Sage Alerts and Work Flow can do this.  The best thing about the program is how versatile it is. It can send out email alerts, text message alerts, reports, forms. It is way more than reporting software. 

True, but SA&WF has a very high learning curve and it's significantly more complex (expensive).  The one thing it does better than VC is "new and changed records" type alerts.  If you want real time monitoring (like an email if someone adjusts a customer's credit limit) then SA&WF is the superior tool... but for a simple automated report like AR notifications, VC is a better fit.

True, but SA&WF has a very high learning curve and it's significantly more complex (expensive).  The one thing it does better than VC is "new and changed records" type alerts.  If you want real time monitoring (like an email if someone adjusts a customer's credit limit) then SA&WF is the superior tool... but for a simple automated report like AR notifications, VC is a better fit.