Top Accounts Payable and Receivable Solution Companies in UK

In an organisation, fewer outstanding account balances translate to better cash flow, fewer bad debts, and enhanced profitability. Furthermore, freeing up the cash gives an organisation the added liquidity they need to fund growth, maximise shareholder returns, and even outperform their competitors. While organisations have formal accounts receivable policies that dictate when to bill, how much to bill, and when to collect, oftentimes, they don’t enforce these policies effectively or even adopt the right processes. Often, it comes down to the organisational culture of prioritising sales and falling into the trap of extending credit to customers.

To maintain better cash flow and optimise the account receivables, the first step the organisations need to take is a clear and concise policy for issuing credit and recovering debt in a timely fashion. To do this, organisations must solicit input from the sales team when forming the guidelines to ensure market realities are reflected. Once the policies are established, a final seal of approval is required from the finance team to enforce that the sales team not to authorise credit or change terms without pre-approval.

Another way to optimise account receivables and payables is consistent invoicing. Moreover, organisations can also take the electronic invoicing route to minimise delivery time and allow customers to download their invoices directly into their own accounting system.

At this juncture, many cutting-edge accounts payable and receivable solution providers are entering the domain with advanced and integrated offerings. To help the accounting sector strengthen its operational capabilities and simultaneously enable growth in the industry, CFO Tech Outlook has compiled a list of the top accounts payable and receivable solution providers. The list comprises prominent organisations in the industry that address issues pertinent to the accounting sector by implementing current trends. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you CFO Tech Outlook’s, “Top 10 Accounts Payable and Receivable Solution Providers in UK — 2020.”

Top Accounts Payable and Receivable Solution Companies in UK

Cogent Consulting

Cogent Consulting is an AP automation specialist, focused exclusively on automated invoice processing for SAP customers

Website: www.cogentconsulting.co.uk

Accounting Seed

The company is a double-entry GAAP and IFRS-compliant system

B2BE

Offers a range of document management solutions to e-enable all your organisations business documents

Cleardata UK Ltd.

Cleardata offers Document Scanning Services and Document Management Solutions throughout the UK, accredited to ISO27001 for information security. We offer managed services and solutions to help businesses go paperless, save valuable office space, automate manual processes and reduce business costs.

ITESOFT

Works in advising, auditing and assisting project owners to provide with the expertise and help needed to define, select and implement your project

PRGX Global Inc

Partners with companies around the world to manage a growing system of suppliers, relationships and contracts, so businesses can improve their source-to-pay cycle start to finish

ProcessFlows

Provides a combination of global scale, depth, reach and security with the ProcessFlows established record and expertise in Accounts Payable Automation and services

QX Finance & Accounting Services(QXFA)

Leveraging innovative technology, process excellence and skilled teams, we deliver cost-efficient, secure and quality end-to-end finance & accounts outsourcing services that bring measurable improvements to established and growing businesses

SoftCo

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, eBilling and Contract Management processes. Reducing costs, increasing efficiencies and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations and effectively manages all organization data

Tungsten Network

For Accounts Payable and Accounts Receivable, Tungsten Network is your digital foundation for world-class performance. Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process. Through total invoice automation, you go beyond cost-cutting, becoming a strategic partner to your organisation, and realise genuine business agility.