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Accounts Receivable vs. Accounts Payable – What's the Difference?

Up-to-date financial information is important for any business seeking outside investment. Accounts payable and receivable are essential accounts that show how much money flows in and out of...
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7 Best Accounts Receivable Software to Consider in 2022

Whether you own a business, run an enterprise or are a freelancer, accounts receivable is that part of your financial management which you simply can’t ignore. After all, a streamlined accounts receivable process helps you get paid on time, allowing you to maintain a steady cash flow. It won’t be wrong to claim that prioritizing your receivables is a matter of financial survival. For this reason, it is high time you ditch outdated manual methods of handling it and switch to modern tools.

Enter accounts receivable software. 

Yes, they exist and they make your life easy. How, you ask? Well, by automating your accounting system. Depending on the range of your needs, you can use one of several tools available in the market designed to help you handle your accounts receivable with minimum effort and minimal errors. Let’s get into the nitty gritty of how this software works for you before we present you with our top seven list.

Account receivable software exclusively manages the money you are owed for the product or service you offer to customers. It keeps track of your outstanding invoices and ensures payments through methods including sending smart alerts and late-payment reminders to clients. You can use it to handle your cash collection, generate monthly customer statements and get reports on aging. 

You can also use account receivable software to automate your billing and invoicing process. Not only does it make the systems faster but also error-free. You can prepare and send invoices online, allow online payments and get paid sooner rather than later through compatible payment gateways integrated into the software you choose. This software is usually cloud-based and updates records in real time; this ensures you always have an updated list of customers and due payments. You will gain a visual overview of your cash position which helps you make better business decisions.

An indirect but extremely useful benefit of accounts receivable tools is that it eliminates paperwork and helps you maintain digital records on a central platform. This takes care of all duplicate and incomplete entries that become difficult to track when it’s time to do your books or file your taxes. In fact, these tools enable you to maintain a perfect audit trail and some also help you file taxes. 

Accounts receivable software gives you a complete picture of post-sales data and relevant documents; some tools offer document management as well. Since every financial transaction is recorded online, you have perfect transparency. Furthermore, it ensures smooth team collaboration since every team member can access relevant records and provide better customer service by attaching receipts and bills to email or chat communication. 

Use an accounts receivable tool to automate your payment cycle from start to finish, including invoicing, payment, recordkeeping, accounts reconciliation, discount management, recurring payment and more. Stop spending hours upon hours on admin tasks and simply let a modern tool handle it all for you. 

Are you ready to explore accounts receivable software that will make your life easy?

Part A - Individual Product Overview

Below, we explore the top seven accounts receivable software to consider in 2022. We start by giving you an overview of each software and follow it up by detailing their top three features. We also list the pros and cons of each tool as well as their pricing plans, third-party integrations, compatible platforms and customer support options. This in-depth analysis is designed to bring you up to date with the best options in the market, helping you take the first big step forward.  

1. ZarMoney

Product Overview

ZarMoney is an intuitive accounting tool that automates your accounts receivable system from the start to end. With functions such as invoicing, billing and online payment available, you can easily shift to an online system of handling business transactions with your customers.

The plus point is that you can perform all of these tasks without spending hours sitting at your desk, poring over paperwork. This software is cloud-based, easily accessible online, so you can maintain digital records. It is also smart which means it can track payment deadlines, trigger reminders, and maintain an audit trail requiring minimal manual intervention. 

In addition, ZarMoney also helps perform accounts reconciliation at a single click. You do not have to match transaction details with your records manually; all it takes is a single click and software verifies each transaction, alerting you in case of errors. It matches your bank, credit card and cash deposits easily to your books, reconciling them every day.

Deposit a batch of checks, cash or credit cards all at once to your banks to match your bank's deposits, so your books are reconciled all the time. With this tool, you can also implement sales tax at the time of invoicing, depending on the location and tax zone. This goes a long way in helping you file your year-end taxes on time and stay compliant with regulations. 

With ZarMoney, you can maintain an accurate audit trail of all your incoming expenses, All the records are stored in your online database and are perpetually updated, giving you a clear overview of your financial position. It also generates customer reports, balance sheets and income and loss statements, in addition to creating visual financial reports. You can rely on data-based analytics to take timely decisions to speed up your cash flow and improve your bottom line effortlessly.

