This entire order to cash process should be automated in order to stabilize the company's working capital flow. Some businesses may rely on Excel, which may work for small businesses, but as businesses evolve, dealing with more data through conventional approaches means error-prone and manually intensive tasks. Combining data from several spreadsheets into a single master sheet also takes effort. When data is acquired manually from sources such as ERPs, Bank statements, and FP&A systems, it takes time.

Automating the A/R process using ready-to-use software tools would make invoicing, tracking, and recording payments easier, as well as detecting problems such as invoice disputes and enquiries. Based on this, the system automatically collects data and prompts regarding negative credit or pending payments. If an out-of-stock order arrives, it can be flagged immediately. This helps to avoid billing issues and upset consumers by keeping the lines of communication open. The rule-driven A/R process combined with AI for short and long-term cash flow forecasting, applies the best-fit algorithm to examine various factors describing customer payment behavior. Potential areas for improvement are also highlighted when historical cash flow is compared with forecasts.

High radius

Advantages

• The flexibility to keep track of what the accounting team is up to, the automation of statements and past-due notices, has proven critical in lowering DSO and manual efforts. Noticing and flagging partial invoice payment simplifies the process.
• Dashboard visualizations assist in executive meetings discussing open items, what communication has been sent, and if there are flags for disputes about why it is still open.
• Another advantage of using Highradius is the ability to change specific tagging by applying rules.

Disadvantages

• Time to load an account and record notes is higher compared to SAP
• Integration with other services, such as ERP, DB, and Services may need improvements since data transfers from HighRadius to other systems is difficult and time-consuming
• Certain automation on Converting paper documents to electronic files does not match well. Manual assessment is required and cannot be avoided.

Invoiced is designed for mid-market to enterprise-level companies. Invoiced is a pioneer in the field of accounts receivable automation, with thousands of customers in 92 countries and almost $50 billion in receivables processed.

Advantages

• Customers can pay straight from their invoices rather than using more traditional methods of payment, such as receiving cheques, saving time and effort.
• The interface is quite simple to use, and can be accessible to other functions.
• Has the ability to duplicate invoices and save all customer information in one place
• Simple method for sending recommendations and requests for changes to the software. Notes and history are useful features for keeping track of information. It's simple to add credit card details to an account and process an invoice on the fly.

Disadvantages

• The email options are restricted and no predefined templates can be edited.
• At the invoice level, there is no visibility on when an invoice was delivered, examined, and paid, as well as the average number of days to pay.
• Invoices are regularly labeled as "spam" by various email providers.
• Data table needs to be configured particularly so that the name is in one column and unnecessary columns are eliminated

The most common users of Billtrust are from Mid-sized Companies (51-1,000 employees) and the Wholesale industry.

Advantages

• It is easy to use and simple to learn
• It enables customers and employees to view the account status and payment status and its Auto Pay system is considered reliable..
• It allows for a wide range of payment options to be made available through the payment portal, allowing businesses to be customer-centric and let the consumer select how they want to pay. The reporting options are useful, as is the option for clients to receive invoices via mail, fax, or email. Clients can input bills directly into their accounting software, which is an advantage.
• The customer service is considered to be good.

Disadvantages

• Reports can be time-consuming to execute and may time out, requiring reruns.
• Invoices are not always correctly submitted into billtrust.
• It is cumbersome to consolidate many invoices into a single PDF if they are on multiple pages.
• More wild card search options are required so that users can enter several combinations.
• It is not possible to search by invoice number

The majority of Tesorio's customers for the enterprise-resource-planning-erp category fall in the company size of 100 - 249 employees (7 companies), 1,000 - 4,999 employees (6 companies), 500 - 999 employees (4 companies)

Advantages

• Tesorio has the capacity to slice and dice data in a variety of ways. Sharing workspaces and automating emails saves a significant amount of time for large teams that generate over 200K invoices each year.
• Easy-to-use email template selections enable users to send bulk emails, customize campaigns, and assign invoices, providing visibility into customers with past-due balances. Tesorio allows you to tag, pull invoices, and highlight accounts while interacting with ERP systemsERP integration and Customer Service is considered to be sound
• Dashboards can be customized to gain a better overview. Notes against each invoice assist in keeping track of the most recent updates.

Disadvantages

• Difficulty in aligning consolidated exchange rates between the AR Aging in Netsuite and Tesorio at one point.
• There is no choice to download multiple invoices at the same time.
• Lacks comprehensive reporting capabilities and the ability to drill down on specific client accounts
• It takes relatively longer time to sync with other softwares, such as NetsuiteFeatures to construct unique aging reports that are unavailable - it is limited to conventional 30-60-90 day tranches.
• Tesorio forecast driver capability is currently limited. Despite Tesorio's tremendous potential to assess past trends and offer potential drivers to project into forecast models based on these trends, there is limited flexibility to change drivers.

Square Invoices serving for Freelancers, Small businesses, Mid size businesses

Advantages

• It can store all customer information for future orders. It helps you organize all bills in one place and keep better track of them.
• Accepts Credit cards
• The option for clients to pay directly from the invoice without having to use an external link or another platform, making the process user-friendly.
• It is simple to set up recurring billing, as well as to alter and terminate recurring series. The UI is simple to use.
• Has additional features such as saving frequently used line items, allowing attachment of documents, etc., prompting reminders, scheduling, frequency, Can apply percentage or cash discounts, service charges, taxes etc.

Disadvantages

• The inability to accept ACH payments for invoices with multiple schedules.
• Invoices are not supported by Loyalty Rewards.
• Clients can keep payment cards, but they must enter their information again for each invoice payment.
• It is not possible to change the email address of an invoice that has already been created.

Traditional accounting systems employ a manual dunning procedure that entails designing each message, attaching the corresponding bills, and sending them to clients via emails, faxes, and postal mail. It is time-taking and raises the likelihood of human error. Accounts Receivable automation enables businesses to constantly send out accurate and timely invoices. As a result, your customers will place their trust in your business and its Accounts Receivable processes, prompting them to improve the payment process. Your Accounts receivable staff can focus on resolving overdue payments and projecting cash flow by minimizing the time spent on each invoice and making the overall workflow more efficient. In other words, by relieving employees of the most time-consuming responsibilities, they are free to focus on ensuring the company's success.