Accounts receivable automation is ultimately a software-enabled process that helps you manage your accounts receivables system more efficiently. This also improves cash flow and helps minimize the time and resources required for follow-up and collections. BlackLine is a unified cloud accounting platform for mid-sized to large firms. Our centralized customer payment portal benefits both you and your customers.

1. It aims to reduce fraud and vendor impersonation by providing clients with an invoice network to send invoices/payments and store documents.
2. Centime offers both standalone and all-in-one cash management solutions depending on your business needs.
3. Based on a combination of features like user-friendliness, functionality, and value, these are the best accounts receivable automation solutions on the market today.
4. It also enables your customers to view the pending invoices and pay them using their preferred modes of payment thereby enhancing the customer experience.
5. In this post I’ll help make your choice easy, sharing my personal experiences using dozens of different tools while I was doing consulting, with my picks of the best accounts receivable automation software.

Top 6 Accounts Receivable Automation Solutions for 2024

Think about the functionality you want and need in the system and make sure the software offers it. For example, Elson Materials outsourced and automated their accounts receivable management tasks and were able to create a full end-to-end AR workflow. Here are some other good options for automating accounts receivable processes. Standout features of SoftLedger include custom billing metrics that are well-suited to usage-based billing and other custom metrics.

The bottom line: best practices for AR automation

Unlock faster payments from your customers, optimize payment controls, get an end-to-end audit trail, and automatically apply cash from payments to your General Ledger. Additionally, share a secure link in all financial terms glossary communication, and provide access without requiring a password or profile creation. Customers can pay multiple invoices at once, view outstanding and paid invoices in one spot, and securely save payment details.

Benefits of Accounts Receivable Automation

Not to mention, when you surround your client with more services like AR automation, it becomes harder to leave you as well.

What are some of the KPIs related to AR automation?

The key benefit here is in the automated reminders part of the accounts receivable process. When your client sends an invoice to their customer, an automated email sequence goes out reminding them that the invoice is past due. Our Customer Portal enables customers to easily access and pay their outstanding invoices in a centralized secure billing portal. In turn, you’ll receive faster payments from customers and gain end-to-end visibility of the audit trail. Centime offers both standalone and all-in-one cash management solutions depending on your business needs.

Specific solutions like Centime can smoothly integrate with major ERP systems, enhancing operational efficiency without disrupting existing workflows. By implementing AR automation tools, teams can significantly improve their workflow, ensuring faster and more reliable management of receivables. Since these reports give you data over a period of time, you can identify current irregularities in your collection process. You can also keep a track of customers who are making late payments regularly. Mapping your entire AR workflow will also help you understand what features you need from an accounts receivable automation software.

Centime Positive Pay automates check issue file generation and delivery, which is used by banks to detect fraudulent checks written by businesses. Additionally, receive AR reports like the aging analysis, cashflow projection, and collection efficiency reports directly to your inbox and keep track of upcoming challenges and opportunities. The administrative burden of manual data entry and reconciliation processes can be time-consuming and prone to errors. Disputes and discrepancies in invoices require careful investigation and resolution to maintain healthy customer relationships. Centralize, manage, and automate end-to-end journal entry processes and retain supporting documentation in the cloud. Learn how Rebag, a luxury resale company that specializes in high-end handbags scaled B2B operations how to record the disposal of assets and reduce order processing time by 50…

When a business provides a product or service and lets how many hours should i study for the cpa exam the customer pay later, the amount the customer owes is recorded as accounts receivable. Rotessa is a unique spin on the A/R game and allows users to set up automatic payment processing with their customers. This well-known product also offers accounts payable features as well as expense management tools in addition to AR automation. Manual accounts receivable processes wrack up unnecessary costs and errors for businesses.

It allows users to pay vendors, suppliers, and any business bills, as well as send invoices and receive payments online. Xero is a cloud-based accounting platform that combines AR, AP, bookkeeping, and more. It targets the small business and contractor crowd, offering a relatively simple solution to meet the needs of smaller businesses. AR automation is a fantastic way to improve the financial performance and cash position of a business.