10 Best Accounts Receivable Software in 2023

Accounts receivable (AR) refers to the proceeds or payments a company will receive from its customers who have already purchased goods and services on credit. The credit period may range from a few days to months.

It’s worth considering the best accounts receivable software because accounts receivable forms the cornerstone of any business. Read on for the best accounts receivable software, including the pros and cons of account receivable solutions, prices and plans for each.

• FreshBooks: Best Overall
• CollBox: Best for Pursuing Past-Due Invoices
• Chaser: Best for Easy Integration
• BlueSnap: Best for Customer Service
• Invoiced: Best for Simple Invoice Management
• Bill.com: Best for Mid-Sized Businesses
• Plooto: Best for Streamlining Accounts
• Melio: Best Free Tool

Comparison Table

10 Best Accounts Receivable Software 

Accounts receivable (A/R) involves money owed to a company by another entity in exchange for services provided on credit. Settling accounts receivable involves sending an invoice.  Along with payroll and bookkeeping, many businesses, large and small, should consider purchasing accounts receivable software.

Let’s look at the best accounts receivable software, so you know which one fits your business best. You may have to play around with a wide variety of options before you officially decide on the right one for you, and that’s what free trials are for.

Freshbooks: Best Overall

This account receivables software offers a comprehensive array of items any small business may use to do not just one job, but many jobs. Built expressly for small businesses, FreshBooks allows contractors, employees, and other partners to collaborate.

Businesses of all stripes must invoice, receive and make payments, track time, handle accounting and reports, and handle client communication. Freshbooks is familiar with team management solutions such as payroll.

Pros

• Easy to use: Unlike QuickBooks and others of its ilk, FreshBooks is easy to use. Its intuitive display and collaborative options allow you to work seamlessly with an accountant or go it alone to achieve your accounting goals.
• Can add multiple users: Unlike some software that requires you to be on an upper-tier plan, you can add multiple users at any stage with FreshBooks.
• Excellent project profitability tools: You know where you stand with project profitability tools at every level. 

Cons

• User limitations: FreshBooks limits users, which includes one user in all plans but the Select tier (which allows two users). The Lite allows five, and the Plus plan allows up to 50 clients.
• No bookkeeper or accounting access: The Lite plan doesn’t offer bookkeeper or accounting access, effectively shutting off that option for a tiny business that may not yet be as profitable.

Price

You can get 50% off for six months for a limited time. Currently, the Lite package costs $8.50 per month, the Plus package costs $15, and the Premium package costs $27.50. The Select package includes several other features, including the Premium features, and you must talk to a specialist at FreshBooks to determine pricing for this software for accounts receivable.

Plans

Lite plans include sending unlimited invoices to up to five clients, unlimited expense tracking, unlimited estimates, running reports for early tax time, and access from anywhere on iOS and Android. Lite features include sending unlimited invoices to up to 50 clients, expense tracking, capturing receipt data, emailing receipts right to our account, sending unlimited estimates/proposals, business health reports, and more.

Plus features include sending unlimited invoices to unlimited clients, tracking bills, bill payments, and vendors with accounts payable, tracking project profitability, tracking expenses, sending late payment reminders, and more.  

CollBox: Best for Pursuing Past-Due Invoices

Does your business constantly run into the problem of past-due invoices? Consider looking at CollBox, which you can link to your cloud practice management or accounting software to identify which clients haven’t paid up.

Pros

• Simplifies collections: You can simplify collections and accounts receivable monitoring without adding additional staff. The company reports that 94% of Assist customers have seen an improvement in the days it takes to get paid.
• Dedicated A/R manager: You’ll have an accounts receivable manager that handles your accounts for you, so you don’t have to hire someone in your physical office.

Cons 

• Pricey plans: The more clients you have, the more it will cost you to work with CollBox. You’ll pay over $1,000 with up to 200 customers per month and likely even more if you have more than 200 customers.
• Fewer features: The company offers fewer features than others, such as business process automation, commission management, and more.

Price

For one to 25 customers, the price is $250 per month, for 26 to 100 customers, it costs $599 per month, and for 101 to 200 customers, the cost is $1,099 per month. You must contact CollBox for cost information if you have more than 200 customers.