Features

  • 1099 preparation
  • Accounts receivable and payable 
  • Online payment processing
  • Approval process control
  • Bank reconciliation
  • Billing and invoicing
  • Cash management
  • Check processing
  • Chart of accounts
  • Funds transfer
  • Contingency billing
  • Customer statements
  • Customizable invoices
  • Connection with over 9600 banks
  • Multi-login
  • Multi-location support
  • Multi-currency support 
  • Automated taxation
  • Custom tax order
  • Profit and loss statements 
  • Customer statement 
  • Alerts and reminders
  • Inventory management
  • Vendor and supplier management

Top Three Features

The top three features of ZarMoney include:

1. Online Payment

ZarMoney helps you shift to an online payment system, allowing you to get paid faster. Enable the ‘pay now’ button on your invoices and deliver them to customers through email. They can click on the button and pay through payment gateways such as Stripe, PayPal and others. The tool comes integrated with a multichannel payment option which means your clients can pay via credit or debit card easily through a secure platform. 

2. Accounts Reconciliation 

Use ZarMoney to automate your accounts reconciliation system. Through this capability, you can leave it to the tool to match and verify your transactions with your records. It matches your invoices to your bank statement and spots discrepancies automatically, saving you a lot of time and hassle. At the same time, you can count on maintaining perfect financial records for clean auditing down the line. 

3. Smart Collection

ZarMoney streamlines your payment collection process by bringing everything online. You can use it to send invoices online and set reminders in case of late payments. You can also accept ACH payments as well as partial payments, adding to the ease of your customers. In addition, you can allow partial payments of invoices and let customers know of the outstanding amount. You can also set recurring invoices for repeat/frequent clients, without having to create and send invoices every time a bill is due.

Price Plans

  • Entrepreneur: $15 / month / 1 user 
  • Small Business: $20 / month / 2 users
  • Enterprise: $350 / month / 30+ users 
  • Free trial available

Pros

  • It removes errors and delays from the account reconciliation process
  • With it, you can send notifications about payment status to customers through text as well as email
  • It creates visual financial reports to give you an overview of your performance

Cons

  • The app does not offer a free plan

Integrations 

  • AutoEntry
  • PayPal
  • Stripe
  • Google Calendar
  • QuickBooks Payment
  • Braintree
  • CyberSource
  • Authorize.Net
  • Gusto
  • Mailchimp
  • Zapier
  • Shopify

Average Rating from Top 3 Software Directories 

ZarMoney’s average rating, according to the top three software directories, stands at 4.73.

Testimonials

Here are some testimonials from users of the app: 

Customer Support Options 

  • Knowledge Base
  • FAQs/Forum
  • Phone Support
  • Email/Help Desk
  • Chat
  • 24/7 (Live rep)

Support Platforms

  • Web
  • Mac
  • Windows
  • Linux
  • Chromebook

Bottomline 

Use ZarMoney to automate your payment cycle from the first step of sending quotes and estimation, through invoicing and billing, all the way to account reconciliation and tax filing. This tool offers a user-friendly and intuitive dashboard through which you can monitor your financial status and learn about your outstanding payments. You can use it to have complete control over and visibility into your accounting system while removing inaccuracies and delays from the process altogether, at what are very affordable rates.

2. Bill.com

Product Overview

Bill.com is a solid tool for streamlining your account receivable process. It comes with useful features including invoicing, invoice tracking, recurring invoices and more to put you on top of your incoming bills. At the same time, you can use it to manage your payables. It’s a win-win since you do not have to purchase more than one tool to manage your financial operations. 

With Bill.com, you can consolidate a modern payment collection system as the app claims you can use it to get paid three times faster than before. Mostly, it does that by providing several convenient payment options, including electronic payment through popular payment platforms like PayPal. It also enables you to accept ACH payments at a flat-rate. If customers are late in sending their bills, you can nudge them through a gentle reminder; this, too, is automated and you can remind customers to pay without much manual work.

The app is also easy to use for the most part, which makes it ideal for individuals or teams looking for simpler tools. You can start using it right away from the comfort of your phone screens. While it offers additional features such as account reconciliation, efficient data entry and more, you can also expand its functionality through the many third-party integrations it provides. This software uses Artificial Intelligence and machine learning to manage your financial system. A big advantage of that is it learns your preferences and improves its processes to meet your specific requirements the more you use it.

