Top Accounts Receivable

Top Accounts Receivable Accounting Software

Efficient accounts receivable management is vital for the financial health of any business. It ensures timely payment collections, reduces the risk of bad debts, enhances financial planning, and maintains positive customer relationships. The adoption of advanced accounts receivable accounting software can significantly streamline these processes, offering automation, accuracy, and comprehensive reporting.

This blog explores the importance of efficient accounts receivable management and reviews the top accounts receivable accounting software in 2024, including Refrens, Zoho Books, HighRadius, NetSuite, Vyapar, and Xero.

Accounting SoftwareStarting Price RatingsTrial PeriodFree version
Refrens₹3900/year4.9⭐/5YesYes
Zoho₹8988/year4.4⭐/514 daysYes
High RadiusCustomized Price4.4⭐/5NoNo
NetSuite$1,000/month4.1⭐/5NoNo
Vyapar₹3399/year4.6⭐/57 Days No
Xero₹3744/year4.4⭐/5YesNo
Comparison Table: Best Accounts Receivable Accounting Software

Importance of Efficient Accounts Receivable Management

Efficient accounts receivable management is crucial for maintaining the financial health of a business. Here are some key reasons why it is important:

  • Improved Cash Flow: Effective management ensures timely payment collection, enhancing cash flow and enabling the business to meet financial obligations promptly.
  • Reduced Bad Debt: By diligently monitoring outstanding invoices and promptly following up, businesses can reduce the risk of bad debts and write-offs.
  • Enhanced Financial Planning: Accurate accounts receivable data enhances forecasting and financial planning, aiding businesses in more effective resource allocation.
  • Customer Relationships: Efficient management fosters positive customer relationships through clear communication and timely invoicing, leading to improved customer satisfaction and loyalty.
  • Operational Efficiency: Automating accounts receivable processes minimizes manual errors, saves time, and allows staff to concentrate on more strategic tasks.
  • Compliance and Reporting: Proper management ensures compliance with financial regulations and standards, facilitating accurate and timely financial reporting.

Benefits of Using Accounts Receivable Accounting Software

Using accounts receivable accounting software offers numerous benefits that can significantly enhance a business’s financial management. Here are the key advantages:

  • Improved Cash Flow Management: Automating invoicing and payment reminders ensures timely payments and reduces the risk of late payments. Additionally, it provides real-time tracking of outstanding invoices and payments received, enhancing the overall efficiency of the accounts receivable process.
  • Enhanced Accuracy: Automating the invoicing process significantly reduces manual data entry errors, ensuring accurate financial records. This accuracy is crucial for reliable financial reporting and compliance with regulations.
  • Time Savings: Automating invoicing, payment tracking, and follow-ups frees staff to focus on strategic activities, improving efficiency and resource allocation.
  • Better Customer Relationships: Streamlining communication with customers through automated invoice reminders and updates ensures a professional and efficient billing process. This enhancement leads to improved customer satisfaction and loyalty.
  • Comprehensive Reporting: Generating detailed reports on accounts receivable, aging, and cash flow helps identify trends and make informed financial decisions.
  • Improved Cash Flow Forecasting: Providing insights into future cash inflows helps businesses plan expenditures and manage cash flow gaps effectively.

Top Accounts Receivable Accounting Software for 2024

1. Refrens

Refrens is a powerful accounts receivable accounting and invoicing software designed to streamline financial operations for businesses of all sizes. With features like automated invoicing, payment reminders, and detailed financial reporting, Refrens makes managing finances easy and efficient.

Its user-friendly interface, secure platform, and integration capabilities ensure businesses can focus on growth while maintaining accurate and organized financial records. Experience the future of business finance with Refrens.

Features:

  • Online Invoice Creation and Management: Customizable invoicing templates, automated generation and sending, recurring invoices, and bulk invoicing for multiple clients.
  • Payment Tracking: Real-time tracking of payment status and automated payment reminders and follow-ups.
  • Payment Processing: Online payment options, integration with bank accounts for direct debits, support for partial payments, and customizable payment plans.
  • Automated Payment Reminders: Customizable schedules, email and SMS reminders, and escalation of overdue accounts.
  • Reports and Analytics: Multiple reports categorized by client, product, and other criteria, enabling forecasting based on a client’s payment trends.
  • Integration: Syncing with general ledger and other accounting modules, Sales CRM system integration, and API access for custom integrations.

