manual effort and ensuring consistent communication with customers.

Pricing:

Gaviti provides three types of pricing plans. 

  • Standard Edition 
  • Pro Edition 
  • Expert Edition 

4. Billtrust

Billtrust is a software solution dedicated to managing end-to-end customer payments. It offers businesses a centralized platform to handle their accounts receivable processes. The software’s AI engine offers predictions about when customers are likely to settle their invoices, giving businesses a clearer picture of their expected cash inflows.

Billtrust AR

Key Features:

  • Dunning Management: Billtrust aids businesses in managing overdue payments, ensuring timely follow-ups and reducing the chances of bad debts.
  • Customizable Invoices: Businesses can tailor their invoices to match their branding and specific requirements, ensuring clarity and professionalism in their billing processes.
  • Billing Portal: Billtrust provides a dedicated portal for billing activities, allowing businesses and their customers to manage and view invoices in one centralized location.
  • Prioritized Worklists: Billtrust helps businesses prioritize their collection activities, ensuring that high-value or overdue invoices are addressed first.

5. Versapay

Versapay is a suite of solutions designed to enhance and simplify the management of accounts receivable. Its collaborative approach to AR streamlines essential functions, from invoicing to payment processing, matching, and reconciliation. The AR automation platform also promotes real-time data sharing between internal teams and customers, which helps in speeding up the cash collection process.

Versapay Collaborative AR

Key Features:

  • Online Payments: The platform provides a seamless online payment system, making it easier for customers to settle their invoices.
  • Omni-channel Invoicing: Versapay supports multiple invoicing channels, catering to diverse customer preferences and ensuring that customers can pay invoices using the channel they are most comfortable with.
  • Cash Application: With its advanced features and AI, Versapay can automatically match invoice numbers with payments, reducing manual effort and potential errors.

6. Quadient AR – by YayPay

Quadient is a specialized platform that simplifies the credit-to-cash process for businesses, focusing on B2B invoicing. The tool not only automates invoicing and collection communications but also offers insights into predicting customer payment behaviors.

By assessing the creditworthiness of customers, businesses can make informed decisions about credit terms. 

YayPay AR Analytics Dashboard 

Key Features:

  • Collections Management: Quadient AR aids businesses in efficiently managing their collections, ensuring that outstanding invoices are addressed promptly.
  • Communications History: The platform provides a detailed history of all communication between companies and customers related to invoicing and collections, offering context to finance teams and driving transparency. 
  • Invoice Delivery: Quadient AR ensures that invoices are delivered promptly to the right customers at the right time, streamlining the billing process.

7. BlackLine

BlackLine is a platform that helps boost the efficiency of your accounts receivable function. By focusing on eliminating manual processes and offering actionable insights, Blackline ensures that businesses can manage their receivables more effectively. 

Furthermore, Blackline provides valuable recommendations for businesses on how to prioritize their customer invoices for better cash flow management.

BlackLine AR Intelligence 

Key Features:

  • Cash Application: Blackline’s system is designed to automatically match customer payments with the correct invoices, reducing manual effort and potential errors.
  • Credit and Risk Management: The platform offers tools to assess the creditworthiness of customers, helping businesses make informed decisions about credit terms and potential risks.
  • Dispute and Deductions Management: The tool provides features to manage and resolve any disputes or deductions related to invoices, ensuring clarity and transparency throughout.

8. HighRadius

HighRadius offers an AI-enhanced solution, known as Autonomous Receivables, tailored to streamline the accounts receivable process for businesses. This platform focuses on automating tasks like invoicing, credit management, and cash reconciliation, ensuring that businesses can efficiently manage the money owed to them. 

HighRadius AR Customer Dashboard 

Key Features:

  • Automated Dunning: HighRadius ensures that reminders for due payments are sent out automatically, reducing manual effort and ensuring consistent communication with customers.
  • Collections Metrics: The platform provides detailed metrics related to collections, helping businesses understand their performance and areas of improvement.
  • Automated Invoice Status Tracking: HighRadius keeps track of the status of each invoice, ensuring businesses are always updated on pending and settled invoices.
  • Quick Dispute Resolution: HighRadius offers features to quickly address and resolve any disputes related to invoices.

9. Invoiced

Invoiced is a platform designed to offer a wide range of functionalities to manage accounts receivable processes. With Invoiced, businesses can streamline their invoicing and collection activities, ensuring timely payments and efficient communication with customers. 

The platform also integrates seamlessly with popular accounting tools like QuickBooks and Xero, making data synchronization and management easier. 

Invoiced Dashboard

Key Features:

  • Customer Management: Centralized system to manage customer invoicing details, payment histories, and communication logs, ensuring efficient tracking and follow-up.
  • Payment Plans: Allows businesses to set up structured payment plans for customers, offering flexibility in payment terms and ensuring consistent cash inflow.
  • API Access: Enables businesses to integrate and customize their accounts receivable processes, catering to specific invoicing and collection needs.

10. BILL

BILL is a comprehensive financial operations platform that emphasizes simplifying the accounts receivable process for businesses. With BILL, businesses can create professional invoices, offering them flexibility in how they’re sent, and receive payments directly to their bank accounts via methods like ACH or credit card. 

