Is your software evaluation process objective and unbiased?
Choosing the right software is no easy task. It requires months of research, negotiations with internal stakeholders and software vendors, and charting out the implementation plans. Often the whole process takes up to six months or more.
We understand the challenges that you go through in gathering all the data necessary to choose the best software for your business and want to make it easier for you, especially with regard to selecting the best accounts receivable (AR) solution.
Accounts Receivable Software for Businesses
If ERP is your backbone, AR software is one of the key nerves that connect to it. This is that vital nerve that ensures cash availability for all business operations and investments.
There are many criteria that you need to consider when implementing accounts receivable software. Some of these include:
- The right software features: The key accounts receivable software features to look out for include e-invoicing, payment processing, collections prioritization, online credit applications, real-time risk data, and automated cash application.
- The pricing: Finding AR software at an affordable price range is as important as getting the features right. You wouldn’t want to regret later that you didn’t evaluate enough vendors to find the solution with the best ROI.
- Integration capabilities: Your AR software needs to integrate with other key systems such as ERP, accounting, CRM, and payment solutions. Get confirmation from the vendor that these integrations will be seamless. Plug-and-play integrators can help reduce the implementation timelines.
- Customer support: Regular upgrades, troubleshooting help, quick response times, and training are some common items that customers expect from their software vendors.
Accounts Receivable Software Evaluation Template
Often in the software selection process, the data collated through secondary sources and via discussions with vendors is left scattered. This does not help you when you want to make the ‘final purchase decision’.
That’s where our accounts receivable software evaluation template can help. This Excel template helps you capture data and compare AR automation vendors on parameters such as software features, integrations, implementation support, etc. The template also helps you score vendors on the different parameters. It automatically identifies for you the vendors with the highest score for each parameter as well as the overall.
Our Excel-based AR vendor selection scorecard template will help you objectively choose the best receivables management software for your business.