Plans

No real “plans” exist — they are all based on the number of customers you have. Pricing depends on three tiers of customers — between one and 25, 26 to 100, and 101 to 200 customers.

Chaser: Best for Easy Integration

Chaser, an integrated software, helps finance teams chase overdue bills and handle invoices. It integrates with many accounting systems as well as multiple tools and features. Chaser collects late payments, tracks debtors, and improves companies’ working capital.

Pro 

• Easy integration: Chaser connects your accounting system with a single click. Chaser connects with your accounting system to seamlessly transition between your systems. 
• Personalized Chasers: You can personalize email chasers to make it look like your business so branding makes its way into your emails, such as your signature and other branding items.
• Supports unique needs: Chaser can help support your business, no matter its unique needs. Chat with a specialist to learn more about how Chaser can help you.

Cons

• Overlap: Customers have complained about customers emailing the Chaser email about non-Chaser-related issues, which can be confusing.

Price

The Basic package costs $49 per month for up to 50 invoices per month, two users, eight templates, and one schedule. The Standard package costs $129 per month for up to 150 invoices per month, four users, unlimited templates, and four schedules. The Enterprise package costs $369 per month for up to 400 invoices per month, unlimited users, unlimited templates, and unlimited schedules. The Custom package can help you design a plan for your situation. 

Plans

The Basic package offers email reminders, SMS reminders, payer ratings, and a payment portal. The Standard package offers a few more options, while the Enterprise package offers account management, bespoke integrations, a 20% discount on collections, and more. 

BlueSnap: Best for Customer Service

BlueSnap, a global payment orchestration platform, simplifies payments and accepts online and mobile payments across the world. BlueSnap accepts payments for e-commerce transactions, subscription billing models, and other online payments.

Pros

• Attentive service: The company will work with you to ensure you understand the product. Techs will attend to your company beyond simply getting you set up. 
• Comprehensive: BlueSnap gives you access to proprietary Intelligent Payment Routing, 100+ currencies and 100+ payment types, local card acquiring, and many optimization tools. 
• Analytics: Reconciliation creates operational efficiencies, transparent reporting, and multiple views to make everything look like you want it on your end.

Cons

• Support concerns: After the launch, clients acknowledge that support was lacking. The company may help with initial setup, but individuals may not find support after that.

Price

The cost is 2.9% + $0.30 per successful card transaction for Visa/Mastercard transactions.

Plans

Global payments, embedded payments, and invoicing and billing

Invoiced: Best for Simple Invoice Management

Invoiced helps buyers and sellers securely send and receive invoices, pay vendors, and get paid. Invoiced handles all aspects of payments, reporting, and approvals, reducing fraud and enhancing payment security, compliance, and controls on its verified secure network. 

Invoiced offers accounts receivable automation solutions to small to large businesses and a tailored accounts receivable option for your business.

Pros

• Simple invoice management: You can set up automated approval workflows and end risks of duplicate payments and errors by ensuring the right invoices are paid at the right time.
• Easy payment features: Quick payments are available, including direct debit, credit card, virtual card, and other payment options.
• Simplified accounting integration: You can simply sync invoices, payments, and vendor data into your chosen accounting platform. Your platform will get automatic updates once synced. 

Cons

• Organization issues: The platform requires users to search for items in the search bar and could offer better organization.
• Sync issues: Users have experienced challenges syncing with QuickBooks, issues with client support, possibly leading to negative effects with clients. 

Price

Accounts receivable for small businesses costs $39 per month for sending invoices and receiving payments from customers, and email support from Invoiced. You must contact Invoiced for prices for larger Midsize and Enterprise businesses. 

Plans 

The company offers Small, Midsize, and Enterprise plans and includes payment processing fees for credit and debit cards 2.9% + $0.30, 0.8% + $0.30 for ACH, and $15 for chargebacks and insufficient funds return.

Bill.com: Best for Mid-Sized Companies

Bill.com is a cloud-based software that digitizes and automates financial processes for small and mid-sized businesses. The company allows you to create professional invoices, send invoices with flexibility, and simplify tracking and follow-up within its platform. It offers other important benefits such as two-factor authentication for maximum security and logging customers out after inactivity.

