The Best Solutions for Accounts Receivable/Payable in 2021

November 15, 2021

Finding that your accounts receivable/payable solution isn’t cutting it? Maybe it doesn’t have the features you need or the power you want.

A growing business needs to satisfy the tastes and preferences of its customers. Accounts receivable for a company that already has a large customer base can be a challenging, time-consuming, and labor-intensive process. 

Software that facilitates and performs the task of optimizing the process of billing and payment of customers accurately, transparently, quickly, and efficiently is essential for any business. 

In this article, we will analyze the best accounts receivable software available in 2021. We will compare their features and benefits so you can choose the best one for you and your business.

Let’s go over the best accounts receivable solutions in 2021:

• YayPay
• QuickBooks
• Xero

YayPay

YayPay is a cloud-based accounts receivable (AR) solution.  It is designed for various industries such as wholesale, manufacturing, consulting, and IT outsourcing. 

YayPay provides a complete history with your customers, predicts future payments based on collected transaction data, and much more. YayPay automates collection tasks, including payment reminders and internal escalations. 

Features: 

• Includes a dashboard, reports, analytics, collection communications, and a control panel where users can view real-time outstanding invoices, payment prediction, and automated collection activity.
• Provides a complete history of your transactions and communications with your customers.
• Offer your customers a variety of payment options, allowing you to get paid faster. 
• Business intelligence tools that enable the creation of useful reports to predict the number of future payments. 

YayPay’s predictive algorithms allow users to visualize priority payables. In addition, the solution offers AR management including credit risk assessment for payers and payment behavior history.

YayPay is an industry-leading accounts receivable solution with excellent customer service experience reviews from users. This software is recommended for medium to large businesses. It has multi-currency functionality and offers online support via email, live chat, and phone. 

Bill.com

Bill.com is a cloud-based software that helps simplify, digitize and automate financial administrative processes for small and medium-sized businesses. With this tool you will be able to manage your cash inflows and outflows efficiently making manual processes that were previously done on paper obsolete. 

This tool will allow you to optimize your financial workflow, generate and process invoices, optimize approvals, send and receive payments, synchronize with your accounting system and much more. 

Features:

• Payment processing
• Document management
• Mobile platform
• Cash flow control
• Electronic payments and electronic checks
• Governance

Bill.com is a provider of accounting software to manage accounts payable and accounts receivable for any type of business, especially accounting firms and banks.  

It is recognized in the accounting software industry by financial institutions such as Merrill Lynch, Bank of America, PNC Bank, and American Express. Started in 2006 by Rene Lacerte, Bill.com facilitates payment processing from approval to collection.

Plooto

Plooto is an online payment management system that can integrate with leading accounting software such as QuickBooks and Quickbooks online to provide end-to-end AP and AR automation. It is ideal for accounting, bookkeeping professionals, and small to medium-sized businesses looking to make accounts receivable processes simpler and more cost-effective. 

One of the features that make Plooto stand out among other online payment accounting systems is that customers or vendors can make payments even if they do not have a Plooto account.

Features:

• Simplify workflow via cell phone.
• Integration with QuickBooks and Xero
• Customize approval levels
• Accounts payable and accounts receivable automation
• Cash flow control

Plooto allows you to get rid of tedious and repetitive manual data entry and output work. This accounting system will help you save your staff countless hours of work so you can spend your time on other important aspects of your business. 

Get the Right Solution

It is essential to keep track of the accounts receivable of a company or business. This allows you to build a reputation among customers and new customers. For a company that has a large number of customers, it is important to have the right tools to manage and facilitate accounts receivable processes.

These three accounts receivable solutions have helpful features to help you manage your AR/AP effectively and efficiently. They have a complete interface, remarkable tools, and an excellent reputation in the industry. 

Whether you’re looking to migrate your data from a legacy to a modern solution, or would like to know more about your options, these three are fantastic starting points.