Accounts receivable software can help you track invoices and collect the money that customers owe your business. The best options will help you streamline and automate these processes, allowing you to get paid faster and better manage cash flow. Accounts receivable automation through software can make it easier to collect online payments for your invoices, remind customers to pay outstanding bills, keep accurate books and pull useful reports for business insights.
Some small-business accounting software solutions like QuickBooks Online and Xero include tools to help you manage accounts receivable in addition to your many other accounting needs. On the other hand, dedicated accounts receivable platforms can offer a greater level of control and automation — working in sync with accounting software — and hopefully, save you time and money.
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Here are NerdWallet’s picks for the best accounts receivable (AR) software for small businesses.
Best Accounts Receivable Software
Product | Promotion | Learn more | ||
|---|---|---|---|---|
QuickBooks Online Learn more on QuickBooks Online's secure website | 5.0/5 Best for All-in-one solution | $35/month Additional pricing tiers (per month): $65, $99, $235. | 50% off for first three months or free 30-day trial. | Learn more on QuickBooks Online's secure website |
Xero Learn more on Xero's secure website | 5.0/5 Best for All-in-one solution | $15/month Additional pricing tiers (per month): $47, $80. | 30-day free trial or monthly discount (terms vary). | Learn more on Xero's secure website |
FreshBooks Learn more on FreshBooks' secure website | 4.5/5 Best for All-in-one solution | $19/month Additional pricing tiers (per month): $33, $60, custom. | 30-day free trial or monthly discount (terms vary). | Learn more on FreshBooks' secure website |
StaxBill Learn more on StaxBill's secure website | Best for Subscription businesses | $199 Additional pricing tiers (per month): $399, custom. | N/A | Learn more on StaxBill's secure website |
Quadient AR by YayPay | Best for Reporting and analytics | N/A Quote-based. | N/A | |
Invoiced | Best for Robust features | $39/month Additional pricing tiers (per month, billed annually): $199, $499, custom. | 30-day free trial | |
Bill.com | Best for Bundling receivables and payables | $45/month Per user. Additional pricing tiers (per user, per month): $55, $79, custom. | N/A | |
Plooto | Best for Low-cost option | $24/month Additional pricing tiers (per month): Custom. | 30-day free trial |
Our picks for
All-in-one solution
Many of the popular and more robust accounting software solutions on the market include invoicing or accounts receivable features, which helps to consolidate your software and the number of providers you deal with. Going with an all-in-one solution means you don’t need to worry about finding accounts receivable software that integrates with your accounting software.
QuickBooks Online
Learn more
on QuickBooks Online's secure website
Starting at
$35/month
Additional pricing tiers (per month): $65, $99, $235.
Promotion
50% off
for first three months or free 30-day trial.
QuickBooks Online is an industry leader in the accounting field, thanks to its strong feature set, scalability and ability to accommodate small businesses with more complex financial needs. With millions of users worldwide, your accountant will likely be familiar with it.
Pros
- Easy to share information with your accountant and to find QuickBooks experts and online resources if needed.
- More than 750 app integrations.
- Robust feature set includes record-keeping, reporting, invoicing and inventory management, plus a capable mobile app.
- Chat and phone support available Monday through Saturday in all plans.
Cons
- Expensive compared with the competition.
- Frequent price increases and a tendency toward upselling.
- Limited account users with each plan.
Xero
Learn more
on Xero's secure website
Starting at
$15/month
Additional pricing tiers (per month): $47, $80.
Promotion
30-day free trial
or monthly discount (terms vary).
Xero allows unlimited users at every subscription tier, a valuable feature for businesses where several users may need at least limited access to the system to run reports or analyze performance. In terms of functionality and features, Xero is one of QuickBooks Online’s biggest competitors and has a more customizable dashboard that lets each user rearrange or hide panels.
Pros
- Unlimited users in all pricing plans.
- Integrates with more than 1,000 third-party apps.
- Feature set includes an excellent mobile app and suite of reports, capable invoicing features, plus automated bill and receipt capture through Hubdoc.
- Simple layout and easy to use.
Cons
- No phone number for customer support listed.
- Entry-level plan limits bills and invoices to five and 20 per month, respectively.
FreshBooks
Learn more
on FreshBooks' secure website
Starting at
$19/month
Additional pricing tiers (per month): $33, $60, custom.
Promotion
30-day free trial
or monthly discount (terms vary).
