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How to Choose the Right Invoice Collection Software for Your Business

How to Choose the Right Invoice Collection Software for Your Business

invoice collection softwareFirst thing’s first, why even consider spending money on invoice collection software when you have a module for A/R in your accounting or ERP system?  Because, according to industry Analyst’s Paystream Advisors, “ERP solutions have been woefully inadequate in terms of credit and collections functionality” because they do not provide collectors with the tools or the automation they need to optimize the invoice collection process. There are many benefits to utilize invoice collection software; for example, you can get paid faster, improve working capital, reduce DSO, increase cash flow, increase customer satisfaction and much more. But to recognize those benefits, you need to choose implement the right system, and that’s where things can get a bit more complicated.

The invoice collection software market is changing

In the last few years, the market for invoice collection software (also known as accounts receivable management software) has grown significantly. Where there used to be just a handful of solutions, there are now literally a couple hundred options available on the market today; each one with its own strengths and weaknesses. So how can you tell which one will be best for you?

There are a number of things to consider, such as:

  • Your ERP system
  • B2B vs. B2C Credit & Collections
  • Hosted vs. Premise Applications
  • Application size
  • Specialty & Industry Applications
  • General and Advanced Features
  • Technology Requirements
  • Available user types
  • Automation & Workflow
  • Business Intelligence & Reporting
  • Business Credit Risk Management
  • Global Features
  • Pricing & ROI
  • Much, much more

We’ve developed something to help you make sense of it all- our 2015 Accounts Receivable Management Software Buyer’s Guide & Sample Request for Proposal (RFP) Template.
The goal of the Buyer’s Guide is to help financial and business executives understand the current market for invoice collection software. The guide presents and overview of the different software options available to businesses to help them manage the many different aspects of their financial supply chain. The RFP template lists more than 320 features available in some of the more popular invoice collection software applications available today.

Click the button below to download the Guide and the RFP template.

invoice collection software guide

Follow us on twitter @e2bteknologies for more helpful tips and tricks!

About Anytime Collect Accounts Receivable Management Software: Published by e2b teknologies, Anytime Collect,  is a leading cloud-based accounts receivables management system integrated to leading ERP accounting systems including Intuit QuickBooks, Epicor, Sage ERP, Microsoft Dynamics, and others. Anytime Collect is designed specifically for businesses selling to other businesses on credit terms to streamline and automate the entire accounts receivable credit and collections process with a return on investment in as little as two months.

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