Revenue cycle management software is one of those things that, no matter what kind of business you run, or how big or small it might be, you can’t be without. Once upon a time, long ago, tracking finances was as easy as maintaining receipts, or some simple paper records for the accountants or bookkeepers to juggle. That was a long time ago, and in modern times, with a global economy and a myriad of ways of connecting and conducting commerce, there’s just no getting past the need for competent bookkeeping and financial software.
Revenue cycle management software is in fact a particularly pretty term for this sort of financial tracking software, and as such, when looking for these, you will quickly discover that the net will present you with an immense deluge of financial software. It’s hard to tell, from this bedlam, what’s good and what’s just good at making itself be seen.
Today, we’re going to make that a little less of an issue by combining our expertise in what makes good SaaS with what makes for strong financial tools, and make three great recommendations to set you on the straight and narrow.
#1 – Zoho Books
Having made a name for themselves by creating an impressive CRM suite that actually provides most of what little competition Salesforce has, Zoho has taken a stab at financial software, too. Is it as impressive as their CRM suite? Actually, it’s more impressive, because it’s our number one pick for this list, where their CRM decidedly would take second.
It has a wide repertoire of expertly crafted features including but not limited to online invoicing (with recurrence), snail mail functions, quotes and estimates, credit note tracking, expense tracking, account charting, manual journals, time tracking, project invoicing and hour logging, automatic bank feeds, transaction and deposit recording, tax management, reconciliation of bank and credit card accounts, integration with PayPal, Google Checkout, Authorize.net and much more.
Zoho’s a little expensive, but the features above are just a small, truncated and incomplete list of what this puppy can do. If you want a system that can grow with you, and you have the budget to at least get the most basic plan, then Zoho’s for you, hands down.
#2 – Inacct
For those looking for the same basic kind of functionality, but with a lighter, cloud frame to it, then Inacct might be a good choice to consider. I don’t find this system quite as beefy, under the hood, and this would be like, the one software niche I would want onsite rather than cloud – I’m not you, and you, like many, may appreciate going cloud with your finances.
Like Zoho, it does have a hefty set of features. Among these are general ledgers, accounts payable, purchasing, accounts receivable, cash management, order management, inventory management, time and expense management, billing, revenue recognition, project accounting, fund accounting, multi-entity management, multi-currency management, global consolidations, Salesforce integration (that’s a big one!), and a lot more.
It’s a different texture from Zoho, and if you like the idea of going cloud, and are tantalized by that Salesforce integration, then maybe give Inacct a try. There’s a free demo.
#3 – PaySimple
For the small business or the no-nonsense mentality, there’s PaySimple, which is a more bare bones offering. That’s not to say it’s not good, but it does leave out a lot of power the other two offer, for those who may not need that much power for now.
It still offers payment acceptance of major credit cards and other standard systems, electronic invoicing, recurring billing, mobile payments, hosted web payment forms, secure customer management, custom reporting, automatic direct payment deposits, fraud protection and top of the line support.
So, it will do what you need, without taxing your wallet for features you don’t. A word to the wise though, as you grow, you may find yourself reevaluating if it’s enough for your scope.
Revenue cycle management software is an important choice to make, and I hope these three excellent examples of distinctly different but tasty flavors of this genre have whet your appetite for the best of the best, and nothing less.