Pricing:

  • Basic Plan: Up to 50 documents per year at no additional cost.
  • Book Essential: ₹3900/year
  • Books GST: ₹7500/year
  • Books Pro: ₹8500/year

Rating:

  • Capterra: 4.9⭐/5
  • G2: 4.6⭐/5
  • Software Advice: 4.8⭐/5
  • Get App: 4.8⭐/5

User Reviews:

👍 👎
“I love the way the software has made invoice management easy and trendy. “The templates are vibrant, the dashboard is holistic and automation is all a busy prof needs”  ~Akshay“Less Export and Import Invoicing features.”  ~Jainilzoh
“Refrens is user-friendly. It gives the best invoicing solution for small enterprises.” ~Swaroop“Minor field changes are sometimes difficult.”  ~Bharat
“Good Dashboard and is easy to use, cost-effective.”  ~Mahendra“Mmmm, if I have to then I’d say what I like the least is the pricing. They can easily sell it at a higher rate..”   ~Sahil
Source: Software Advice

2. Zoho Books

Zoho Books is a cloud-based accounting software tailored for small and medium-sized businesses, offering accounts receivable features like invoicing, project management, and inventory management within a user-friendly interface. Recognized as the best purchase sales invoice software, it seamlessly integrates with other Zoho applications, streamlining financial operations and ensuring tax compliance.

Features:

  • Quotes Creation: Quickly create and send professional, personalized quotes from any device.
  • Automated Invoice Creation: Precise tax calculations, custom branding, multi-currency support, and recurring invoices.
  • Sales Order Creation: Convert sales orders to invoices and purchase orders to replenish stock.
  • Online Payments: Online payment options through payment links or the client portal.
  • Sales Approvals: Single or multi-level sales approvals to prevent unauthorized transactions.
  • Payables Management: Comprehensive payables management features.

Pricing:

  • Free Plan: With limited functionality, suitable for small businesses.
  • Standard Plan: ₹8988/year
  • Professional Plan: ₹17,988/year
  • Premium Plan: ₹35,988/year
  • Elite Plan: ₹59,988/year
  • Ultimate Plan: ₹95,988/year

Rating:

  • Capterra: 4.3⭐/5
  • G2: 4.4⭐/5
  • Software Advice: 4.4⭐/5
  • Get App: 4.4⭐/5

User Reviews:

👍 👎
“Easy to set up and use. It helped me a lot keeping close to my clients and growing the business”  ~Habe“No being able to change a subscription easily once set up, also not being able to change a customer’s Vat Rate , I have customers in different zones and if they ask to change from GBP to USD I have to create a new account”  ~Anonymous
“Great tool to track records and handling the software is easy, everything is in front of you. Just a small sense is enough to use it properly”  ~Jithin“I don’t like that you can not export the client information including their cc numbers if you want to.”  ~Anonymous
“Functionality: Mail merges, email templates, customization, reporting”  ~Julieet“There are times where making changes/updates is more difficult than it should be which can be frustrating.” ~Adam
Source: Software Advice

3. HighRadius

HighRadius is a leading provider of cloud-based financial management software, specializing in automating accounts receivable, credit, collections, deductions, and cash application processes. Their solutions leverage AI and machine learning to enhance efficiency and improve cash flow management for businesses across various industries.

Features:

  • Order to Cash: Collections management, automated cash application, deductions management, credit management, electronic invoicing, and advanced analytics.
  • Treasury & Risk: Cash management with bank reconciliation, AI-driven cash forecasting, and multi-channel treasury payments with anomaly detection.
  • B2B Payments: Secure payment gateway with card tokenization, ACH & SEPA payments, surcharge management, and an interchange fee optimizer.
  • Record to Report: Journal entry automation, account reconciliation with transaction matching, and anomaly detection.
  • Accounts Payable: Automates invoice processing and exception handling.
  • AI and Automation: Utilizes AI to reduce manual intervention, speeding up processes and improving cash flow.