Bill Dashboard

Key Features:

  • Invoice Tracking: Monitor the status of each invoice, ensuring businesses are always updated on pending and settled invoices.
  • Automatic Payment Reminders: With BILL, businesses can set up automated reminders for outstanding invoices, ensuring regular communication with customers.
  • Auto-Pay: This feature allows customers to set up automatic payments for their invoices, offering them convenience and ensuring businesses receive payments on schedule.

How to Select an Efficient Accounts Receivable Software

Selecting an efficient accounts receivable software is a critical decision that can significantly impact your business’s financial operations. Here’s an end-to-end guide that can help you:

  • Business Process Mapping: Begin by mapping out your current accounts receivable process using process mapping software. Identify bottlenecks, pain points, and areas that need automation. This will give you clarity on the specific features you need.
  • Integration Capabilities: Beyond just integrating with standard tools, consider how the software can fit into your broader tech ecosystem. For instance, can it pull data from your sales platform to auto-generate invoices?
  • Data Analysis and Forecasting: Advanced software solutions offer predictive analytics, helping businesses forecast cash flow based on historical data. This can be invaluable for financial planning.
  • Multi-Currency and Language Support: If you operate internationally, ensure the software can handle multiple currencies and languages, adjusting for exchange rates and local tax regulations.
  • Mobile Access: In today’s digital age, having mobile access can be a game-changer. Check if the software has a functional mobile app or a mobile-responsive interface for on-the-go access.
  • Document Management: Some advanced solutions offer integrated document management systems, allowing you to attach relevant documents (like purchase orders) directly to invoices.
  • Communication Tools: Look for software that facilitates communication internally and also with customers. Such features help you discuss invoices (internally) faster, and also communicate with customers in a streamlined manner.
  • Cloud vs. On-Premises: Decide whether you want a cloud-based solution, which offers flexibility and remote access, or an on-premises solution that might give you more control over data.
  • Cost of Ownership: Beyond the initial purchase cost or subscription cost, consider other expenses like training, integration, potential upgrades, and maintenance.

By delving deeper into these considerations and aligning them with your business’s unique needs and goals, you’ll be better equipped to select an accounts receivable software that offers not just efficiency but also a competitive advantage.

Key Benefits of Accounts Receivable Software

Accounts Receivable Software offers a range of benefits to businesses. Here are some key advantages:

  • Improved Cash Flow: By efficiently tracking and managing outstanding invoices, businesses can ensure timely collections, leading to a more consistent cash flow.
  • Time Savings: Automation of repetitive tasks, such as invoice generation and payment reminders, reduces manual work.
  • Reduced Errors: Automated calculations and data entry minimize the chances of human errors, ensuring accurate financial records.
  • Enhanced Customer Relationships: With systematic follow-ups and reminders, businesses can maintain professional communication with clients, leading to better relationships and trust.
  • Real-time Reporting: Businesses can get instant insights into their financial health, understanding which customers owe money and how much.
  • Scalability: As a business grows, the software can handle an increasing number of transactions without the need for significant changes or upgrades.

Did You Know: Businesses that effectively manage their accounts receivable with automation can reduce their average Days Sales Outstanding (DSO) by up to 40%, accelerating cash flow.

Frequently Asked Questions (FAQs)

Here are some frequently asked questions about accounts receivable software for businesses. 

1. Is accounts receivable software suitable for small businesses?

Absolutely. There are various accounts receivable tools that cater to the needs and budgets of small businesses, helping them manage finances more effectively without the need for extensive accounting knowledge.

2. Can accounts receivable software integrate with other business systems?

Yes, most accounts receivable software can integrate with various business systems, such as accounting software, CRM platforms, and ERP systems, allowing for seamless data flow and improved efficiency.

3. How does this software handle late payments?

The software typically includes features for tracking overdue invoices and sending automated reminders to customers. It also offers reporting tools to analyze patterns in late payments.

4. Can accounts receivable software support multiple currencies?

Many accounts receivable software are designed to handle transactions in multiple currencies, which is particularly beneficial for businesses operating internationally.

5. Is it secure to use accounts receivable software for financial data?

Reputable accounts receivable software providers place a high priority on security, using encryption and other measures to protect financial data. However, it’s important to review the security features and compliance standards of the software.

6. Can accounts receivable software handle recurring billing?

Yes, many accounts receivable systems are equipped to handle recurring billing, automating the process for regular charges such as subscriptions or ongoing service fees.

7. Is training required to use an accounts receivable software?

While most software is user-friendly, some level of training may be beneficial, especially for complex systems or for users unfamiliar with financial software. Many providers offer training resources or customer support for this purpose.

8. Can the software be accessed remotely?

Many modern accounts receivable solutions are cloud-based, allowing users to access the system remotely from different devices, which is particularly useful for businesses with remote or mobile workforces.

Way Forward

Choosing the right tool to manage money coming into your business is really important. It can help you keep track of payments and make sure there is a steady inflow of cash.

Hiver is a good example of one such tool. It has all the powerful features to help you manage accounts receivable processes. But the best part is that it works inside Gmail. Because of this, the setup is extremely simple, and there’s nothing complicated about the interface. 

You can, therefore, start managing cash flows more efficiently without learning a whole new system!

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A passionate content marketer, Nidhi writes value-driven, actionable content for various teams such as customer service, finance, IT and HR. Her expertise lies in helping these teams engage, collaborate, and manage their workload better - by shedding insights on best practices and industry trends. When not working, you'll find her tuning in to marketing and support-related podcasts, while also planning her next vacation.

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