Accounts Receivable or Billing System

Definition

Accounts receivable is the total amount of money that customers owe to a company for delivered goods or services. Accounts receivable or billing system is a software solution that allows a company to manage its revenue streams from various products/services. This automated system can help to create, issue, manage, and track incoming payments against customer invoices.

Example

Netsuite, Chargebee, QuickBooks, FreshBooks, Xero, YayPay, BlueSnap

Why it matters

Timely billing of customers and receiving payments are critical to the cash management process of a company. The lesser the duration between the date of service delivery and billing the lesser the time between when a company recognizes revenues and receives the cash. Billing systems help the finance teams to understand whether and when customers are paying their invoices and managing the collections process more generally.

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