Features

  • Activity Dashboard
  • Alerts/Notifications
  • Bank Reconciliation
  • Billing & Invoicing
  • Budgeting/Forecasting
  • Cash Flow Management
  • Check Processing
  • Check Writing
  • Credit Card Processing
  • Data Import/Export
  • Data Security
  • Debit/Credit Card Processing
  • Duplicate Payment Alert
  • Electronic Funds Transfer
  • Mobile App
  • Mobile Payments
  • Multi-Currency
  • PO Reconciliation
  • Real Time Data
  • Spend Management
  • Tax Calculation
  • Third Party Integrations
  • Time & Expense Tracking

Top Three Features

The top three features of Bill.com include:

1. Professional Invoices 

Use Bill.com to prepare professional invoices. You can choose from the several existing templates and customize them according to your needs. Add your logo to the invoice for branding purposes; also, automate the fields from the database to ensure the invoice is accurate. Each invoice is assigned a unique number or serial, which helps you track it easily. Send them to customers online or via mail to receive quick payments.  

2. Recurring Invoices

Avail yourself of the excellent flexibility offered by Bill.com to set recurring payments. You have complete authority to schedule the invoice per the data and frequency of your choosing. You can also add payment terms to the recurring invoice and generate them in advance, to be sent at a later date. This helps you manage your transactions with regular clients effortlessly.

3. Invoice Tracking

Bill.com allows you to track your invoices and learn whether they are sent or not as well as the date they were delivered to the customers. You can also use the search filter in the app to find out the status of a particular invoice and receivable. To tackle unpaid invoices, you can set automated alerts to remind customers it is time to pay.

Price plans

  • Essentials – $39 / user / month
  • Team – $49 / user / month
  • Corporate – $69 / user / per month
  • Enterprise – Custom quote

Pros

  • It is easy to set up this app 
  • You can also use to track your accounts payable 
  • It allows multiple team members to work simultaneously on the app

Cons

  • The invoice filtering system can be complicated for new users
  • The website can hang sometimes, leading to frustration
  • It does not offer many customizations 

Integrations

  • PayPal  
  • Salesforce Sales Cloud  
  • FreshBooks  
  • Rippling  
  • Quickbooks Online  
  • Xero  
  • Expensify  
  • NetSuite  
  • Pipefy  
  • Sage Intacct  
  • TravelBank  
  • Brightpearl  
  • Hybrent  
  • Bizinta  
  • Dext Prepare  

Rating 

Bill.com’s average rating per top software directories stands at 4.1.

Testimonials

Here are some reviews from customers of the app:

Customer Support Options

  • FAQs/Forum
  • Phone Support
  • Email/Help Desk
  • Chat
  • Knowledge Base

Support Platforms

  • Android
  • iPhone/iPad

Bottomline

Bill.com enables you to track and manage your account receivables easily. It is easy to use and offers relevant features such as status tracking and filtering to help you learn where your finances stand and what customer payments are overdue. It offers a mobile app which empowers you to use it on the go and review your account receivable no matter where you are. It also automates most of the processes so you can use it to save yourself precious time.

3. QuickBooks

Product Overview

QuickBooks is a flexible accounts receivable app that you can use to manage your incoming bills easily. With multiple useful functions on offer, this app remains one of the most popular options in the market for businesses. It provides you invoicing capability which you can use to create and send professional invoices to customers all over the world. You can also track your unpaid invoices and send reminders to customers via email. The multi-currency option enables you to skip the hassle of manual currency conversion and tracking financial records. You can count on maintaining a clear and accurate audit trail.

In addition, QuickBooks allows you to set recurring invoices. You do not have to prepare and send invoices every time you need to bill repeat customers. Instead, you can simply adjust the settings to send recurring invoices to customers per the frequency and date of your choosing. Since the process is automated, the app removes the need for manual work and frees up your time to focus on more value-added tasks.

You can get your hands on financial reports as well to learn about your financial status. It gives you a 360-degree view into your cash flow, allowing you to make better decisions. You can also get customized reports depending on what figures you want to learn; it comes in handy to gain specific business insights.

