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  • Writer's pictureJustPaid

JustPaid's Accounts Receivable Process vs. Competitors

We know the current market has favorites, but we're here to discuss how JustPaid compares to some of those, such as Bill, QBO, and Stripe when it comes to Account Receivables.

JustPaid is a groundbreaking accounts receivable platform designed to revolutionize the way you handle invoices, payments, and collections. This innovative solution offers a seamless, automated experience that starts from the moment a sales contract is signed and extends through the entire billing cycle.

How does the billing process look like with JustPaid

After two parties sign the sales contract, the agreement can be emailed to the dedicated email address or uploaded from the application itself in the CUSTOMER CONTRACTS section.

JustPaid parses the contract for the customer name, address, email address, contract items, amounts, discounts, net payment terms, interest rates, and pricing structure.

JustPaid user, at this step, can review and compare the parsed information with the contract side by side to confirm.

From the details above, JustPaid automatically generates invoices and saves them in the DRAFT section to get the last review by the user, and upon approval, the invoice is emailed to the customer with the payment link.

When the Customer uses the payment link, JustPaid automatically marks the invoice as PAID and synchronizes the records back to the accounting database. In the event of the Customer paying outside of the provided payment link, for example, by wire or check, JustPaid automatically matches the deposit to the open invoice and presents the possible match to the JustPaid user to confirm the payment application.

If the Customer did not pay the invoice, Justpaid tracks the Accounts Recevable Past Due balance and initiaes the colelction sequence, by emailing the customer with the invoice details, assoscitaed contract, outlines terms and based on the Customer response generates unique follow up conversation to ensure that the payment is collected with at most urgency.

What makes us different from Bill, QBO or Stripe?

  • Bill: Bill's billing process is often manual, requiring accountants to read and save customer contracts and create invoices. For complex billing beyond simple item-based charges, they must manage contract details separately and manually generate invoices. Regarding collections, Bill sends automated reminder emails, whereas JustPaid uses AI to engage in human-like conversations to collect overdue payments effectively. Additionally, when payments occur outside, it only detects the funds received if the user manually records them in or QuickBooks Online (QBO). In contrast, JustPaid automatically suggests matching deposits to open invoices, streamlining payment processing.

  • QBO Billing: Similar to Bill, all the billing work is to be completed manually by a bookkeeper or accountant. There is no invoice customization; raw data have to be manipulated by the user to create the invoice. For the AR past due report, manually generate and start collection efforts to collect the funds.

  • Stripe: billing is the same as above, with a manual process. Additionally, the Stripe fees are 1% per ACH transfer. It is safe to say the Stripe dashboard is complex to navigate in order to understand which of your customers are past due and which invoices are unpaid. With the lack of the process to edit an invoice, edit the pricing model, and effectively manage the Enterprise level billing, the user resorts to deleting the invoice records, refunding the customer the funds, and creating a replacement invoice.

To summarize, unlike some of the well-known alternatives like Bill, QBO, and Stripe, JustPaid offers a more streamlined and efficient approach to accounts receivables. With JustPaid, once a sales contract is finalized, it can be effortlessly sent via email or uploaded directly from the application. JustPaid's intelligent system automatically extracts vital information from the contract, such as customer details, itemized charges, discounts, payment terms, and pricing structures. Users can then review and confirm this information, ensuring accuracy.

JustPaid's automated and intelligent approach to accounts receivables sets it apart from the competition, offering unparalleled efficiency and ease of use in handling invoices, payments, and collections.

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