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Compare Manufacturing Accounts Receivable Software

Manufacturing Accounts Receivable software handles money owed to a company for products and services provided on credit and is used for monitoring effective cash management. Progress bills for jobs in process also affect accounts receivable. Strong manufacturing accounts receivable software should make invoice generation quick, easy and accurate.

Critical Functions for Manufacturing Accounts Receivable Software

Manufacturing Accounts Receivable software consists of three critical parts: Invoicing, Accounts Status and Management, and Cash Management.

Invoicing Software for Manufacturing:

Users should look for flexible invoice generation options which should provide for the generation of different types of invoices, such as:

  • Packing slip to invoice, the most common type of invoice generation
  • quick invoice generation, directly from sales orders
  • Miscellaneous invoices items for items that are not a part of a shipment
  • Automatic email invoice generation to pre-specificed group of contacts
  • Flexible pricing invoice functions that allow modifications to standard pricing
  • Paperless electronic invoice generation to designated customer base
  • Invoice generation which ties sales people and commission % to specific customers and / or an item within the invoice

Accounts Status and Management

Accounts receivable is sometimes called “trades receivable” and is considered part of current assets.

The Account status and management part of Manufacturing accounts receivable software should give users access to customers’ account status via direct online inquiry or through report generation. It should also offer drill down capabilities to view .dditional shipping and billing detail, customer’s current status, account aging information,nredit limit, credit hold, account balance, amount open to buy, total amount past due, open items, and more.

Cash Management Software for Manufacturing:

Cash management software traces the history of all cash receipts and General Ledger entries with a detail or summary posting for every recorded transaction. Among its individual functions are:

  • Electronic Deposit and credit card processing
  • Distribution of cash receipts over invoices
  • Review of application of cash to bills to allow editing and corrections before actual postings

A robust Accounts receivable application can help speed quote to cash.

Among additional functions to consider for a strong Manufacturing Accounts Receivable application will include:

  • Linkage of shipping actions to drive invoicing
  • Real time and batch updating of invoicing to Accounts Receivable functionality.
  • AR Aging detail sufficient to support collection activity.
  • Workflow capability for possible review and approval of orders rejected due to past due amounts or exceeding credit limit.
  • Flexible data entry for on-account customer payments and NSF check adjustment to the Accounts Receivable information.
  • Month end closing, ability to post to a future month, and number of open months satisfactory for your Company’s unique circumstances.