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Accounts Receivable Software


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Cougar Mountain DENALI logo
 
Denali Accounting Software works for a variety of industries, but is ideal for nonprofits, governments and point-of-sale businesses. Available as either a Web-based or on-premise system, it's a great match for SMBs.
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Denali Accounting Software works for a variety of industries, but is ideal for nonprofits, governments and point-of-sale businesses. Available as either a Web-based or on-premise system, it's a great match for SMBs.
 
Intacct logo
 
Intacct’s Cloud-based accounting solution offers reporting, forecasting, performance management and invoicing in addition to its core accounting features. Built on the Oracle database and accessible via any Web browser.
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Intacct’s Cloud-based accounting solution offers reporting, forecasting, performance management and invoicing in addition to its core accounting features. Built on the Oracle database and accessible via any Web browser.
 
Sage Live logo
 
Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
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Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
 
NetSuite logo
 
A leader in Web-based software, we recommend Netsuite to buyers looking for an accounting solution hosted in the Cloud. In addition to core accounting, NetSuite includes customer marketing, HR and inventory management modules.
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A leader in Web-based software, we recommend Netsuite to buyers looking for an accounting solution hosted in the Cloud. In addition to core accounting, NetSuite includes customer marketing, HR and inventory management modules.
 
Multiview logo
 
In total, Multiview’s enterprise accounting solution includes 14 modules to help organizations manage its financials, analyze its assets and report on its cash flow through visualized reports. Pricing based on number of users.
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In total, Multiview’s enterprise accounting solution includes 14 modules to help organizations manage its financials, analyze its assets and report on its cash flow through visualized reports. Pricing based on number of users.

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Aplos Accounting logo
 
Aplos fund accounting is a web-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online donation... Read More
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Aplos fund accounting is a web-based system designed specifically to serve the needs of churches and nonprofit organizations. Aplos fund accounting is available on a standalone basis or within an integrated suite with online donation... Read More
 
SAP Anywhere logo
 
SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
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SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
 
Deskera logo
 
Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
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Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
 
Financial Edge by Blackbaud logo
 
Nonprofit organizations researching accounting systems should evaluate Financial Edge NXT by Blackbaud. From a leader in NPO software, The Financial Edge can be deployed as an on-premise solution or hosted by Blackbaud.
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Nonprofit organizations researching accounting systems should evaluate Financial Edge NXT by Blackbaud. From a leader in NPO software, The Financial Edge can be deployed as an on-premise solution or hosted by Blackbaud.
 
FinancialForce Financial Management logo
 
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
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FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More

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AccuFund Accounting Suite logo
 
AccuFund is a full-featured accounting and financial reporting solution that was created specifically for the nonprofit industry. Nonprofit organizations and government agencies with multiple funding sources need to report activity... Read More
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AccuFund is a full-featured accounting and financial reporting solution that was created specifically for the nonprofit industry. Nonprofit organizations and government agencies with multiple funding sources need to report activity... Read More
 
Exact Macola logo
 
Exact Macola includes over 20 modules to assist with manufacturing, distribution and accounting, including PLM, AP/AR, MRP, MES and more. Additional EDI and e-commerce functionality is available from Exact.
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Exact Macola includes over 20 modules to assist with manufacturing, distribution and accounting, including PLM, AP/AR, MRP, MES and more. Additional EDI and e-commerce functionality is available from Exact.
 
Acumatica ERP logo
 
Acumatica ERP delivers an adaptable cloud and mobile-based enterprise resource planning solution with a comprehensive user licensing model which enables a real-time view of business operations at any time from anywhere. Through a worldwide... Read More
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Acumatica ERP delivers an adaptable cloud and mobile-based enterprise resource planning solution with a comprehensive user licensing model which enables a real-time view of business operations at any time from anywhere. Through a worldwide... Read More
 
Microsoft Dynamics AX logo
 
Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
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Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
 
Abila MIP Advance™ logo
 
Abila MIP Advance™ is cloud-based fund accounting software for non-profit organizations and municipalities and has close to 20,000 users across many sectors. The software suite offers a variety of functionalities including general... Read More
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Abila MIP Advance™ is cloud-based fund accounting software for non-profit organizations and municipalities and has close to 20,000 users across many sectors. The software suite offers a variety of functionalities including general... Read More

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Oracle JD Edwards logo
 
JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
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JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
 
SAP Business One logo
 
SAP Business One is an integrated enterprise resource planning (ERP) software suite designed primarily to serve small to midsize businesses. SAP Business One is used to address the needs of many industry verticals including manufacturing,... Read More
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SAP Business One is an integrated enterprise resource planning (ERP) software suite designed primarily to serve small to midsize businesses. SAP Business One is used to address the needs of many industry verticals including manufacturing,... Read More
 
Infor CloudSuite™ Financials & Supply Management logo
 
Infor Financials & Supply Management is designed to handle core financial management needs as well as governance & risk compliance and enterprise performance management.
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Infor Financials & Supply Management is designed to handle core financial management needs as well as governance & risk compliance and enterprise performance management.
 
Activity HD logo
 
nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. Activity... Read More
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nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. Activity... Read More
 
AXIO Core Financials logo
 
AXIO Core Financials from SBS Group is an Enterprise Resource Planning system that is powered by Microsoft Dynamics. The software is designed for global use and offers multi-language, multi-currency support and is compatible with companies... Read More
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AXIO Core Financials from SBS Group is an Enterprise Resource Planning system that is powered by Microsoft Dynamics. The software is designed for global use and offers multi-language, multi-currency support and is compatible with companies... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: June 27, 2017


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.
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  • Accounts receivable (AR): Money owed to a business, but not yet paid, for goods and services rendered; i.e., “assets.”
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  • 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.
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  • 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.
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  • Accounts payable (AP): Money owed by a business to its suppliers and creditors; i.e., “liabilities.”
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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 SoftwareTop 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.

Free Download:
Accounting Software Pricing Guide

Free Download:
Ten Steps Guide to Selecting the Right Accounting Software

 

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