Accounts Receivable Automation Software: Features, Integrations, Tangible Outcomes

• Assigning and reassigning trade credit terms based on a customer credit history.
• Pre-built standard (net 30, 45, 90, etc.) and custom trade credit terms.
• Defining customer discount percentages for early payments / customer penalty amounts for late payments.
• Multi-department trade credit approval.
• Creating custom formulas for customer credit rating assessment.
• Trade credit risk monitoring based on the up-to-date customer credit ratings.
• Generating credit memos with customizable templates.

• Automated invoice generation based on the data imported from ERP, CRM, customer portal, or order management system.
• Customizable invoice templates.
• Multi-currency invoices.
• Multi-language invoices.
• Automated calculation and application of taxes, discounts (including those on early payments), additional charges (e.g., interest on late payments, carriage, insurance), and billable expenses.
• Embedding a payment link into an invoice to enable direct payment via a pre-defined payment gateway.
• AI-powered invoice validation based on SLA/billing guidelines.
• Pre-defined triggers (invalid account, tax location, or invoice date) to identify suspicious invoices that require a manual check.
• Signing invoices using an e-signature.
• Multi-department invoice approval.

• Automated invoice submission to customers via email, messaging apps, or a connected customer portal.
• Incorporating a “Pay now” button into emails to enable direct payment via a pre-defined payment gateway.
• Sending invoices:
  • in advance/on delivery
  • by schedule/on the spot
  • on a single/recurring basis

• Real-time payment processing via connected third-party payment gateways (e.g., PayPal, Stripe, Authorize.Net) or a custom payment gateway.
• Support of multiple payment methods, including bank transfers, wire transfers, ACH, credit cards, cheques.
• Multi-currency payments.
• Co-payments.
• Partial payments, including deposit payment.
• Split payments.
• Automated payment collection by direct debit.
• Automated allocation of received payments.
• Cash refund/chargeback to the customer’s original payment method.

• Recording invoice data in the A/R ledger.
• Real-time invoice tracking by status (sent, received, partially paid, paid, due, overdue, etc.).
• In-app/email user notifications on due invoices (on due dates), received payments, invoices written-off to bad debts, etc.

• Automated customer notifications about upcoming payment card expiries.
• Automated payment retry in case of payment failure based on pre-set retry rules.
• Automated scheduled notifications on a payment method failure if a customer failed to complete payment.

• Automatically aggregating data on the amounts received from the company bank accounts.
• Automatically matching the aggregated payment data with open invoices.
• Recording full/partial payments against outstanding invoices.
• Reconciliation of the A/R ledger end balance (against monthly bank statements).

• Deduction validation based on automatically matching deduction claims with the existing customer commitments.
• Automatically assigning deduction processing to the staff members performing deduction resolution.
• Multi-department deduction approval.
• Automatically sending customer notifications on denied and approved deductions (via email, messaging apps, customer portal).
• Assigning credit memos to customers upon valid deductions.
• Applying changes to invoices / invoice records based on approved deductions.

• Creating collection queues by priority based on invoice aging and customer credit profile.
• Automated creation of collection schedules.
• Collections tasks assignment/reassignment.

• Personalized collection notifications to customers (via email, messaging apps, a customer portal), tailored by language, frequency, tone, etc.
• Scheduled collection phone/VOIP calls.
• Single view/record of all collection-related interactions with customers.

• Portal customization to match changes in corporate branding.
• Setting up location-based portal content and ads.

For customers:

• Adding, saving, and updating personal info, billing details, including tax IDs, and payment methods, including payment card details.
• Managing subscriptions (update, cancel, pause, etc.).
• Paying bills, making advance and automated recurring payments.
• Tracking paid and outstanding invoices.
• Creating disputes and attaching supporting documents to claim deductions/chargeback.
• Live chat, submitting support tickets via a portal.

• Real-time analytical dashboards and configurable ad hoc reports on revenue, received, due and overdue amounts, DSO, debtors, aging balance, etc. (by customer, date, and more).
• Scheduled monthly reports on A/R totals, A/R turnover ratio, etc.
• On-demand customer statements by time period.

• Multi-factor authentication.
• Role-based access control.
• Payment data encryption.
• Invoice timestamping.
• Comprehensive audit trail.
• AI-based fraud detection.
• Customer data retention and deletion policies.
• Compliance with global regulatory standards, including GAAP (specifically ASC 606 and IFRS 15), SOC1 and SOC2, PCI DSS, SOX, GDPR (for the EU), ZATCA (for Saudi Arabia), and more.