Pricing:

  • Custom pricing based on your requirements.

Rating:

  • Capterra: 4.4⭐/5
  • G2: 4.3⭐/5
  • Software Advice: 4.5⭐/5

User Reviews:

👍 👎
“Its user-friendly interface and customizable dashboards make it easy to use and provide valuable insights for decision-making”  ~Pooja K.“HighRadius sometimes seems a bit lagging, mostly when it comes to creating full extended reporting.”~Felipe F.
“Integration was fairly straight forward.”  ~Ray.
“There are often upgrades or enhancements we are not able to see, or once requested, takes extreme amounts of time (6+ months) to implement these. ” ~Beth
“The automation of past due reminders is key for our business. Setting up rules for different portfolios has been very impactful to our cash flow..” ~Jim
“Difficult to make changes once the background rules are set up.” ~Jim
Source: G2

4. NetSuite

Oracle NetSuite, acquired by Oracle in 2016, is a pioneering cloud-based financial and ERP software provider. Serving over 38,000 customers in 219 countries, NetSuite offers a comprehensive suite of financial, ERP, and omnichannel commerce solutions designed for modern businesses.

Features:

  • Customer Invoicing: Automate the creation and distribution of invoices.
  • Payment Tracking: Real-time tracking of customer payments with automatic updates.
  • Multi-Currency Support: Handle invoices and payments in multiple currencies.
  • Recurring Billing: Automate recurring invoices for subscription-based services.
  • Reporting and Analytics: Comprehensive reporting tools for analyzing accounts receivable performance.
  • Dispute Management: Track and resolve disputes related to invoices and payments.

Pricing:

  • Limited Edition: Starting $1,000/month
  • Mid-Market Edition: $2,500/month
  • Enterprise Edition: Customized Price

Rating:

  • Capterra: 4.1⭐/5
  • G2: 4⭐/5
  • Software Advice: 4⭐/5
  • Get App: 4.2⭐/5

User Reviews:

👍 👎
“Netsuite has a lot of potential when automating processes. It is a great ERP for big Companies or big startups.” ~Víctor“Most times NetSuite does not sync bank transactions as required, and this causes delays in our reconciliation process, we have to manually import the bank statement transactions to complete reconciliation.”   ~~Ruvimbo M
“Ease of implementation, its easy to import data whenever needed, templates are provided to make the process easy and faster.”  ~Ruvimbo M
“Netsuite is very expensive, even for its basic feature package. The licensing fees increase each year automatically, and there is little room to negotiate with your account manager.” ~Andy
“Visibility, ease of finding things and correcting mistakes.”    ~Nilesha“Reporting constraints and data manipulation.”  ~Nilesha
Source: Software Advice

5. Vyapar

Vyapar is a free best accounting software designed specifically for Indian small and medium-sized enterprises (SMEs). Available as both an Android and desktop app, Vyapar simplifies invoicing, inventory management, and accounting tasks. It operates offline, ensuring reliability even without internet access, and supports GST compliance, automated payment reminders, and data backup, making it an essential tool for modernizing business operations and enhancing productivity.

Features:

  • Customer Invoicing: Create, print, and share customized invoices easily, supporting GST compliance and personalized branding.
  • Payment Tracking: Track customer payments in real-time, ensuring accurate and up-to-date accounts receivable records.
  • Automated Payment Reminders: Set automatic reminders to notify customers of upcoming or overdue payments, improving cash flow and reducing overdue accounts.
  • Credit Management: Monitor customer credit limits and manage credit approvals to reduce the risk of bad debts.
  • Offline Functionality: Operate seamlessly without an internet connection, ensuring access to accounts receivable data anytime, anywhere.
  • Data Backup: Secure accounts receivable data with automatic backups, protecting against accidental data loss.

