6 Best Accounts Receivable Software for Small Businesses

Preventing overdue payments and skillfully handling clients who pay late is an accounts receivable task. We’re going to show you how to improve cash flow in small businesses here in this guide so you can stay ahead of issues and build up a safety net or invest in future opportunities. That’s why more and more small and mid-sized businesses are working smarter with the help of AR automation software, like InvoiceSherpa. By leveraging your technology you’re equipped with an advanced tool designed to transform the way you manage receivables.

1. We have a proven track record of success for clients in the communications, financial services, government, healthcare, insurance, property management, retail, travel/hospitality, and utility industries.
2. We’re going to show you how to improve cash flow in small businesses here in this guide so you can stay ahead of issues and build up a safety net or invest in future opportunities.
3. Is your accounts receivable process efficient enough to guarantee your payments in a timely manner?
4. While increasing revenue and recovery is the fundamental core of our business, we understand the importance of cultivating a positive experience.

What are Accounts Receivable metrics and KPIs?

Accounts receivable management refers to the process of managing and tracking the payment due from customers for the goods and services purchased on credit. It includes tasks such as tracking invoices, collecting payments, examining and mitigating credit risks, and resolving disputes. A well-designed, robust accounts receivable management system helps you navigate these challenges, ensures timely payments from customers, and strengthens both credit management and customer relationships.

What is process mining?

Technology is increasingly being leveraged in the AR process to improve efficiency, reduce errors and enhance the overall performance. Receivable management software provides automation of invoicing, tracking and collections, which helps save significant time and resources. Take your accounts receivable management processes to create team capacity by removing manual processes, what are the differences between job costing and contract costing and gain critical decision intelligence to drive value. Maintaining customer master data, and storing it in a centralized data-based system, is another example of how modern accounting can improve accounts receivable management. Finally, days-sales-outstanding is calculated as the average number of accounts receivables divided by sales and then multiplied by 365.

Download our Free Debt Collection Guide

For example, a business that specifies “2/10 Net 30” terms on their invoices is offering a 2% discount off the invoice’s total amount if paid within 10 days. Our staff of experienced, professional AR specialists are economic efficiency trained to manage your receivables while treating your customers with patience and respect. We provide a seamless experience for your customers, many of whom never realize we exist as a separate company.

As money being a significant resource, these services hold a crucial position for the aspects of maintaining a healthy cash flow and reducing bad debts, which in turn, contribute to the overall profitability. By reducing underpayments and uncollectible invoices, AR teams can improve revenue trade discount – definition and explanation protection. Labor productivity can be improved by reducing invoice errors, disputes and rejections. And, AR staff can ensure compliance and mitigate risk through better fraud detection and maintaining internal controls.

These terms outline the due date for customer payments and they often depend on the creditworthiness of the customer. The type of service chosen depends on the complexity of the business, the volume of transactions, the resources available, and the strategic importance of receivables management to the business. The ultimate goal should always be to optimize the receivables management process for the maximum benefit of the business.

ConServe’s innovative collection solutions have helped Clients maximize recoveries and reduce defaulted accounts. Extend the reach and effectiveness of your collection team with a custom solution to meet your unique needs. Those pressures have only intensified with the dramatic rise in inflation that followed and a looming global recession. Through award winning programs, Talent and Development is designed to provide foundational knowledge and skills in compliance, AR technology and effective call handling skills.