Features

  • Accounting
  • Activity Dashboard
  • Automatic Billing
  • Compliance Management
  • Data Import/Export
  • Donor Management
  • Expense Tracking
  • Invoice Management
  • Multi-Currency
  • Payroll Management
  • Sales Tax Management
  • Third Party Integrations
  • Time Tracking

Top Three Features

The top three features of QuickBooks include:

1. Multi-currency Invoices

QuickBooks comes with a multi-currency option which means you can send invoices to customers in various locations around the world. Just choose from the different currencies available and assign them to specific customers and the types of accounts and bill them accordingly. 

2. Recurring Invoices

To cater to your regular clients, QuickBooks allows you to schedule recurring invoices. You can set automatic payment schedules, determine the interval and the dates on which to send invoices. You can also enable the app to deliver emails to customers along with invoices so they can track their bills and pay on time.

3. Cash Flow Statement 

QuickBooks provides you with cash flow statements to help you track your expenses. At a glance, you can learn your incoming expenses - that is, accounts receivable – in addition to outgoing expenses. With this information available, it becomes easy to decide when to spend money, how much to spend, and whether to borrow or not. 

Price Plans

  • Simple Start - $8 / month / user
  • Essentials - $12.50 / month / 3 users
  • Plus - $17 / month / 5 users + accountant
  • Free trial available

Pros

  • It is a user-friendly app 
  • It prepares custom reports to help you learn about your financial position 
  • It is affordable 

Cons

  • The software updates frequently and some customers have complained of bugs
  • The customer support can be slow to respond
  • It is expensive for a sole business owner

Integrations

  • PayPal  
  • WordPress  
  • Mailchimp  
  • Salesforce Sales Cloud  
  • Acuity Scheduling  
  • QuickBooks Time  
  • Wix  
  • Shopify  
  • Eventbrite  
  • Gusto  
  • Vagaro  
  • Housecall Pro  
  • TaxDome  
  • Rippling  
  • Zoho CRM  
  • Zapier  
  • ClockShark  
  • Pipedrive  
  • Square Point of Sale  
  • PayPal Zettle  
  • Freshdesk  
  • Procore  
  • ShippingEasy  
  • ActiveCampaign  
  • Emburse Certify Expense  

Average Rating from Top 3 Software Directories

QuickBooks’ average rating per the top 3 software directories stands at 4.2.

 

Testimonials

Here are some reviews from customers of the app:

Customer Support Options

  • Email/Help Desk
  • FAQs/Forum
  • Knowledge Base
  • Phone Support
  • 24/7 (Live Rep)
  • Chat

Support Platforms

  • Web
  • Mac
  • Windows
  • Android
  • iPhone / iPad

Bottomline

Use QuickBooks to manage your accounts receivable on an intuitive, user-friendly dashboard. The app offers convenient options to help you bill customers internationally with its multi-currency capability. You can also learn your cash flow position easily and further use it to perform critical accounting functions including expense tracking, importing bank feeds, sales tax calculation and more. Its features are wide-ranging and flexible so you can try it out if you have comprehensive accounting needs.

4. Upflow

Product Overview

Upflow is a very specialized software with one central objective: to help you manage your accounts receivable. It is mostly geared towards B2B companies to help them track their invoices and expedite the payment process. You can use it to resolve the issue of overdue invoices if you face it every month. You can also use it to streamline your cash collection process by automating it.

With Upflow, you no longer have to chase after customers to clear their unpaid and overdue invoices. You also do not have to invest time typing up and delivering late payment notices. Just use the app to send personalized late payment notices; choose from the available templates and adjust the settings to send it once an invoice becomes overdue. While this software helps you get paid faster, it also enables your customers to have a streamlined payment experience. They can choose from multiple payment options including wire transfer, credit card and ACH. You can integrate with any of the popular accounting tools such as Xero and QuickBooks to perform accounting functions easily as well. 

Upflow makes tracking invoices an effortless process. You can store all your invoices in a central online workspace and add relevant team members so they can access financial records on time for quick collaboration and improved customer service. You can count on a smooth workflow with this tool that helps save you considerable time and hassle. It also has a financial forecasting feature which helps you plan for effective growth.

Features 

  • ACH payment processing
  • Automated notices
  • Billing & invoicing
  • Customer statements
  • Data security
  • Debit/credit card processing
  • In-house collections
  • Invoice management
  • Mobile payments
  • Online payments

Top Three Features

The top three features of Upflow include:

1. Real-time Cash Flow Tracking 

Upflow gives you a real-time view into your accounts receivable. The app has a dashboard which gives you an overview of your bills, keeping you up to date with what’s due and what’s overdue. This information gives you an overview of your cash position and helps you analyze your finances. You can also track how your business performance improves over time. 

