Accounts receivable (AR) automation software assists businesses in streamlining their customer invoicing and payment processes.
Its goal is to ensure that customers pay for the goods or services that they have received.
This software is used to automate financial transactions between a business and its customers.
It is used by accountants and employees in charge of accounts receivable, but managers and executives can also use it to track the effectiveness of the AR team or department.
Accounts receivable automation streamlines the processing of large volumes of customer invoices, allowing accountants to spend less time collecting payments from customers.
It can also improve the accuracy of invoicing and payment processes, which improves the company’s cash flow and profitability.
Best accounts receivable automation software
Here are 5 best accounts receivable automation softwares and its descriptions, namely:
Billtrust
Billtrust (NASDAQ: BTRS), the B2B accounts receivable automation and integrated payments leader for many of the world’s largest brands, simplifies the entire AR order-to-cash process, including e-commerce, credit decisioning, invoicing, payments, cash application, and collections, as well as streamlined electronic payment delivery via our innovative Business Payments Network (BPN), which enables buyers and sellers to send and receive digital payments via BPN.
Billtrust is the end-to-end solution that can quickly and easily integrate with their ERP system for accounts receivable teams looking to automate and digitize their B2B invoicing, payments, and operational processes while accelerating cash flow.
Square Invoices
Square Invoices allows you to send digital estimates and invoices from anywhere at any time.
You can see which invoices are paid and which are not, send reminders, and accept payments by card or ACH bank transfer 24 hours a day, seven days a week.
Over 75% of Square Invoices are paid within a day because they are so quick and simple.
Bill.com
BILL (NYSE: BILL) is the market leader in financial automation software for small and medium-sized businesses (SMBs).
As an advocate for small and medium-sized businesses, Bill.com is committed to automating the future of finance so that businesses can thrive. Hundreds of thousands of businesses rely on BILL solutions to manage financial workflows such as payables and receivables, as well as spend and expense management.
Businesses that use BILL are linked to a network of millions of members, allowing them to pay or be paid more quickly.
Its assists SMBs in simplifying and controlling their finances through automated solutions, allowing them to confidently manage their businesses and succeed on their terms.
BILL is a trusted partner to leading financial institutions, accounting firms, and accounting software providers in the United States. BILL is based in San Jose, California.
Invoiced
Invoiced is an award-winning platform that assists businesses in getting paid faster, reducing collection time, and providing a better payment experience for customers.
Invoiced is a pioneer in the field of accounts receivable automation, with thousands of customers in 92 countries and nearly $50 billion in receivables processed.
Invoiced, headquartered in Austin, Texas, is the highest rated A/R automation platform on G2 Crowd, a 2020 Cloud Awards Finalist, and an official member of the Forbes Finance Council.
Celonis
Celonis identifies and corrects inefficiencies that businesses are unaware of, allowing them to perform at levels they never imagined possible.
The Celonis Execution Management System, powered by its market-leading process mining core, provides a full set of platform capabilities for business executives and users to eliminate billions in corporate inefficiencies, improve customer experience, and reduce carbon emissions.
Celonis has thousands of global customer implementations and is headquartered in Munich, Germany, and New York City, USA, with over 20 offices worldwide.
Product Information Celonis Execution Management System is the only system that provides a 360-degree view of all business processes, connects all data insights, and pushes actions back into relevant systems.
The Celonis EMS platform and execution applications assist businesses in maximizing execution capacity throughout the enterprise, including Customer Operations, Finance & Administration, Supply & Distribution, and Products & Services.
In addition to providing a comprehensive, real-time view of processes, the EMS enables businesses to connect to any underlying business system; leverage a comprehensive set of process improvement tools, including process mining automation; benchmark against industry standards and thousands of best-practice implementations; and, of course, identify execution gaps and inefficiencies to maximize capacity to achieve breakthrough results.
Conclusion
That is our recommendation about best accounts receivable automation software.
But you have to know a product must have the following criteria to be included in the Accounts Receivable (AR) Automation category, such as: Manage various customer transactions such as invoices, credits, and payments, capture and process large amounts of transactions efficiently with minimal human intervention, to ensure that the correct amounts are processed, match invoices, credits, and payments with quotes and sales orders, and provide workflows for defining rules and exceptions for accounts receivable processing.
