Are you tired of constantly chasing down payments? Do the complexities of accounts receivable leave you feeling stressed? Investing in the best accounts receivable software helps you get paid faster and avoid all the headaches that come from a poor invoicing process.
But, not all accounts receivable automation software is created equal. With more choices than ever before how can you tell you’re partnering with a provider you can trust? We’ll help you feel confident choosing the best AR automation software for your small, medium, or large-scale business.
Discover what separates the best from the rest below, including key features that should be on your “nonnegotiable”. We’ll even introduce you to the best accounts receivable software to integrate with Quickbooks, Clio, Xero, and more.
In a rush and just want to press the fast-forward button so you can reap all the benefits of accounts receivable automation? Look no further than InvoiceSherpa.
We’ve developed the best AR automation software to help you get paid faster and optimize cash flow in your business. At just $49/month you can automate invoicing and follow-ups, create automatic payments, and streamline your financial reporting!
Before we unveil the best AR automation software, let’s talk about what automating accounts receivable entails in the first place.
AR automation refers to the use of technology to streamline and optimize the accounts receivable process, transforming it from a manual, time-consuming task into a more efficient and accurate operation.
Sure, you could outsource accounts receivable to an account receivable management service or hire an employee in-house - but both of these solutions are expensive. This is the appeal of AR automation, which achieves the same goal at a fraction of the cost.
Businesses can reduce administrative overhead, minimize errors, and ensure timely payments by automating invoice creation, payment reminders, and reconciliation processes.
Human errors in invoice creation and payment tracking can lead to discrepancies, delayed payments, and strained customer relationships.
Additionally, the time spent on manual tasks translates to significant labor costs and diverts resources from more strategic, revenue-generating activities.
Automating AR processes mitigates these issues, providing a rapid return on investment through improved accuracy and efficiency.
A healthy cash flow is the lifeblood of any business, and AR automation directly contributes to improving it. Automated invoicing ensures timely billings, while automated reminders prompt quicker payments from customers.
Businesses can enhance their liquidity by reducing the invoice-to-cash cycle, providing more capital for investment and growth. Learn more about the importance of cash flow management and how cash flow problems usually start in our blog.
The benefits of AR automation extend beyond internal efficiency gains - they also positively impact customer relationships. Clear, accurate invoices and timely, professional communication contribute to a positive customer experience.
Automated payment options further enhance convenience for customers, ensuring a smooth transaction process. In turn, satisfied customers are more likely to make timely payments and continue doing business with you.
The benefits of AR automation only come with the best accounts receivable software. As you may have already realized, some software just ends up creating more headaches than you started with.
Conversely, the best accounts receivable software gets you paid faster, improves cash flow, and saves your business time & resources.
So, what should you look for when vetting an AR software to determine if it's worth it or not? Below are key features you should consider to ensure you make an informed decision.
User-friendliness should be at the forefront of your considerations. The best AR software should boast an intuitive interface, ensuring that your team can navigate and utilize the system with minimal training.
Look for software that simplifies complex processes and provides a clear overview of outstanding invoices, payment statuses, and customer account details. The goal is to streamline operations, making them accessible and straightforward for users of all skill levels.
The ability of your AR software to seamlessly integrate with other systems and software is vital. Ensure the software can integrate with your existing accounting systems (Quickbooks, Xero, Clio, etc.), CRM, and other business tools.
This integration capability ensures data consistency across all platforms, reduces manual data entry, and enhances overall efficiency. Check if the software supports integration with popular payment gateways, facilitating easier and faster customer payments.
Every business is unique, and your AR software should be able to adapt to your specific needs.
Look for software that offers a high degree of customization, allowing you to tailor invoice templates, payment reminders, and reporting according to your brand and operational requirements.
Customization ensures that you can maintain a consistent brand image across all customer interactions while addressing specific business needs.
Whether it’s checking up on unpaid invoices or forecasting accounts receivable, the software you invest in should help you gain clear, actionable insights at a glance.
Seek software that delivers comprehensive reporting and analytics, offering clear insights into your accounts receivable status.
Real-time data and trend analysis should be at your fingertips, enabling informed decision-making, pinpointing areas for improvement, and celebrating successful strategies.
The best AR automation software will facilitate tracking outstanding invoices, average days to payment, and identifying consistent late payers, all of which are crucial for maintaining a healthy cash flow.
Financial data's sensitivity cannot be overstated - hence, security is paramount. The best AR software should prioritize data protection, employing encryption, secure access controls, and regular security audits.
This ensures that your business’s and clients’ financial information remains confidential and protected against unauthorized access and potential breaches. You’re essentially investing in peace of mind and compliance.
Investing in the best AR automation software should ultimately save your business money, making affordability a key consideration.
Opt for a solution that offers a great return on investment, considering not just the upfront costs but also the long-term savings in time, resources, and improved cash flow.
Some software providers offer scalable plans, ensuring that businesses of different sizes can access essential features without breaking the bank.
Now, let’s officially introduce you to the best AR automation software in the industry - InvoiceSherpa.
We created our software after seeing firsthand the frustrations small and mid-sized businesses dealt with in invoicing and cash flow management. We wanted to make it easier for you to get paid.
Along the way, we’ve earned the trust of companies like Patagonia, Smartsheet, Yieldmo, YouVisit, Datanyze, and many, many more. So, what sets our software apart from the alternatives? Discover the InvoiceSherpa difference below!