2. Invoice Tracking

Use Upflow to track the status of your invoices easily. With this feature, it is possible to know the relevant details such as the customer name, invoice number, amount as well as the due date. The app also informs you when customers view their invoice and alerts you when they are paid and when an invoice payment crosses the due date. In addition, you can also learn about your upcoming invoices at a glance.

2. Personalized Reminders

Through Upflow, you can send personalized reminders to customers when their invoice becomes overdue. The positive point is that you do not have to sit down to draft and send personal emails to each customer. Rather, you can simply use the app to send automatic yet personalized reminder emails. Choose from the pre-written templates and insert the customer’s name right from your online database to resolve overdue invoices in an amicable manner.

Price Plans

  • Accounting software - $0
  • Credit card processing - $0.30 + 2.9% per transaction
  • Bank payment/ACH processing - 1% per transaction ($1 minimum fee)

Pros

  • The app helps you learn your invoice status at a glance
  • It comes with a free trial
  • It is easy to use 

Cons

  • It has limited options for customization 
  • It does not have a mobile app
  • The support options are restricted 

Integrations 

  • Quickbooks
  • Xero  
  • NetSuite  
  • Stripe
  • Chargebee  

Average Rating from Top 3 Software Directories 

Upflow’s average rating from the top 3 software directories stands at 4.76.

Testimonials

Here are a few customer reviews to give you an overview of the user experience:

Customer Support Options 

  • FAQs/Forum

Support Platforms

  • Web

Bottomline

Upflow empowers you to automate your accounts receivable system. While you may find its functions somewhat limited as compared to other options in the market, you can certainly use it for managing your incoming bills effectively as that’s what the app promises as its core feature. Plus, you can always integrate it with a third-party accounting tool to carry out other accounting tasks. It will help you speed up your payment process and make the most of your business hours.

5. NetSuite

Product Overview

NetSuite is an online accounts receivable software that helps you keep complete track of your incoming payments leveraging the power of automation. You can upgrade your manual systems of invoicing and payments as it helps you shift your operations online. It comes integrated with several useful third-party applications as well, that enable you to expand its functionality to do more tasks successfully. Furthermore, its inbuilt features are also wide-ranging so you can rely on this app for your inventory management, order processing, production, warehouse management and more.

With NetSuite, you can gain complete visibility of your incoming and outgoing money. You can modernize your general ledger by bringing it online. As the app tracks your transactions automatically, it also updates your ledger easily, requiring minimal manual efforts. Since everything is recorded automatically, you will get accurate financial records. You also have complete control over your cash flow since you can view changes as they happen, and make quick business decisions accordingly.

It is easy to set up and learn NetSuite, per most client testimonials; this adds to the tool’s appeal. Its dashboard is accessible for the general user with little in-depth knowledge of accounting functions and numbers. Since data is presented in a visual format, you can understand it effortlessly. Also, you can use its features of financial reporting and global tax calculation to put your cash flow in order with minimum hassle.

Features

  •       1099 preparation
  •       Accounting
  •       ACH payment processing
  •       Audit trail
  •       Bank reconciliation
  •       Billing & invoicing
  •       Budget management
  •       Electronic funds transfer
  •       Expense management
  •       Financial reporting
  •       Income & balance sheet
  •       Online payments
  •       Order fulfillment
  •       Tax management

Top Three Features

The top three features of NetSuite include:

1. Tax Calculation 

NetSuite helps you do tax calculations for each invoice. This facilitates quick and accurate tax processing and billing. You can post order transactions to your AR and general ledgers automatically, saving time and eliminating inaccuracies. Since the accounts receivable process is completely automated, you can move from a manual system and start dealing in digital receipts and invoices for easy tracking online.

2. Revenue Recognition

Use NetSuite to automate your revenue allocation, scheduling, and reporting process. The feature is called revenue recognition and it helps you define the rules for the service or product you offer to customers so you can add the terms and conditions to the client’s contracts effortlessly. This step helps you collect revenue smartly as well as transparently. The revenue is calculated relying on pre-defined schedules and helps you comply with crucial regulations including ASC 606, IFRS 15, and others. 

