Managing outstanding invoices and collecting due payments can be a challenge for businesses of any size. Fortunately, modern technologies and SaaS solutions can help companies automate and streamline accounts receivable processes. But how do you choose the right accounts receivable software for your business? In this blog post, we share important guidelines and criteria to help you choose the best solution.
1. Scalability
An important aspect when choosing the right accounts receivable software is the scalability of the software. Naturally, you want a solution that can grow with your organisation. Here are some questions to ask:
- Can the software handle a growing number of customers and transactions?
- Is it easy to add additional users or features?
- Are there clear pricing structures for different levels of use?
A scalable solution ensures you don’t get stuck when your business grows.
Did you know…
…at Payt, we don’t charge an extra amount per user? You can add unlimited users. It is also possible to assign different rights at both the administration and user levels. This way, you maintain control, and every financial employee knows what their tasks are. View Payt’s rates here.
2. Features
Every accounts receivable software offers a unique set of features, with some being more extensive than others. Carefully consider the specific needs of your organisation. Here are some features worth considering:
- Automated follow-up of outstanding invoices: Following up on invoices is a time-consuming task. When the software sends automated payment reminders, you can save up to 80% of your time. Additionally, you receive your payments on average 30-50% faster.
- Customer portal/communication portal: A customer portal allows your customers to view and pay their invoices, which can significantly improve engagement. You can also easily communicate with your customer about outstanding invoices here.
- Payment methods: Offer multiple payment options to your customers. This significantly improves payment behaviour. There is always a payment method that suits your customer, such as iDEAL, PayPal, Credit Card, or direct debit.
Did you know…
…we offer a clear customer portal at Payt? Does your customer discover a mistake on the invoice? Or is there a need for a payment arrangement? Customers can contact you with one click via the customer portal. In this portal, all invoices are clearly listed: paid and unpaid. Customers can easily see which invoices they still need to pay and can do so via the customer portal with one click using various payment methods.
3. User-friendliness
Of course, you don’t want your employees to spend a lot of time learning to use complicated software. Therefore, request a demonstration of the software so you can see how easy it is to navigate and perform tasks.
Did you know…
…in Payt, you can see on a clear dashboard which matters require attention? You can also see exactly what the outstanding balance is and in which phase of the process a customer is.
4. Integration possibilities
Ensure that the new accounts receivable software can seamlessly integrate with existing systems. Most companies use various software tools, such as an accounting package or CRM package. This prevents duplicate data entry and improves efficiency.
Did you know…
…Payt’s software easily integrates with more than 600 accounting and invoicing packages? View all integrations here. Is your package not listed? Feel free to contact us. We are happy to explore the possibilities with you.
5. Customer support and training
Good support is invaluable, especially during the implementation phase. Ask questions about the availability of customer support and training. Is there a helpdesk you can reach if you have questions? And are there training sessions offered to familiarise your employees with the software?
Did you know…
…Payt organises monthly webinars to familiarise new users with the software? Additionally, customers are regularly invited to a webinar where Payt communicates its latest features. Moreover, Payt has a friendly and helpful helpdesk!
6. Security and compliance
The protection of sensitive (financial) information is essential. Ensure that the software complies with all relevant security standards. The accounts receivable software must have good measures implemented to prevent data breaches.
Did you know…
…Payt is ISO/IEC 27001:2013 certified? This means that Payt complies with the international standard for Information Security Management System (ISMS). This standard specifies requirements for establishing, implementing, operating, monitoring, reviewing, maintaining, and improving an Information Security Management System (ISMS). Payt is also NEN 7510 certified. This certification formulates specific requirements for information security for healthcare institutions. Payt’s customers can therefore trust that Payt handles their customers’ and patients’ data adequately and securely.
7. References
Take the time to study reviews and experiences of customers who are already using the accounts receivable software. These reviews are written by users who have no financial interest in the sale of the software. By analysing this feedback, you gain valuable insights into the actual performance and usability of the software, which can help you make an informed decision. It is a useful source to find out how well the software works in practice and what benefits and challenges other users have experienced.
Did you know…
…Payt scores 4.7 (out of 5) on Trustpilot with more than 800 reviews? Read the Trustpilot reviews about Payt here. Payt also has several customer cases on the website from companies like Quooker, Noordhoff, and Hanze University of Applied Sciences. Curious about all references?
Choosing the right accounts receivable software is an important decision that can have a significant impact on the financial health of your organisation. By following these guidelines and conducting thorough research, you can make an informed decision and benefit from the advantages that automated accounts receivable software offers.
