There are lots of Accounts Receivable and Software out there to choose from, and we take a look at the best options for businesses.
Accounts receivable is one of the most important components in running a business, and it's also an area that many entrepreneurs neglect. The last thing you want is for your customers to start having payment problems because it can bring down your revenue exponentially. On the other hand, it can be almost impossible to catch up without help if you get behind even after just one month. You need tools to help automate all aspects of recording transactions, processing invoices, and collecting payments, along with tracking aging accounts receivables, so you know what is getting old quickly. Below we will go through some of the best options for business accounts receivable software and why we recommend them.
1. Quickbooks Pro (https://www.softwareadvice.com/accounting/quickbooks-pro-profile/)
Great for many businesses but not the best solution for small businesses. It's ok if you are starting and need a simple, streamlined process to record and send invoices along with basic reconciliation and aging of your A/R. However, if you want something more complex like multiple companies or multilocation support, it's probably better to look at some other solutions that offer those features right off the bat rather than having to buy them as an add-on (that can cost quite a bit extra).
2. Bill4Time (https://www.bill4time.com/)
Bill4Time is an excellent option if you are looking for integration between your A/R software and email marketing provider or credit card merchant account through their many Addons available. The integration is pretty much seamless, and the best thing is that they are all included in the package, so you don't have to pay extra for something you might not need. You also get around 20 free reports, which is good, but it will cost you $27-80/month extra if you want more than that.
3. Quickbooks Enterprise (https://quickbooks.intuit.com/desktop/enterprise/)
Suppose you are looking for the most advanced solutions with unlimited users, multiple company support, or multilocation accounting, then Quickbooks Enterprise may be your best option. But keep in mind that this solution is targeted toward larger businesses, and there's a hefty price tag attached to it. Still, realistically, many small business owners should stick with Quickbooks Pro rather than paying approximately ten times as much for the same functionality.
4. Sage Plus (https://www.sage.com/en-us/sage-business-cloud/accounting/features/accounts-receivable/)
5. Vend (https://www.vendhq.com/asia/)
Vend is an excellent invoicing solution for freelancers and startups. Still, unfortunately, there isn't any option to integrate with email marketing or credit card processing like in most other products on this list. However, if you want something simple, straightforward, and easy to use without tons of features, then this is certainly worth considering, especially if you plan to grow your business outside of North America.
6. Paymo (https://www.paymoapp.com/)
Paymo is another great option for getting started with invoicing and managing your accounts payable for very small businesses. If you like the idea of a cloud-based solution designed specifically for SMB's, then this may be right up your alley, especially if you don't need any of the more advanced features found in other invoicing software reviewed on this list.
7. Zoho Invoice (https://www.zoho.com/invoice/)
Zoho is one of the best-known names for online business applications, and they've been on that market since 2001, so clearly, their products are doing something right. But, of course, the invoice module they offer is part of a larger all-in-one business application and not targeted toward accounting software but rather toward project management, customer support, and collaboration. But still, it's worth mentioning here because it's a great solution even if you are looking for something more powerful.
8. Invoiced (https://www.invoiced.com/)
Invoiced has been around for a few years now, and it's an excellent solution if you need to track time on the invoices you send out. In addition, it also supports many different currencies, which makes it a great option if your business does work internationally.
9. WooCommerce Invoice on Time Extension (https://wordpress.org/plugins/woocommerce-pdf-invoices-packing-slips/)
This extension is built on top of the free, open-source WordPress product called WooCommerce. This may be a good option for those of you who already have a website hosted with them, especially because updating the extension will require no changes on your part as you can update everything from your WordPress dashboard without ever leaving there. Of course, since this isn't a stand-alone solution, it only comes with invoicing and payment receiving functionality, so if you need to sync to accounts, for example, you will have to find another product.
10. InvoicePlane (https://www.invoiceplane.com/)
InvoicePlane offers many features such as multiple company profiles (something that many enterprise-level solutions also do); there aren't any integration options like what you get with some other products reviewed above. It's worth mentioning, though, that the developers are very open about their development roadmap, which tells us they plan on adding more advanced features in future releases and contributing them back to the community.
If you know of any great accounting solutions that we've missed, then be sure to share them with us in the comments below because we would love to check them out! And as always, happy hunting :)
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