3. Reporting 

 

NetSuite helps you gain critical insights into the performance and health of your business through its capable financial reporting feature. You can go to the dashboard and customize it to display the information you wish to review. You can also get reports about your KPIs and get other information related to invoice analysis, recurring invoices, customer aging, recognized revenue calculation and more in real-time.

Price plans

  • NetSuite WMS has pricing plans starting from $499 per month.

Pros

  • It is easy to set up and implement
  • You can scale up and down depending on the evolving needs of your business
  • Its reporting feature is very comprehensive

Cons

  • The search filter is not very quick in locating the information you require
  • The user interface appears outdated
  • It does not come with a free trial

Integrations

  •       NetSuite CRM
  •       Cloud Analytics
  •       Tontine
  •       Affirm
  •       Delphi AI
  •       Neuron ESB
  •       Hotglue
  •       Pacejet

Average Rating from Top 3 Software Directories

NetSuite’s average rating, per the top 3 software directories, stands at 4.03.

 

Testimonials

Here are a few customer reviews to give you an overview of the user experience:

Customer Support Options

  •       Email/Help Desk
  •       FAQs/Forum
  •       Knowledge Base
  •       Phone Support
  •       24/7 (Live Rep)
  •       Chat

Support Platforms

  •       Web
  •       Android
  •       iPhone
  •       iPad

Bottomline

NetSuite is a cloud-based accounts receivable software that can come in handy not just for small businesses but also enterprises. That’s because the tool offers extensive capabilities that enable users to manage multiple accounting and bookkeeping functions not just limited to accounts receivable. If you have large business needs and wish to use only one tool to manage your accounts receivable and conduct other operations as well, you can look into it. 

6. Zoho Books

Product Overview

Zoho Books is a cloud-based accounts receivable software using which you can track your cash flow effectively from the convenience of a screen. You no longer have to send email chains or worse, make phone calls in order to get paid; this tool allows you to not just send invoices but also deliver automated reminders in order to hurry up the payment process. Like other software, it uses automation to handle invoicing and other tasks, leaving you free to accomplish other work.

Furthermore, Zoho Books also helps you collaborate with your accountants on the online dashboard effortlessly. By bringing them on the same dashboard, you can ease tax filing and other processes since everyone would have access to payment receipts and transaction history with just a few clicks. It is a secure platform so there are no worries about data privacy. You can use the permissions/control feature to set accessibility checks, allowing only relevant personnel to access sensitive information. 

Since Zoho Books is cloud-based, it updates your financial records regularly, keeping the audit trail up to date as well as accurate. You can use it to cater to clients from various locations, since it is compatible with multiple currencies. You can also rely on Zoho Books for cash flow management, recurring invoice generation, purchase order management and balance sheet management. It’s a comprehensive tool which comes at a very affordable rate, making it a popular choice especially among freelancers and small business owners. 

Features 

  • Accounting
  • Accounts Payable and Receivable
  • Accrual Accounting
  • Bank Reconciliation
  • Billing & Invoicing
  • Compliance Management
  • Contact Management
  • Data Import/Export
  • Electronic Payments
  • Expense Tracking
  • General Ledger
  • Invoice Management
  • K-12
  • Project Accounting
  • Purchase Order Management
  • Purchasing & Receiving
  • Receipt Management
  • Task Management
  • Tax Management
  • Third Party Integrations

Top Three Features

The top three features of Zoho Books include:

1. Invoicing 

Zoho Books offers various invoice templates which you can use to create professional invoices with just a few clicks. There is no need to invest extra time on paperwork; simply send digital receipts to the customers with accurate information via email. It saves you time as well as hassle. 

2. Multi-channel Payment 

Through Zoho Books, you can allow your clients to choose from multiple payment channels. They can use the integrated payment gateways to pay their bills - through cash as well as cheque. As clients can pay using mainstream platforms, it adds to their convenience while also fast-tracking the payments for you.

3. Client Portal

Zoho Books comes with an integrated client portal through which you can communicate effortlessly with your customers. You can share their transaction history, estimates as well as invoices on the portal, which they can access easily after logging in. They can view their current bill status and process payments, individually as well as in bulk. You can also receive feedback on the portal and resolve problems for improved satisfaction.