Pros

• Quick connections: Everyone gets paid two times faster and receives auto updates. Account receivables go on autopilot with auto charges and auto-pay. 
• Auto-entering invoices: The company auto-enters invoice data, routes bills to approvers, and syncs with accounting systems.
• Account manager: A dedicated account manager helps you take advantage of all program features to benefit your practice and maximize your profits.

Cons

• Customer service complaints: Some clients reported a negative customer experience with Bill.com, including slow responses, and chat sessions available (with no human-to-human interaction immediately).

Price

To pay bills and get paid, the software costs $79 per user, per month for Corporate pricing. Enterprise pricing requires you to contact the company. To simply pay bills or get paid separately, you pay $45 per user, per month for the Essentials pricing and $55 per user, per month for Team pricing. Accounting teams can pay $49 a month.

Plans 

The company offers plans for businesses and for accounting firms and offers several types of pricing options for each. 

Plooto: Best for Streamlining Accounts

Plooto, a Canadian company, offers financial tools for small to medium-sized businesses to handle financial practices. Plooto’s accounts receivable software streamlines the accounts receivable process and helps manage your bills and payments. It includes insights into account reconciliation, recurring payments, preauthorized debit agreements, client/contact management, accounting integrations, payment reporting, and secure payments (EFT, ACH, and credit cards).

Pros

• Simplifies accounts: Plooto automatically imports invoices and saves time with pre-authorized debit (PAD) and recurring payment features.
• Cash flow: You can optimize your cash flow, track invoices, and find out when clients pay up immediately. 
• Integrations: Quickbooks and Xero integrations iterate seamlessly with Plooto. 

Cons  

• PAD setup struggles: Some clients mention struggling with the PAD setup and not having telephone customer support access.

Price 

The Go version costs $9 CAD per month, with one approver, one accountant or bookkeeper, basic approval workflow, and five domestic transfers per month. The Grow version costs $32 CAD per month. Clients get unlimited approvers, accountants, and bookkeepers. Advanced approval workflow, unlimited domestic transactions. Grow Unlimited costs $59 CAD per month for everything in Grow Plus and an unlimited number of free domestic transactions.  

Plans 

The company offers Automate, Collaborate, and Transact options. Within those, Go, Grow, and Grow Unlimited are explained in the table below:

Melio: Best Free Tool

Melio software offers businesses the flexibility to pay vendors, suppliers, and contractors and vendors get a check or a bank transfer. Businesses can make ACH bank transfers, debit cards, and credit card payments. Melio can sync with QuickBooks and was created for small businesses to make vendor payments and get paid quickly and easily. It’s an affordable accounts receivable software for small businesses — it’s free!

Pros 

• Ease of set-up: The ease of setup and implementation with Quickbooks saves time. You get money directly to your bank account and your business customers’ accounting software to reduce manual errors.
• Faster pay: Small businesses and freelancers may need cash quickly. Melio makes it easy to get paid because your clients can pay up through debit cards, credit cards, and ACH bank transfers.
• Free: If you’re looking for accounts receivable software free, Melio may be a great option for your business.

Cons 

• No vendors outside the U.S.: Melio cannot pay any vendors outside the U.S. currently, though this may change as the software continues to evolve.
• Quickbooks only: Melio doesn’t offer other integrations except for Quickbooks right now.

Price 

Melio, a free tool, doesn’t charge subscription fees to send and receive ACH bank transfers. Melio may charge extra fees for quick sends, by card, sending an international bank transfer, or to have a check sent. 

Plans 

Every Melio account gives you free features such as unlimited users, accounting software sync, approval workflows, easy bill capture, payment tracking, updates, data and form export, bill management, and custom payment requests.

Methodology 

We used an evaluation system to find the best accounts receivable software. In our process, we reviewed over 20 companies, comparing ratings, pricing, ease of use, features, and free version options. Finally, we also considered the best accounts receivable system from an employer’s and an employee’s perspectives to choose the best free time tracking software.

Frequently Asked Questions