FreshBooks is a simple and affordable option for freelancers and very small businesses that don’t require many users and prioritize being able to operate on the go via mobile app. It’s an especially inexpensive choice for those who can work within the billable client limits on lower-tier plans. All plans include time tracking.
Pros
- Stay in touch with clients through the FreshBooks mobile app and get notified when invoices have been viewed or become overdue.
- Intuitive, customizable invoicing capabilities compete with those of more robust accounting solutions.
- Track time and add billable hours to invoices in all plans.
- Weekday phone support in all plans.
Cons
- Lacks features that quickly growing companies need, like audit trails for accountants to review.
- Highest-tier Select plan only comes with two users (additional users add $11 per month) and lower-tier plans put limits on billable clients.
- Least expensive plan lacks double-entry accounting reports, bank reconciliation and accountant access.
Our pick for
Subscription businesses
StaxBill
Learn more
on StaxBill's secure website
Starting at
$199
Additional pricing tiers (per month): $399, custom.
Promotion
N/A
Stax Bill’s software automates more than invoicing. It helps you manage the full subscription lifecycle with a customer self-service portal and pricing flexibility, takes the manual work out of recurring billing, eases the burden of recurring revenue management, offers over 40 reports that update in real time and more.
Pros
- Automation tools for retaining good customers, decreasing revenue leakage and chasing unpaid invoices.
- More than 40 automated reports, including an accounts receivable aging report.
- Direct integrations with big-name accounting software, like NetSuite and QuickBooks, as well as access to StaxBill’s API for integrations with additional third-party software.
- Access to Stax’s payment gateway and 0% markup processing rates (for an added monthly cost).
Cons
- Limited number of users allowed in Starter and Growth plans.
- Pricing is higher than other standalone accounts receivable solutions.
- Limited direct integrations with other software.
Our pick for
Reporting and analytics
Quadient AR by YayPay
Starting at
N/A
Quote-based.
Promotion
N/A
Quadient AR by YayPay offers accounts receivable automation software that includes a detailed business intelligence dashboard with data and analytics that can be used to monitor your financial health and drive future decisions. It also provides a customer relationship management tool and works with credit rating partners to monitor your customers’ creditworthiness in real time.
Pros
- Integrates with several billing and enterprise resource planning solutions.
- Includes advanced business intelligence analytics, providing financial insights to help manage cash flow and make informed business decisions.
- Assesses customers’ creditworthiness in real time using partnerships with credit rating companies.
- Includes customized onboarding process and account manager with the account.
Cons
- Lacks pricing transparency.
- No free trial.
- Only email-based customer support.
Our pick for
Robust features
Invoiced
Starting at
$39/month
Additional pricing tiers (per month, billed annually): $199, $499, custom.
Promotion
30-day free trial
Invoiced includes a wide range of functionality within its platform. With this software, you receive advanced tools for collections, customer management, payment plans and even API access. Invoiced integrates with QuickBooks and Xero, as well as other business tools, and offers multiple channels for customer support at the higher plan levels. Pricing is quote-based, however, so you’ll need to contact Invoiced to determine which plan tier your business requires and the cost of that plan.
Pros
- Robust out-of-the-box features.
- Automated collections software to manage customers and track payments across channels.
- Connects with a variety of payment gateways; offers internal payment processing as well.
- Email, live chat and phone-based customer support for the midsize and enterprise tier plans.
Cons
- Extremely limited features offered in the small business tier plan.
Our pick for
Bundling receivables and payables
Bill.com
Starting at
$45/month
Per user. Additional pricing tiers (per user, per month): $55, $79, custom.
Promotion
N/A
Bill.com is a user-friendly platform with competitive pricing, especially for small businesses that don’t need an enterprise-level solution. With Bill.com, you have access to the essential features you need to streamline accounts receivable: invoice tracking, automatic payment reminders and a customer payment portal.
Pros
- Plan options available that bundle receivable and payable software.
- Customize approval workflows for paying bills.
- Accept multiple payment methods from customers (ACH, card, check); sync received payments directly with your accounting software.
- Customer support available via live chat or call-back request.
- Mobile app available.
Cons
- Least-expensive plan includes manual integration only with accounting software.
Our pick for
Low-cost option
Plooto
Starting at
$24/month
Additional pricing tiers (per month): Custom.
Promotion
30-day free trial
Plooto is a low-cost choice for small businesses that want a dedicated solution to optimize the collection and payments process. Plooto is more affordable than some other options, especially considering the software includes unlimited users plus accounts payable features in addition to accounts receivable. Plooto also allows businesses to accept credit card payments from customers — an essential feature for many business owners.