Pricing:

  • Silver Plan: ₹3399/year 
  • Gold Plan: ₹3999/year 

Rating:

  • Capterra: 4.4⭐/5
  • G2: 4.6⭐/5
  • Software Advice: 4.5⭐/5
  • Get App: 4.4⭐/5

User Reviews:

👍 👎
“Product creation features by uploading excel and divide into proper categories is very helpful for starting the software, and easily move any business in vyapar software”   ~Ajit“only work on single system, i think multi-system support missing “   ~Ajit
“Vyapar is useful for small business owners or shopkeepers. If I have to list the pros, here are some pros: 1. GST-compliant invoicing 2. Budgeting 3. Financial statements that can be understood by owners easily. 4. Multiple user login and role-based access”   ~Maheswara Swamy“Conventional and not designed to suit market requirements. No compatibility”   ~Suresh
“We are moving to mobile-based computing. – Fresh & Friendly UI – ALL Taxes Covered – Easy to use – Inventory Controls – No need for installation – Remote Access – User Roles There is a lot to count. But experience the rest yourself”   ~Nisarg“Since it’s designed for small businesses, some of the features like inventory management or other complex accounting entries is not possible if your business is medium to large”   ~Maheswara Swamy
Source: Software Advice

6. Xero

Xero is a premier cloud-based accounting software tailored for small businesses, accountants, and bookkeepers. Serving over 4.16 million users globally, Xero provides essential financial management tools, including invoicing, expense claims, bill payments, and bank connections. 

Accessible from any device, it offers real-time insights and secure, user-friendly functionality, streamlining accounting processes and enhancing business efficiency. Xero’s flexible pricing plans cater to diverse business needs, making it an ideal choice for professionals seeking comprehensive financial management solutions.

Features:

  • Invoicing: Xero allows you to create and send professional, customized invoices with ease. Schedule recurring invoices for regular customers and automate reminders for outstanding payments.
  • Payment Tracking: Track invoice status in real-time, including when invoices are sent, viewed, and paid. Automatically update accounts receivable ledgers when payments are received.
  • Online Payments: Integrate with multiple payment gateways to allow customers to pay directly from the invoice. Accept payments via credit card, debit card, PayPal, and other online methods.
  • Automatic Reminders: Set up automatic email reminders for overdue invoices. Customize reminder schedules and messages to suit your business needs.
  • Batch Payments: Process multiple payments at once to reduce time spent on manual entry. Apply batch payments to open invoices to keep records up-to-date.
  • Reporting and Analytics: Generate comprehensive accounts receivable reports, including aging summaries and transaction histories. Use dashboards and visualizations to gain insights into cash flow and payment behavior.

Pricing:

  • Early Plan:  ₹3744/year 
  • Growing Plan: ₹3744/year 
  • Established Plan: ₹19,476/year

Rating:

  • Capterra: 4.4⭐/5
  • G2: 4.3⭐/5
  • Software Advice: 4.5⭐/5
  • Get App: 4.4⭐/5

User Reviews:

👍 👎
“Once it is setup, it will change the way you work. With a streamlined and easy to use interface it is great for day to day business, and for checking reports too. Bank reconciliation and reminders are super important features.”
 ~Julian
“The chart of accounts was a bit confusing but understand it now.”
 ~Julian
“Linking it to my bank accounts and credit cards allowed it to pull in data to create some financials. This was very helpful early on in our start-up journey”
 ~Steve
“It would pull data into our financials which after closer review was incorrect. This caused us to spend extra time modifying the financial reports.”  ~Steve
“really easy to use & can have a multiple tabs open at one time.”

  ~Nancy
“needs more keyboard shortcuts & better access controls for users.”
 ~Nancy
Source: Software Advice

Conclusion:

In conclusion, efficient accounts receivable management is a cornerstone of financial stability and growth for businesses. By leveraging advanced accounting software, such as leading open source options, businesses can automate invoicing, improve cash flow management, enhance accuracy, and maintain robust financial health.

The software options reviewed in this blog, including Refrens, Zoho Books, HighRadius, NetSuite, Vyapar, and Xero, offer a range of features and pricing plans to suit different business needs. Investing in the right accounts receivable accounting software can transform financial operations, boost efficiency, and support long-term business success.

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