InvoiceSherpa stands out as the premier choice for accounts receivable automation, providing a comprehensive platform that significantly accelerates your cash flow and ensures timely payments.
You gain access to a robust suite of tools designed to streamline your payment collection process, making it both efficient and user-friendly. These include custom invoice reminders, allowing you to maintain positive client relationships while ensuring prompt payments.
The platform also includes a customer portal, providing your clients with 24/7 access to view and settle their outstanding invoices, fostering transparency and convenience. Automatic payment options further enhance efficiency, reducing the administrative burden on your team.
The intuitive dashboard provides real-time insights into your accounts receivable, enabling you to stay on top of your cash flow and make informed decisions.
Integration with major accounting platforms, including QuickBooks and Xero, ensures seamless synchronization of your financial data, eliminating manual entry and reducing the risk of errors.
Users have enjoyed a 25% reduction in past due receivables, a 20% decrease in days sales outstanding, and a 15% reduction in bad debt reserves.
These impressive results highlight the tangible impact of InvoiceSherpa on your bottom line, making it an invaluable asset for businesses seeking to optimize their accounts receivable process. But, you don’t just have to take our word for it…
“InvoiceSherpa’s unique approach to AR automation is changing the game for SMBs. It’s a lifesaver for service-based clients, who (without a streamlined AR solution like InvoiceSherpa) can often go under due to unpaid invoices. Also their Trusted Advisor program rocks! No fees!!” - Dawn Brolin
“We've been with InvoiceSherpa since 2015 and don't know what we'd do without it. They keep adding features making it even more valuable. Being able to customize reminders and turn them off at the customer or invoice level is great. Love the addition of auto-pay and allowing customers to sign up for it themselves. Customer support response is quick and the reps are friendly and knowledgeable, which is important and sadly lacking with some other apps. Highly recommend this app for any company that wants to simplify their A/R and get their money in the door fast!” - Bkostrander
“Fantastic App..........Best Find In A Long Time. InvoiceSherpa paid for itself almost immediately by cutting our past dues in half. Automatic late fees added to QBO is a big plus and it is super easy to use for recurring transactions. Also really like the new merchant services option. Love this app! and the staff is great to work with too.” - IlliniTech
There are a lot of great accounts receivable software out there, but you came here looking for the absolute best. And that’s InvoiceSherpa!
That being said, here are a few other names you’ll see mentioned - along with insights into why our solution is better.
Intuit's fees are higher than ours at 2.9% + 25c for credit card and 1% for ACH, which could lead to significant additional costs for businesses with high transaction volumes.
This isn’t the only issue we see with Intuit. It does not offer a customer portal, nor does it provide options for creating custom payment plans and late fees. It’s also worth noting that Intuit is a Quickbooks product, so it doesn’t connect with other accounting platforms like Xero, Clio, Netsuite, and others.
This software is also a bit more expensive with transaction fees of 2.9% + 30c for credit card and 0.8% + 30c for ACH transactions, making it less favorable for credit card payments when compared to Invoice Sherpa LLC's flat 1%.
The software is also limited in terms of lacking customer group categorization and control over user access settings. You won’t have the ability to make stylistic changes to your processes, either.
BILL has a flat fee of 2.90% for both credit card and ACH transactions, which is significantly higher than Invoice Sherpa.
That’s not all, though. BILL is missing a significant number of features, including the ability to edit invoice templates, create payment plans, and control user access settings. You don’t get a dedicated customer portal, either.
While not as egregious as some of the other options above, Chaser is still more expensive than Invoice Sherpa and cuts into your profits more than necessary. Its transaction fees are 1.3% across the board, which sounds small but adds up.
Chaser doesn’t provide a customer portal or the ability to control user access, either. It’s also missing features for automatic payment handling. It has no customer portal and doesn’t support late fee optimization. You don’t have access to in-depth reports, either.
In contrast, InvoiceSherpa offers a user-friendly, powerful, and efficient solution for managing your accounts receivable process, ensuring you get paid on time while providing a seamless experience for both your team and your clients. We keep transaction fees as low as possible just to cover our own costs - 1% across the board.
With robust automation, comprehensive features, and a commitment to user satisfaction, InvoiceSherpa stands as the clear choice for businesses aiming to optimize their cash flow and streamline their accounts receivable operations.
With a 14-day risk-free trial, what do you have to lose? See what’s possible today and get started without even putting your credit card on file!
Unlock the full potential of your accounts receivable process with InvoiceSherpa, the best AR automation software designed to streamline your invoicing and enhance cash flow.
Our platform stands out in a crowded market, providing a user-friendly interface, robust features, and superior customer service. It’s the undisputed best accounts receivable software with a focus on automation. You can get started in just a few clicks today!
Simply sign up, integrate with your existing accounting software, and watch as our advanced automation transforms your AR process, ensuring timely payments and optimal cash flow.
You can learn more about how to calculate accounts receivable or what to do when an account becomes uncollectible in our blog. We’re constantly creating new resources to help you gain a better understanding of accounts receivable, cash flow, billing best practices, and more.
Otherwise, it’s time to experience the InvoiceSherpa difference yourself. Start your risk-free 14-day trial today, and propel your business toward financial excellence and unparalleled efficiency. Transform your invoicing, enhance your cash flow, and invest in the best AR software!
Posted on November 1, 2023
Investing in the best accounts receivable software helps you get paid faster and avoid all the headaches that come from a poor invoicing process.But
We’ll delve into the intricacies of formulating effective late fee reminders, ensuring your message is conveyed with impact so you get paid faster.