Pros
- Affordable monthly cost.
- Unlimited users and accountants or bookkeepers.
- Software includes capabilities for both accounts receivable and accounts payable.
- 30-day free trial with 10 free domestic transactions included.
- Live chat and phone support.
Cons
- Integrates with QuickBooks and Xero only.
Our top picks for all-in-one accounting and accounts receivable software
QuickBooks Online: Best overall
- $35 per month for the Simple Start plan.
- $65 per month for the Essentials plan.
- $99 per month for the Plus plan.
- $235 per month for the Advanced plan.
Integrations: More than 750 software integrations available for managing business, sales, data, workforce and more.
Why we like it: As one of the top accounting software brands, QuickBooks just about does it all with solutions for accounting, payments, time tracking, inventory management and more. And if the functionality you’re looking for isn’t included in the company’s suite of products, then its extensive library of third-party software integrations will likely meet your needs. The ability to send invoices and accept payments is included with all QuickBooks Online plan tiers. Read our full QuickBooks Online review.
» MORE: Alternatives to QuickBooks
Xero: Best simple and affordable software
- $15 per month for the Early plan.
- $42 per month for the Growing plan.
- $78 per month for the Established plan.
Integrations: More than 1,000 applications in an easily searchable app store.
Why we like it: Like other full accounting solutions, Xero offers an invoicing tool that could serve your business's accounts receivable needs without introducing separate software. Xero allows you to automate some of the process with automatic payment reminders to customers and gives you the flexibility to send invoices and check payment status from the mobile app. The cheapest-tier plan limits the number of invoices you can send. Read our full Xero Accounting review.
» MORE: Top Xero alternatives
FreshBooks: Best for self-employed professionals
- $19 per month for the Lite plan.
- $33 per month for the Plus plan.
- $60 per month for the Premium plan.
- Custom pricing for the Select plan.
Integrations: More than 140 apps to help you manage customers, projects, finances, staff and more.
Why we like it: FreshBooks is another accounting software solution that includes the ability to send and track invoices and accept payments, thereby potentially fulfilling your accounts receivable needs. The software, like most in the space, enables you to set up automatic payment reminders and communications to your clients so you can focus your efforts elsewhere on your business. Many of its plan tiers are oriented to those who are self-employed or to smaller establishments with contract workers. Invoices are unlimited across plan tiers, but the Lite and Plus plans limit the total number of clients you can invoice. Read our complete FreshBooks review.
Our top picks for standalone accounts receivable software
Quadient AR by YayPay: Best for reporting and analytics
Price: Quote-based.
Integrations: NetSuite, Sage Intacct, SAP Business One, QuickBooks Online, Salesforce and more.
Why we like it: Quadient AR by YayPay is an accounts receivable automation software that includes a detailed business intelligence dashboard with data and analytics that can be used to monitor your financial health and drive future decisions. It also provides a thorough communication history section to manage relationships with your customers in one place. In addition, the company works with credit rating partners to monitor your customers’ creditworthiness in real time, a useful feature to help set your payment terms and manage cash flow.
Invoiced: Best for robust features
Price: Quote-based.
Integrations: NetSuite, QuickBooks, Sage Intacct, Xero and several specialty integrations, including Salesforce, Zapier and more.
Why we like it: Invoiced includes a wide range of functionality within its platform. With this software, you receive advanced tools for collections, customer management, payment plans and even API access. Invoiced integrates with QuickBooks and Xero, as well as other business tools, and offers multiple channels for customer support at the more advanced plan levels. Pricing is quote-based, however, so you’ll need to contact Invoiced to determine which plan tier your business requires and the cost of that plan.
Bill.com: Best for bundling receivables and payables
- $45 per user per month for the Essentials plan.
- $55 per user per month for the Team plan.
- $79 per user per month for the Corporate plan, which bundles accounts payable and accounts receivable.
Integrations: QuickBooks, NetSuite, Xero, Sage and Microsoft.
Why we like it: Bill.com is a user-friendly platform with competitive pricing, especially for small businesses that don’t need an enterprise-level solution. With Bill.com, you have access to the essential features you need to streamline accounts receivable: invoice tracking, automatic payment reminders and a customer payment portal. Bill.com also allows you to communicate with customers directly through its system, set up auto-charge and auto-pay, as well as sync received payments directly with your accounting software to eliminate data entry errors and make reconciliation easier.