Price Plans

  • Free - $0 (1 user + 1 accountant)
  • Standard - $10 / month (3 users) 
  • Professional - $20 / month (5 users)
  • Premium - $30 / month (10 users)
  • Free trial

Pros

  • It is affordable
  • Its cloud invoicing feature is very useful to cater to a diverse clientele
  • It comes with a mobile app, enabling on-the-go usage

Cons

  • It has a steep learning curve
  • Exporting data to an external source can be a complicated procedure
  • It does not offer cash flow prediction, as some other apps do

Integrations

  • Google Drive  
  • Slack  
  • Microsoft 365  
  • Google Workspace  
  • HubSpot Marketing Hub  
  • Stripe  
  • HubSpot CRM  
  • Zoho CRM  
  • Zapier  
  • Square Payments  
  • Zendesk  
  • Zoho Desk  
  • Wrike  
  • Zoho Expense  
  • Zoho Books  
  • Pipefy  
  • ServeManager  
  • Insightly  
  • Zoho Analytics  
  • Zoho Projects  
  • Infraspeak  
  • Authorize.Net  

Average Rating from Top 3 Software Directories

Zoho Book’s average rating from the top 3 software directories stands at 4.43.

Testimonials

 Here are some reviews from customers of the app:

Customer Support Options

  • Email/Help Desk
  • FAQs/Forum
  • Knowledge Base
  • Phone Support
  • Chat

Support Platforms

  • Web
  • Windows
  • Android
  • iPhone / iPad

Bottomline

Zoho Books gives you accounts receivable functionality alongside several other accounting functions that you can use to streamline your client billing and payment processing system. You can use this tool to oversee your incoming money, send invoices, and track your expenses, among other things. You can try out its free plan to determine if its capabilities match your needs. 

7. Wave

Product Overview

Wave Accounting is an accounting tool that enables users to manage their invoices, incoming bills and other financial processes easily. The app is user-friendly as well as easy to set up, which means you can switch to it in little time and with minimal hassle. It also provides mobile apps, compatible with iPhone as well as Android; with this option, it becomes possible to log into your account on the go and perform tasks such as sending and viewing invoices, communicating with customers, delivering email reminders and more. The dedicated invoicing app sets it apart from other software.

Notably, Wave Accounting offers unlimited income and expense tracking capabilities – meaning there is no cap to the number of transactions or bills you can monitor through this app. It also provides useful functions such as payment terms, double-entry accounting, and customizable invoice templates to simplify your work process. You can also add multiple users to the dashboard of the app, enabling smooth communication within your team. As you do that, the permission-based controls help you ensure privacy.

When you begin exploring Wave Accounting, you will realize that, as compared to other tools in the market, it has limited capabilities. This is especially so if you opt for the basic plan. However, it does offer useful third-party integrations which you can rely on to expand the software’s functionality. 

Features 

  • ACH payment processing
  • Account reconciliation
  • Accounts payable and receivable
  • Automatic billing
  • Bank reconciliation
  • Billing and Invoicing
  • Budgeting
  • Cash flow management
  • Credit card processing
  • Currency conversion
  • Customer statements
  • Customizable branding
  • Customizable templates
  • Electronic payments
  • Email reminders
  • Expense tracking
  • Financial reporting
  • Income & balance sheet
  • Online invoicing
  • Invoice management
  • Mobile app

Top Three Features

The top three features Wave include:

1. Invoice Tracking

 

Wave Accounting allows you to track your invoices through the online portal. You only have to look at the dashboard to discover pertinent details at a glance including when the invoice was sent, viewed, paid or became overdue. You can also learn the amount paid or to be paid and the customers’ name. With such visibility, it becomes easier to manage the cash flow. 

2. Invoice-on-the-Go

You can use the mobile app that Wave Accounting offers to generate and deliver invoices through your phone. With such convenience, you can speed up the process of sending invoices, thereby expediting the payments. The mobile app is free which means you only have to download it on your phone, whether you use Android or iPhone, and keep track of your invoices easily. 

3. Transaction History 

Wave Accounting offers you a detailed dashboard and database, through which you can keep complete records of your customers’ history with you. At a single click, you can find out their transaction history, payment patterns, and the communication that took place. Relevant team members can access the required data on time to deliver improved customer service. 

