So you're looking for the best accounts receivable software? Let's see, you're either finally ready to ditch the spreadsheets and manual invoice chasing, or you're unhappy with your current AR solution and looking for something better. We got you. We're glad you landed on this page.
As a growing company ourselves, we know how crucial it is to have a simple, automated AR system to manage cash flow. Between the payment delays, reconciliation nightmares, and complicated billing scenarios, accounts receivable management can be overwhelming.
Arguably, choosing the right AR automation software is one of the most important operational decisions a growing business can make.
In this guide, we'll walk you through some AR criteria, top tools on the market, and how to choose the right one for your needs. Ready to transform your collections process? Read on to learn how to find the solution that's just right for your business.
But first, let's talk about your very first invoice, or accounts receivable process. Yes, all growing businesses have an AR story!
Maybe you sent your first invoice from a Word doc template or manually created one in Excel. Then, you tracked that payment on a spreadsheet, pulled up your bank statement daily, and celebrated when you matched your first payment. Eventually, you added columns for aging buckets, payment terms, and customer notes.
That's just about as basic as your AR management can get! As soon as you start adding more customers, complex billing models, including tiers, usage-based pricing, or milestones AR software becomes a crucial part of your business's growth story.
In fact, you find out immediately that your AR platform is essential to your cash flow from that point onwards.
When do you need to get your AR out of a spreadsheet and into automation software?
Having a spreadsheet-based AR system is still common among smaller companies. We are not against spreadsheets! If you're an Excel wizard, things like aging reports and cash flow projections can be done with some spreadsheet magic.
Here at JustPaid users have the ability to email the custom complex contract to us, and our system will prepare the billing schedule with unique billing items, and run revenue projections and analysis in real time at any given moment.
However, you do need a single source of truth that you can always refer back to. Especially for dynamic payment-related transactions, you want the most updated data stored and accessible in one place.
We've seen businesses move into AR software in the early stages, as soon as they're processing 20+ invoices monthly, dealing with recurring billing, or managing multiple payment terms. AR spreadsheets simply do not scale and often lead to errors and missed collections opportunities.
The best accounts receivable software is designed not only for managing invoices, but for optimizing cash flow. You know you need AR software when you're starting to think about:
AR management can become complex and expensive quite quickly, especially when you factor in the cost of delayed payments and manual follow-ups. Investing in reliable AR software can transform your cash position at a time when you need capital for growth.
You know you need to manage receivables, but do you really need AR software?
When thinking about investing in accounts receivable software, you need to start with your WHY. Each business has unique contexts and cash flow objectives. Knowing what's important to your business now and in the future will help you choose the right tools that will scale with you.
Here are some reasons why investing in the right AR software is important:
Automate invoicing, streamline accounts receivable, and accelerate revenue with JustPaid.
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