Additionally, Bill.com is a great option for businesses that want to bundle accounts receivable software and accounts payable software, offering a dual solution starting at $79 per user per month.
Plooto: Best for low-cost option
- $24 per month for the Grow plan.
- Custom pricing available for the Pro plan.
Integrations: QuickBooks and Xero.
Why we like it: Plooto is a low-cost choice for small businesses that want a dedicated solution to optimize the collection and payments process. Plooto is more affordable than some other options, especially considering the software includes unlimited users plus accounts payable features in addition to accounts receivable. Plooto also allows businesses to accept credit card payments from customers — an essential feature for many business owners.
Like many accounts receivable platforms, you can connect your accounting software (QuickBooks and Xero only) to Plooto to import invoices and perform automatic reconciliation. In addition, Plooto allows you to set up automatic payment collection with your customers, handling the pre-authorized debit process on your behalf.
» MORE: Best free invoicing software
Stax Bill: Best for subscription businesses
- Starting at $199 per month for the Starter plan.
- Starting at $399 per month for the Growth plan.
- Quote-based pricing for the Enterprise plan.
Integrations: QuickBooks, NetSuite, Salesforce, HubSpot and more.
Why we like it: Stax Bill’s software automates more than invoicing. It helps you manage the full subscription lifecycle with a customer self-service portal and pricing flexibility, takes the manual work out of recurring billing, eases the burden of recurring revenue management, offers over 40 reports that update in real time and more.
Stax Bill is part of the Stax suite of software, which also includes Stax Payments, a subscription-model payment processing solution. Stax also owns CardX, a compliant credit card surcharging solution that enables you to legally pass on credit card fees to your customers.
Benefits of accounts receivable software
Managing your accounts receivable is often a manual, time-consuming process that consists of:
- Invoicing your customers.
- Tracking outstanding payments.
- Collecting payments.
- Recording received payments in your general ledger.
- Running reports and using data to analyze your business’s financial position.
🤓 Nerdy Tip
When searching for AR software, you may see many mentions of accounts receivable automation software. The two are interchangeable. Software that assists you with the accounts receivable process is necessarily using tools and technology to automate this once very manual process.Accounts receivable software automates this part of your business accounting to save you time and money. Here are some of the additional advantages of accounts receivable platforms:
- Manage your cash flow. When your customers take too long to pay, it can cause cash-flow issues. Accounts receivable software can make it easier to ensure that you get paid faster, without you having to make phone calls or send individual emails to follow up on payments.
- Prevent errors. Following up with customers and managing payments in multiple places can be difficult, and mistakes may happen. If you integrate AR software with accounting software, however, the data syncs so that you don’t have to worry about transferring payments or keeping track of different systems.
- Improve customer relationships. AR software not only helps you get paid, but also helps facilitate your relationships with your customers. These platforms make it easier for your customers to make payments and communicate with you about their invoices.
- Provide business insights. With all of your accounts receivable data in one place, you can analyze data — like revenue over time or customer activity — to get a better understanding of your financial position and how your business is performing.
Key considerations when choosing accounts receivable software
Consider the following factors when trying to determine which accounts receivable software is right for your business:
- Level of automation. Think about how a platform fits the size of your business and your specific goals. Are you looking for an enterprise-level solution with advanced features for collections, payments and customer communications? If you’re a smaller business looking to optimize your accounts receivable, you may not need enterprise-level automation.
- Invoicing features. Some platforms include the ability to create and send invoices, while others require that you integrate your software and sync existing invoices. If you already have invoicing software, you may not need a system that includes these features. On the other hand, you may prefer accounts receivable software that offers everything in one place.
- Integrations. Does the software integrate with your accounting system? The platform will be more useful if you can sync systems. That way, you don’t have to manually transfer payments and you can streamline the reconciliation process. You may also consider what other integration opportunities the software offers. Some platforms allow you to connect with third-party payment gateways, customer relationship management software and project management tools.
Cost of accounts receivable software
Accounts receivable software can vary widely in cost. Standalone accounts receivable software can range anywhere from $30 to upwards of $200 per month, depending on the provider and plan you choose. Some accounts receivable software options are priced on a quote basis, which can make it difficult to estimate and compare costs. You can expect a higher price tag on accounts receivable software with more robust features. Here are a few factors that may affect the cost of accounts receivable software:
In the market for accounting software?
If you’re also in search of accounting software that best fits the needs of your business (perhaps an all-in-one solution that can handle both accounting and accounts receivable), check out our top picks.
Last updated on May 29, 2024
