Company growth, cost efficiency, and customer satisfaction – three goals for CFOs that have been blocked by outdated A/R processes – are accelerating with the adoption of accounts receivable automation software. Nearly one-third (29%) of companies have moved to mostly digital A/R processes, and 37% combine digital and manual A/R processes. In the next five years, the Accounts Receivable Automation Market is projected to expand at a compound annual growth rate (CAGR) of 14.2%.
Accounts receivable automation software automates a company’s invoicing and collections processes. These platforms digitalize workflows and automate repetitive and time-consuming tasks, allowing A/R teams to manage a growing customer base more efficiently while reducing Days Sales Outstanding (DSO). Some of these platforms help companies improve B2B customer purchase experiences with buyer portals, credit automation, and B2B payment automation. Platforms that automate accounts receivable also give A/R teams more time to concentrate on strategic tasks that generate higher value for the company.
Accounts receivable automation is catching the attention of professionals because it enhances a range of finance functions including treasury management, procure-to-pay processes, account reconciliation, and financial reporting. However, only one platform integrates trade credit and A/R automation: Apruve. Apruve guarantees next-day financing on all open invoices. Apruve is a standalone solution that also pairs seamlessly with other, more traditional A/R platforms like Billtrust to deliver a comprehensive A/R automation solution.
The Top Accounts Receivable Automation Software
The right accounts receivable software for your company depends on your business model and goals. Here’s a look at some of the top accounts receivable automation software available.
HighRadius is a SaaS platform that automates accounts receivable, treasury, and accounting processes for mid-size and enterprise businesses. The HighRadius Accounts Receivable Solution digitalizes and integrates credit, billing and invoicing, cash application, deductions, and collections in order to reduce invoice-to-cash process times, improve the customer experience, and give A/R teams more time to focus on mission-forward tasks.
What Sets HighRadius Apart
- First end-to-end automated A/R platform
- Leverages AI to flag transactions that may be a problem and to provide insights into customer behavior
- Named as a Leader in Gartner’s 2022 Magic Quadrant for Integrated Invoice-to-Cash (I2C) Applications
Billtrust is a cloud-based platform focused on automating the order-to-cash cycle for mid-size businesses. With Billtrust, companies can accelerate their cash flow and minimize manual tasks while enabling B2B customers to increase speed, ease, and efficiency in purchasing.
What Sets Billtrust Apart
- Highly configurable web stores and AI-based automatic product recommendations
- Highly configurable invoicing
- Business Payments Network portal encourages customer adoption of electronic invoices and payments, and automates funds transfer and remittance transmission
Esker is a cloud platform that integrates procure-to-pay, order-to-cash, and document process automation for mid-size and enterprise businesses. Esker’s accounts receivable automation software enables B2B organizations to digitalize the A/R process from credit management to collections in order to gain visibility into A/R, reduce DSO, and improve customer satisfaction.
What Sets Esker Apart
- Integrates and automates procure-to-pay and order-to-cash processes
- Flexibility for customers to automate all or parts of the process
Cforia is a cloud-based platform that accelerates cash flow for mid-size and enterprise businesses by consolidating order-to-cash and accounts receivable workflows and data. Cforia’s A/R task modules are highly configurable. Cforia’s dashboard enables A/R teams to visualize credit, collections, disputes, deductions, cash flow and receivables data in a single place.
What Sets Cforia Apart
- Leverages order-to-cash Six-Sigma DMAIC (define, measure, analyze and improve) process disciplines
- Enables peer-to-peer knowledge sharing to advance best practice workflows across the customer base
Blackline is a SaaS platform that automates A/R processes and month-end financial close and compliance activities, such as the financial close, account reconciliation, intercompany accounting, controls assurance, and internal and external audits. Mid-size and enterprise organizations use Blackline to automate accounts receivable, gain visibility into operations, and improve the integrity of their financial reporting.
What Sets Blackline Apart
- Provides insight into cash flow and helps optimize working capital
- Unifies workflows for large teams while allowing efficient sharing of responsibilities
Automate Receivables Even Faster with Apruve
Apruve's accounts receivable automation software stands out as the platform best for A/R and credit automation with high-volume, smaller-transaction customer segments. Apruve can be deployed alone or work in conjunction with other automation solutions to enhance the benefits of A/R automation.
For example, Apruve pairs with Billtrust to simplify and accelerate the order-to-cash cycle for all customer segments. Companies with Billtrust can use the A/R platform for their top-producing customers. Through Billtrust’s partnership with Apruve, A/R teams can now also provide a full trade credit and receivables package to their long-tail cohort of smaller customers. With Billtrust and Apruve, companies maintain a heightened level of satisfaction with all customers.
Apruve helps enterprise companies put their long-tail customer cohort – the 80% of customers that generate 20% of a company’s revenue – on autopilot without adding headcount. In turn, their eB2B buyers gain:
- Faster, streamlined net terms options when placing orders
- Onboarding and underwriting in as little as three minutes
- Ability to remit payment digitally, create purchasing teams, autopay, connect payment information, and view open invoices and purchase history from the easy-to-use buyer portal
Find The Right A/R Automation Software
Every enterprise business can benefit from the efficiencies, speed to payment, and improved buyer experiences that come with implementing trade credit and accounts receivable automation software. However, companies need to select the platform most appropriate for their business model to optimize ROI.
Are you handling A/R for a single business line or multiple related businesses? Is eCommerce part of your future plan? Are you in a heavily-regulated industry that requires frequent audits? Are you a subscription business that needs to automate payments? Finance and related A/R needs like these will influence your shortlist of platforms to evaluate.
As you evaluate A/R software, don’t underestimate the value of the long-tail customer cohort. If your long-tail customer segment makes frequent and routine lower-value purchases, combining Apruve with your accounts receivable automation software can generate significant additional ROI.
While Apruve manages your growing long-tail segment from credit to collections, your A/R staff can devote their attention to growing your top-tier customers. Apruve improves operational efficiency, brings DSO to one day, reduces fixed credit and A/R costs and resources by over 50%, and improves the customer experience across a range of use cases, including eCommerce, marketplaces, and international expansion. Connect with the specialists at Apruve today to rev up your ROI with credit and accounts receivable automation.