Price Plans

  • Accounting software - $0
  • Credit card processing - $0.30 + 2.9% per transaction
  • Bank payment/ACH processing - 1% per transaction ($1 minimum fee)
  • Free trial

Pros

  • It comes with a completely free plan
  • It is user-friendly
  • The reporting feature is comprehensive 

Cons

  • It offers limited features as compared to other solutions in the market
  • The app can lag at times
  • Importing bank transactions can be cumbersome process

Integrations 

  • Google Drive  
  • PayPal  
  • Gmail  
  • Google Forms  
  • Stripe  
  • HubSpot CRM  
  • Zapier  
  • HoneyBook  
  • Freedcamp  
  • Microsoft Outlook  
  • Avaza  
  • ServeManager  
  • Genesis Chiropractic Software  
  • Pixifi  
  • noCRM.io  
  • Shoeboxed  
  • Insightly  
  • Formstack Documents  
  • Sakari  
  • Contractbook  
  • BookingKoala  
  • Cognito Forms  
  • CallTrackingMetrics  
  • Payment Rails  
  • CartonCloud  

Average Rating from Top 3 Software Directories 

Wave’s average rating from the top 3 software directories stands at 4.4.

Testimonials

Here are some testimonials from users of the app:

Customer Support Options 

  • FAQs/Forum
  • Email/Help Desk
  • Chat
  • Knowledge Base

Support Platforms

  • Web
  • Android
  • iPhone/iPad

Bottomline

Wave Accounting offers multiple accounting features, in addition to managing your incoming money. You can use it to send invoices, do your bookkeeping and manage your finances easily. It helps speed up the process of accounting and remove errors that manual systems are prone to. Since it comes with a free plan, users who want to use an accounts receivable software but without investing upfront can try it out and discover if it fulfills your specific requirements or not. 

Part B - Table Comparison

 

ZarMoney

Bill.com

QuickBooks

Upflow

NetSuite

Zoho Books

Wave

1099 preparation

ACH Payment Processing

Access controls/permissions

Account Reconciliation

Accounts payable & receivable

Audit trail

Budgeting/forecasting

CPA firms

Check processing

Credit card processing

Customer Statements

Customizable invoices

Document Management

Duplicate Payment Alert

Mobile payments

Reporting/analytics

Third-party integrations

Customer Support on Phone

Free Trial

Pricing (Starting From)

$15

$39

$8

$0

$499

$0

$0

Part C - Best of Best FAQs

  • What is the most suitable accounts receivable software overall? 

ZarMoney is our tool of choice for managing accounts receivable. That’s because the app is accessible, flexible and scalable. You can use it to manage your cash flow easily, while also maintaining cordial customer relationships through intuitive features such as smart alerts. It offers exceptional automation capabilities which helps you shift to a computerized system from a manual one. The result is an accurate as well as speedier accounting system. 

  • What is the most suitable accounts receivable software for enterprises? 

We recommend NetSuite to enterprises considering that the tool not only helps you with invoicing but also caters to multiple other requirements such as inventory management, order processing, customer relationship and more. If you invest in NetSuite, you can access a range of features and scale up and down, depending on your requirements. Although quite pricey, it is a convenient option if you wish to have all the features you need on a single platform. 

  • What is the most suitable accounts receivable software for freelancers?

We recommend Wave Accounting to freelancers because the app offers the core feature of managing your accounts receivable without the clutter of additional functions you do not want to use or invest time in. It is also an affordable tool, considering it comes for free so you can certainly try it out as a freelancer and decide if it works for you.

Conclusion

In this blog, we provided you with the top seven accounts receivable software to consider in 2022. We investigated each software in depth, starting off with their overview and then diving deep to explore their top features, pros and cons, pricing tiers, compatible platforms and devices, among other things. This detailed analysis is meant to arm you with the right information so you can make an informed decision when it comes to choosing the most suitable accounts receivable solution for your needs.

We suggest that you consider our table comparison and FAQs as well to get a clear sense of where your requirements lie. At a glance, you can understand whether a tool will be able to deliver what you need. If not, you can move on to the next option. Comparison always helps. With multiple useful tools available in the market, it is your prerogative to do your due diligence before deciding to invest. We hope this blog steers you in the right direction to do just that.

As a parting note, we recommend that you try out ZarMoney since the app is scalable, user-friendly as well as flexible. It will help you meet your present as well as future needs, considering the comprehensive features it comes with. We wish you luck on your journey of choosing and using an accounts receivable software.

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